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Experienced Member
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Two companies using one Quickbooks file. Wait, what?

I can work a system that's already in place; however, the company that I've recently onboarded with has 2 separate companies (separate EIN's) that they have been using ONE Quickbooks account for.  One company is real estate sales and the other is property management, so there's trust accounting to consider as well.  The person who set it up has no training, unfortunately, and they've been running like this since November!! 

 

What is the best and cleanest way to separate these companies? I've already set up two additional subscriptions for the prop. mgmt operating and trust accounts. Please help! 

 

 

Best answer 10-09-2018 06:01 AM

Accepted Solutions
Established Community Backer ***

Re: Two companies using one Quickbooks file. Wait, what?

All you can do is bring each transaction up on screen, use the more menu at the bottom and delete

 

When the accounts are zero balance then you can make them inactive, they can not be deleted.

 

Keep in mind that if the deleted transaction had inventory items on it, those items will go back in stock

Highlighted
ProAdvisor

Re: Two companies using one Quickbooks file. Wait, what?

Hello @AmyJH:

 

I would actually go about this differently.  I would start 2 new QBO files (if you work with a ProAdvisor, they can get you a multi-company deal on pricing).  Then I would methodically set them up separately.    Separate bank accounts, separate everything.  You will still have the old combined company to refer back to.  Once both are complete, I would close down the combined one.  

 

Lynda

6 Comments
QuickBooks Team

Re: Two companies using one Quickbooks file. Wait, what?

Good day, AmyJH.

 

Welcome to the QuickBooks Community. I’m here to ensure you’re able to properly track the two companies’ transactions.

 

The good news is, you can use the Export and Import feature to transfer the data into the QBO account. Just a heads up, only the Account List, Client Contact List, and Vendor Contact List can be exported.  

 

The Export then import list data into QuickBooks Online article will walk you through the step by step process.

 

Once done, you can start with importing them into the new account. You’ll find the detailed instructions by clicking on the links below:

To give you more insights about the process, check out this article: Export then import list data into QuickBooks Online.

 

I want to ensure you're feeling supported while using the program, so I'm including a link to our video tutorials: Video Tutorials for QuickBooks Online.

 

If you're using the desktop version, you can use the IFF feature to help you better manage your companies' records. You can import transactions, but you cannot export transactions from QuickBooks.

 

I've added some articles to help give you a better idea on how to import transactions via IFF:

That'll do it. The following steps will help you moving today.

 

If you have additonal questions about working in QuickBooks, drop a comment below. Please know that I'm here to make running your business more simple. Have a good day.

 

 

 

 

 

 

Experienced Member

Re: Two companies using one Quickbooks file. Wait, what?

There are multiple things that will need to be corrected, so an export/import will not work in this case.  There are not a large number of transactions for the two checking accounts that are associated with the property management, so I planned to recreate the books in the new Quickbooks Online subscriptions. My question is how do delete or remove this information from the original file that will kept for the sales business only? 

Established Community Backer ***

Re: Two companies using one Quickbooks file. Wait, what?

All you can do is bring each transaction up on screen, use the more menu at the bottom and delete

 

When the accounts are zero balance then you can make them inactive, they can not be deleted.

 

Keep in mind that if the deleted transaction had inventory items on it, those items will go back in stock

Highlighted
ProAdvisor

Re: Two companies using one Quickbooks file. Wait, what?

Hello @AmyJH:

 

I would actually go about this differently.  I would start 2 new QBO files (if you work with a ProAdvisor, they can get you a multi-company deal on pricing).  Then I would methodically set them up separately.    Separate bank accounts, separate everything.  You will still have the old combined company to refer back to.  Once both are complete, I would close down the combined one.  

 

Lynda

Established Member

Re: Two companies using one Quickbooks file. Wait, what?

Is there really no easy way to export files over to the new QB account for the one separate company?

QuickBooks Team

Re: Two companies using one Quickbooks file. Wait, what?

Hi @SBDC_PR,

 

As of the moment, you can only export and import your List data to your new QuickBooks account.

 

With this, you can follow the detailed steps shared by my colleague, @Rasa-LilaM above about the Export and Import tool.

 

Please know that this is the only option and workaround we have as of this time.

 

You can also visit the QuickBooks Resource Center. This way, you'll be updated to the latest release rolled out in the software.

 

It'll be always my pleasure to help you here in the Community if you have any other questions. I'll be keeping an eye for your response.