We are looking to switch to Quick Books for our bookkeeping but our business consists of a Trust and 3 company names. There are multiple bank accounts for each company and for the trust. Only one of the company names pays wages so they always come out of the one bank account. The trust and companies are grouped together for GST purposes (I still have to prepare the usual details and reports for each individual company and the trust but when we report for BAS's we total all of the companies and trust together and it gets lodged as 1 BAS rather than 4). My questions are:
-Can I have the multiple companies and the trust all in one QB account?
-Will I be able to link all of the bank accounts for each company and the trust to QB? Is there a limit on the amount of bank accounts you can link?
-Can QB group them together for BAS's or would I have to do each company and the trust individually and manually do the BAS?
-If QB can group them together for BAS's will I still be able to get all of the usual reports for each company and trust as individuals?
I'm happy to know that you are interested with QuickBooks Online, havechat.
You can connect your bank accounts to multiple companies for online banking purposes (if this is what you mean). There isn't a limit, but your bank may limit the number of connections. However, we're unable to group companies under one subscription and we're unable to combine the reports per company.
You can gather reports from each business and combine them in Excel for reporting purposes.
Feel free to post back when you have other questions.