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L
lindak1119
Level 7
February 4, 2019
Question

I need to divide an existing entity (parent company) on quick-books into four sub-divisions that will show their own profit/loss statements. Suggestions?

  • February 4, 2019
  • 15 replies
  • 37 views
No text available

15 replies

A
Anonymous
February 5, 2019

Thank you for reaching out to us, @lindak1119,

 

I'll be glad to share some insights with your  QuickBooks account preference.

 

At the moment, QuickBooks does not support multiple entities with separate P&L statements. If you have more than 1 division, and you are required to file tax reports to IRS separately, you'll need to add an additional subscription for each company you create.

 

You can visit this link to compare our QuickBooks plans: https://quickbooks.intuit.com/sg/online-compare/

 

As a workaround, you can use the class and location tracking feature to identify which transactions belongs to a specific subdivision. This way you can track them on your reports. Here's how to turn on this preference:

  1. Click the Gear icon.
  2. Choose Account and Settings.
  3. Select the Advanced menu.
  4. In the Categories section, select the edit (pencil) icon.
  5. Choose the category you want to enable and select the settings for that category.

  6. Select Save.

You may want to check this article to know more about using this feature: How to set up and use class and location tracking?

 

Please let me know if you have any more QuickBooks questions. I look forward to working with whenever you need help.

K
kp3003
May 22, 2019

If my divisions are all under one tax entity, how do I report out separately for each division?

K
KhimG
Level 7
May 22, 2019

I’m glad to see you in the Community, @kp3003.


With QuickBooks Online Plus and Advanced, you can use location tracking to monitor income and expenses for different divisions of your business. Enable this feature by following the steps below:

  1. Go to the Gear icon and select Account and Settings.
  2. Choose Advanced from the left menu.
  3. Click the pencil icon on the Categories section.
  4. Place a checkmark on the box next to Track locations.
  5. On the Location label drop-down, select Division.
  6. Hit Save, then Done.

 

Check out this article for instructions on adding a location for reference: How to set up and use location tracking. Once done, make sure to select a division for each transaction you create. 


Listed below are different types of reports available:

  • Profit and Loss by Division
  • Purchases by Division Detail
  • Sales by Division Detail
  • Sales by Division Summary

For more information about generating reports, take a look at this article: Run reports.


That should answer your concern for today.


Let me know if this works out for you. I’m always here to help. Take care and have a good one!
 

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