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Oasismentalhealth
Level 1

How can I manage multiple accounting needs for professional couple?

Need help determining which version of QB will allow me to account for ALL of the following:

 

- Married, professional couple ("A" and "B") have a professional/medical consulting "private practice." Each is a sole proprietor.

- "A": records income from selling services of an unrelated subcontractor professional clinician; records practice expenses including rent and Payroll (one Employee - office manager); "A" files T2125 re Business income: 

- "B": records income from (i) part-time Employment (T4) income and (ii) consulting income from private practice; files T2125 re Professional income

- "A + B", as a couple, also want to account for personal finances (combined net income, shared/personal expenses, joint assets, joint liabilities, net worth)

 

Do I need 3 "companies" to accomplish this? If so, is there a way to efficiently integrate/share data among them? TIA

 

3 Comments 3
JamesM4
QuickBooks Team

How can I manage multiple accounting needs for professional couple?

Hello Oasismentalhealth,

 

Welcome to the QuickBooks Community. I'll be happy to share more info about using QuickBooks so you can be on the right track with achieving your goals. 

 

Based on what you've described, I see you benefiting more by setting up 3 companies as that allows for you to have a clear separation of the entries you've described above. Otherwise, with 1 subscription, all entries will be recorded and reported under one umbrella and this reflects on your totals as well. That being said, you can also look into features that allow you to separate your reporting for different accounts and entries using  Classes. I encourage you to check out the article and let me know if it helps.

 

Feel free to ask other questions. I'll be on standby. 

Oasismentalhealth
Level 1

How can I manage multiple accounting needs for professional couple?

Many thanks. I have set up 3 additional QBO subscriptions to address my accounting needs. 

Alex M
QuickBooks Team

How can I manage multiple accounting needs for professional couple?

We're happy to be of help Oasismentalhealth.

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