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Level 1

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 October 15, 2018

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Community Champion

Can I have 2 businesses under 1 account?

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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Level 10

Can I have 2 businesses under 1 account?

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.
Highlighted
Community Champion

Can I have 2 businesses under 1 account?

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

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Level 15

Can I have 2 businesses under 1 account?

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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Level 1

Can I have 2 businesses under 1 account?

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?

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QuickBooks Team

Can I have 2 businesses under 1 account?

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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Level 1

Can I have 2 businesses under 1 account?

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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Level 1

Can I have 2 businesses under 1 account?

My husband and I are both self-employed. We are sole proprietors and between us we file 5 Schedule C's (my husband does landscaping, pottery, and music, and I do music and freelance writing). All of our expenses and income are intermingled in the same bank accounts and credit cards. Can I use quickbooks for all these different "businesses" (sole proprietor different lines of work)? How do I categorize expenses, in that case, from the banking tab (as in, how do I choose something as a freelance writing expense vs a music expense)?

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Moderator

Can I have 2 businesses under 1 account?

Hi there, @caitlindahl. 

 

You can use class tracking feature in QuickBooks Online by making each line of business a separate class. By using it, you can track their associated account balances on transactions and run reports to view the account balances for a given class (business) at any time. Let me show you how.

 

To begin, turn on class tracking to add a class field or column on your forms. Here's how:

  1. Go to the Gear icon and select Account and Settings.
  2. On the left pane Advanced, then select the Edit icon in the Categories section.
  3. Mark the Track classes checkbox. 
  4. Select the Assign classes drop-down, then select One to entire transaction or One to each row in transaction.
  5. Hit Save, then Done.

After that, create and manage classes in your account. Additionally, when you tag a class to a transaction, you won't have to add classes again. But if a downloaded bank transaction doesn’t match with any existing transaction, you can assign a class to it and add it as a new record.

 

For more information about class tracking, I've attached an article you can use how to run reports and create a budget for each class: Get started with class tracking in QuickBooks Online.

 

Additionally, we're unable to get the Schedule C form directly from QuickBooks Online. As a workaround, you can run the Profit and Loss report of each aspect of your business that you track by class in QuickBooks. Then, transfer the numbers to your form manually.

 

Meanwhile, the Schedule C Deduction or the Tax Summary report can only be generated in QuickBooks Self-Employed. To check which QuickBooks versions best suit your business, please click this link: Plans & Pricing.

 

Drop me a comment below if you have any other questions. I'll be happy to help you some more.

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Level 1

Can I have 2 businesses under 1 account?

We have 3 DBA's under one tax ID (LLC) set up as classes with 3 bank accounts. They each have their own customers and we have created Invoice templates for each. The problem we have is that the invoices have the LLC details on all the invoices and not the respective email addresses, telephone numbers, etc for the DBA. This is confusing for the customers in replying by email as they have 2 email addresses and 2 telephone numbers on their records. It means we get email responses from the 3 DBA customers on our LLC email address. How can we change this?

Also we can create individual estimates from our 3 DBA templates but when we convert the estimate to an invoice it will not pickup the requisite invoice template and does not allow us to change the invoice template. How can this be addressed?

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QuickBooks Team

Can I have 2 businesses under 1 account?

Hi @starglasspools,

 

 

Let’s import the invoice template from MS Word to remove some fields in the default template as well as using the correct details. 

 

Here's how:

  1. You need to turn on your Import Style feature. 
  2. Click the Gear icon and select QuickBooks Labs. Then toggle the Import Style button to turn it on.
  3. Go back to Settings and select Custom Form Styles.
  4. Click New Style and select Import style.
  5. Select Invoice as form type.
  6. Also, you can check the Download instructions & samples before uploading your document file.
  7. Click Upload your DOCX file to upload your file and select Next.

 

You can create different sample designs using this feature to highlight your brand. For more details, you can check this article: Import custom form styles for invoices or estimates.

 

In the comment section, if you need further help in customizing your invoice. I'll always have your back.

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Level 1

Can I have 2 businesses under 1 account?

Hi, our company is an LLC with two separate divisions, logging and used car sales. Both divisions operate under the same name and bank account. However we would like to see how the divisions are doing on their own. I was told about the class options and thought I had figured it out but I ran into problems as I was running through our bank account. We have employees that perform labor for both divisions of our company. Before QBO we had not properly separated his work hours. How do I best separate his labor?

Also the company makes some purchases that would be for both divisions such as tools. How should I wade through that. And lastly all employees have company cards that they swipe for lunches and gas during work hours these necessarily don’t fit under a class either they could be working for either side of the company. 

Highlighted
Level 1

Can I have 2 businesses under 1 account?

Hi, our company is an LLC with two separate divisions, logging and used car sales. Both divisions operate under the same name and bank account. However we would like to see how the divisions are doing on their own. I was told about the class options and thought I had figured it out but I ran into problems as I was running through our bank account. We have employees that perform labor for both divisions of our company. Before QBO we had not properly separated his work hours. How do I best separate his labor?

Also the company makes some purchases that would be for both divisions such as tools. How should I wade through that. And lastly all employees have company cards that they swipe for lunches and gas during work hours these necessarily don’t fit under a class either they could be working for either side of the company. 

Highlighted
Moderator

Can I have 2 businesses under 1 account?

Hello there, SamCater53,

 

You can only apply one class per employee. Here's how:

  1. Click the Gear icon.
  2. Select Payroll Settings.
  3. Click Accounting under Preferences.
  4. Scroll down to the bottom of the page to the Class section.
  5. Select I use different classes for different employees.
  6. Click Ok.
  7. Choose the specific class for each employee.
  8. Hit Ok.

For additional reference, you can check this article: Create and assign employee classes. As for the other class the employee worked on, you can track it manually.

 

The purchased tools can only be track on one location as well. Even though it's used on two department.

 

For additional insights, you may check this article: Set up class tracking.

 

Stay in touch with me if you have other questions.

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Level 1

Can I have 2 businesses under 1 account?

Can I do this on Quickbooks online too??

 

Thanks

 

Sid

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QuickBooks Team

Can I have 2 businesses under 1 account?

Thanks for joining this thread, @Sidnei Casimiro.

 

I'd like to know more about what you're asking about for QuickBooks Online. If you can leave me a Reply with more details, I'd be happy to assist you and answer your question.

 

I'll keep a close eye out for your response. Talk to you soon!

 

 

 

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