One QBO account is for one company file. Should you need to manage branches or divisions of your company, you may utilize the Class feature available in QBO Plus. Otherwise you should purchase a new QBO account.
It's awesome to hear that you've been using QuickBooks Online to manage your books and want to use it for your new company too! It's important to love the accounting software you use and QuickBooks Online definitely has a lot to love. Like @Fiat Lux said, your subscription is for one company. To manage books for a new business you'll need to set up a new QuickBooks company. Let me explain how.
On our website, we're currently offering a 50% off sale on new QuickBooks Online subscriptions for the first 3 months of use. Signing up online is a quick and easy way to set up your new company, and you can even use the same login information that you use for your existing company. Here's how:
Decide on the plan that's right for you and select Buy now.
On the sign up page, select the small blue hyperlink to Sign in if you'd like to use your existing login credentials rather than using a new email address.
Follow the prompts on screen to set up your new company.
If you'd prefer to work with somebody one-on-one to assist you in setting up your new company, you can contact our sales team at 1-888-829-8589 from Monday to Friday, 9 a.m. to 6:30 p.m. EST. They are more than happy to help get you ready to manage your new company's books with ease.
If you have any additional questions, let me know. Enjoy your weekend!
(1) However, I have to use my personal account to make certain payments. These individual expenses are to be added for the 2 companies accordingly. I guess I have to set up access to my personal account on the 2 business accounts in order to pull expense information just for those expenses, and discard the other personal expenses.
(2) Is there a lighter version of QB to use for personal accounts ? meaning, I do not need a balance sheet or any books of account, but just to file personal taxes. Also, could we extract the 'Investment' (RSP or trading account) account from my personal account dashboard ?
QuickBooks has many versions of its products because every business is different. You can review the subscription types available through this link: Plans & Pricing. I can provide you with information on how you can address personal funds and transactions in QuickBooks Online and QuickBooks Self-Employed.
You can exclude transactions through your bank feeds. Business expenses can be paid with personal funds, or personal expenses may be paid with business funds. The QuickBooks Online articles I've provided explain how these kinds of transactions can be dealt with in your QuickBooks accounts: