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Can I have 2 businesses under 1 account?

I have 1 retail business and 1 network marketing. How can I itemize my expenses with for the 2?

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Best answer 10-15-2018

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Established Community Backer ***

You can 2 or more individual subscription companies all u...

You can 2 or more individual subscription companies all under same account. Also if you (use a second email) invite yourself as accountant user you can load the free QBOA accountant version and manage both companies from a single login. You can even give yourself a bigger discount through wholesale pricing

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Established Community Backer ***

If the businesses are DBAs or sole prop. LLCs without pay...

If the businesses are DBAs or sole prop. LLCs without payroll,  then you can use Class or Location, within the same QBO Plus subscription. The latter lets you invoice under different names.
Established Community Backer ***

You can 2 or more individual subscription companies all u...

You can 2 or more individual subscription companies all under same account. Also if you (use a second email) invite yourself as accountant user you can load the free QBOA accountant version and manage both companies from a single login. You can even give yourself a bigger discount through wholesale pricing

View solution in original post

Established Community Backer ***

As John says, one business = one subscription to QBO IRS...

As John says, one business = one subscription to QBO

IRS Pub 583, Page 5 - must keep separate books per company

and for sole proprietors
IRS Pub 334, page 40 - "If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C."
IRS Pub 334, page 45 - separate schedule C for each business


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Re: As John says, one business = one subscription to QBO IRS...

So does QB Pro 2017 keep reports of the 2 Schedule C's? I have QB 2017 pro that I use with POS V18 for my shop. I want to use QB Pro 2017 alone for my on line business I want to start. Can I do this?

QuickBooks Team

Re: As John says, one business = one subscription to QBO IRS...

Hi there, kelleyskorner.

 

Thanks for joining the thread. I'm here to provide some clarification regarding your question.

 

Yes, you can, just make sure to create a new company file for your online business. The steps below will guide you on how to create it:

How to create a new company file in QuickBooks

  1. Open QuickBooks Desktop. Since you already have a company file, I'd suggest you press and hold the Ctrl key, and don't release it until you have the No Company Open window.
  2. On the No Company Open window, select Create a new company.
  3. Choose between Express Start or Detailed Start.
  4. Complete the following on-screen instructions.

All of this information and more is available in our guide on how to create QuickBooks Desktop company file.

 

That should get you going on the right track. Please don't hesitate to reach if you have any other questions. Have a great day!

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Re: As John says, one business = one subscription to QBO IRS...

One more question right now, LOl. Having it under a new company, How will that do the financial part like sales taxes, Schedule C, etc? Will it total it up with my storefront or do will it make it 2 different items I have to pay separately? Or keep it separate and I total them together to pay state sales tax, etc.? I trying to make sure how it will calculate monthly and at year end.

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