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Join nowI have just setup a new corporation, and operate 5 dba's under the corporation.
These dba's are reflective of 5 different events/projects that we produce. I want the ability to record transactions, and track profit and loss for each event/project separately, but under the one main account to have an overall view of the business.
Is there a way to do this in Quickbooks under the main corporate account without setting up separate Quickbooks accounts for each project? I want the ability to see how profitable each event/project is for evaluation and funding purposes.
I have setup separate bank accounts for each dba.
I hope this makes sense.
Thanks,
Chris
Solved! Go to Solution.
Yes, use the class feature under the gear>company settings>advanced. You will have to classify every transaction, but you will be able to run separate P&L's for each dba, aka class.
Yes, use the class feature under the gear>company settings>advanced. You will have to classify every transaction, but you will be able to run separate P&L's for each dba, aka class.
I currently run several company files for multiple LLCs that have rental homes. Right now income and expenses are classed by unit. Can I have another class for the LLC so I don’t have so many company files?
Hi there, shoutstudio.
Thanks for your getting back to us. Allow me to help and provide some additional information about Class in QuickBooks Online (QBO).
To answer your question, Yes. You can use the separate bank accounts to each classes. I also suggest when you set up classes use the same name for each bank account so it'll easily identify the correct one when creating transactions.
For additional reference, you can check this article to learn more about Class feature in QuickBooks Online: Using Classes and Locations in QuickBooks Online.
Please know that I'm just a post away if you have any other questions about Class. Wishing you and your business continued success.
Hello, CLR.
Thanks for joining this thread.
Class feature help you to track different departments, across states or in a different properties. It is recommended to set up different company files for every business entity, to avoid any discrepancy on your books .
You may also consult an accountant to check other option and to ensure your books are accurate.
To learn more about Class feature, you can check the article on my first post above.
Please know that you're always welcome to post here in QuickBooks Community if you have any other concerns. Have a good one.
If I have my separate dbas distinguishable by class in quickbooks, is there a way to have each dba's name appear on invoices sent to customers of that department, aka dba, aka class? Thanks.
Hi, hope it's ok to jump in with a related question. If I have my separate dbas distinguishable by class in quickbooks, is there a way to have the different dbas' name appear on invoices sent to customers of that department, aka dba, aka class? Thanks.
Hello mvrock66,
For now, classes or DBA names can't be visible on the invoice sent to your customers.
I suggest sending us your feedback. Just click on the Gear icon at the top right corner and then select Feedback.
However, here's a workaround on how you can manually enter DBA names as class to appear on the invoice:
Then, let’s create a dummy invoice to be sent to your own email to check the invoice display. Make sure to input the class name at the customized field.
For you to track the profit and loss report per class, select the class under the CLASS column.
Don't hesitate to reach out to us if you have other concerns. Have a good one!
What if you want to invoice separately with a custom invoice for each DBA? We are finding that
EX - I setup 4 templates inside Co A. for Companies B,C,D & A. When I was done, since Co D was my last one, the Company A name changed to Co. D and all templates now had the company name of Co D.
Hey there, @JL8800. Thanks for joining the thread.
I'm here to provide some input about utilizing different Invoice Templates for different types of transactions. While you can add multiple Invoice Templates, you can't assign them to classes. That being said, you can easily switch which Template to use on an Invoice by following the steps I've provided below:
That's it! Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Have a wonderful week!
Management has books for 4 differnet LLCs. They asked to combine into 1 QB account and seperate each entity by class. We invoice from 1 of the locations, the others are reataurants (with dedicated payrolls and bank accounts). Can this be done? I have my reservations, why speficifally is this not possible? Thanks
Thanks for joining this conversation, @Cab3.
If you have different LLCs, it is highly recommended to set up different company files for every business entity. This is to avoid any discrepancies in your books, as well as reporting taxes.
However, if you wish to proceed with doing so, you can consider using the class tracking feature in QuickBooks Online (QBO). This will help you assign a class for each line item or to the entire transaction.
Here's how to turn on the feature:
For more information, consider checking out these articles:
Please know that I'm only a post away if you have any other issues or concerns, and I'll get back to you right away. Have a great weekend!
so I was trying to do this but it would change all the information under my quick books in general as I have a logo for company A and changed the company name as well
Hi there, @DJ Dro.
I can see the importance of having this feature for your business needs. I'll take note of this one as feedback, and submit it to our Engineering team to improve your QBO experience.
To learn what's new in the product that can help your business, you can visit the QuickBooks Blog.
Don't hesistate to comment below if you have other questions. I'm always here to help. Take good care!
Hi JanyRoseB, If I have an S Corp and set up a new company file for each DBA under that S Corp, I would image accounting and taxes would be difficult/complex. The DBA and the S Corp are really one entity. How would you effectively pull reports, import company files into tax software for the S Corp? To get a clear picture of things like P&L for the S Corp?
I am considering using separate income sub-accounts for each DBA under a main income account. For instance, my items (part numbers, etc.) will have a corresponding DBA income sub-account, depending on which DBA it is used for. Each invoice will be classed according to the particular DBA it is for. Wouldn't that work? For tax purposes, the main income account will be the only income account for the S Corp.
I have the same question/issue. Our company runs 3 different businesses (LLCs) in one Quickbooks, each with a different company file. I have to switch back and forth between these 3 all day and have to log in to each one separately. I understand for accounting/tax purposes it is important to have 3 separate company files, but it would definitely make it much more user-friendly if there was just one log in for Quickbooks and switching between company files was just a one-click operation. I am constantly in the middle of doing something in one company when my boss comes along and asks about something in another company. It may seem trivial but when you are doing this dozens of times a day it wastes time not to mention it's quite annoying. Just my input for future improvements to the program which make it easier to use.
You'll be glad to know that you can sign-in to your 3 different LLCs with one user ID and password, Sheberg.
If you're using 3 different email address or user ID, you can send an invite as another user to the other 2 companies. When you do, you'll simply click Sign in and enter the same login credentials of the first LLC.
Let me show you how:
Step 1: Invite a user
Step 2:Check your email and you'll get a link from us.
You can perform Step 1 and 2 for the third company. Once you have multiple companies, click Settings ⚙️, then choose Switch company.
I've added this link for additional information: Sign in to multiple QuickBooks Online companies with one user ID.
If you need to add more companies, you can add them under the existing user ID.
Stay in touch if you need anything else about managing your companies in QuickBooks. I'm always around to help you.
Thank you so much! We do not use 3 different email addresses. They are all under the same email address but are set up as 3 different company files. When I switch between them I have to go to "File > Open Previous Company > then I choose the company file and have to enter the password for that company. Instead of just clicking on it and it opening the company immediately. Again, trivial, but I'm constantly doing this all day. Thanks again!
Oh dear, I just realized I may have posted my original post in an incorrect thread. I am not using Quickbooks Online. I am using QuickBooks Desktop Pro 2019. This is where I am having to constantly switch companies. Is there a simple fix for this?
Hello again, @Sheberg. I appreciate your prompt response and providing additional details.
In QuickBooks Desktop, the process to switch from one company file to another is by going to the File menu at the top and clicking Open Previous Company which you are currently practising. From there, a window will pop-up with the list of companies that are under your account.
The good thing is, you can now switch to another Company File without a need to re-enter your login credentials. You'll only be required, if you have explicitly logged off from the Company File or when the login period set has expired.
Moreover, please know that this feature is not an option if your file is on a hosted environment that uses roaming profiles.
To set up your account, here's what you'll need to do:
For more information about this process, see this resource: Stay logged in to QuickBooks company file (sign in without entering your password).
If there's anything else you need help with, let me know by commenting below. You can count on me. Have a nice day.
Thanks SO much! That is exactly what I needed!