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Level 1

Mulitple Companies using Enterprise

I just started Quickbooks Enterprise for my boss.  He wants 2018 and 2019 entered.  BUT 1 of his companies is a real estate.  1 company is  a travel agent.  2 companies are retail stores.  2 companies are online e-commerce stores.  1 company is a radio station.   All have their own tax id number and own bank acct.   So do i create 6 separate companies? 

If so, how do i handle credit cards that have charges on it from several of the companies?  and is paid by several of the companies?

 

Solved
Best answer November 14, 2019

Best Answers
QuickBooks Team

Mulitple Companies using Enterprise

Yes, you'll need create 6 different companies, shawnav.


We can setup all the involved accounts in each company. Then, you'll have to manually record the entire activity to each of these companies. For example, the activity for the first company is you have a payment amounting to $1000 with a credit card charge of $25. Then, for the second company, payment is $300 and a $10 charge. 

 

Also, I suggest consulting to an accountant or tax professional to be sure you record these transactions in the correct expense accounts based on your specific circumstances. 

 

This way, you can easily reconcile the transactions. Please check this article on how to reconcile credit card payments and charges

 

Keep me posted if you need more help. Thanks in advance!

View solution in original post

3 Comments
QuickBooks Team

Mulitple Companies using Enterprise

Yes, you'll need create 6 different companies, shawnav.


We can setup all the involved accounts in each company. Then, you'll have to manually record the entire activity to each of these companies. For example, the activity for the first company is you have a payment amounting to $1000 with a credit card charge of $25. Then, for the second company, payment is $300 and a $10 charge. 

 

Also, I suggest consulting to an accountant or tax professional to be sure you record these transactions in the correct expense accounts based on your specific circumstances. 

 

This way, you can easily reconcile the transactions. Please check this article on how to reconcile credit card payments and charges

 

Keep me posted if you need more help. Thanks in advance!

View solution in original post

Level 1

Mulitple Companies using Enterprise

Thank you so much!  Just to see if I'm on the right path...

 

I created a main company file (Enterprise) have each cc as a parent cc.  Under the parent of each cc I have subs for each of the companies.  This way I can reconcile the parent company as for the statements. 

 

MAIN COMPANY (Enterprise)

    CC: Parent Cc (Enterprise) = Balance of Cc Statement $

          CC: Sub Company 1 (Store 1) = Company's Transactions $

          CC: Sub Company 2 (Store 2) = Company's Transactions $

          CC: Sub Company 3 (Radio Station 3) = Company's Transactions $

 

Each sub contains the transactions pertaining to just that company.  The expense acct for each transaction is the Parent CC Acct.  So they wash each other out and it keeps the subs from being on my balance sheet. 

Then I go to each Sub company file and I copy the transactions from excel into the Cc acct under that company.  Then I put the transactions into the correct expense acct. 

 

So the sub company balances in the Enterprise Company File should match the Cc under each company File.

 

Does this make since?  It seems like a lot of work since i'm manually entering 2 years of data, but once I get caught up I don't think it will be all that difficult.

Atleast the P&L and the balance sheet on EACH COMPANY will be correct? 

 

I'm assuming I can apply the payments made the same way?  Should I setup some kind of progressive invoicing in the Enterprise Company so I can bill the sub companies if they owe on their part of the Cc?  

Should I create any kind of reimburse expense accts?

 

Also, they each have separate bank accts.  Sometimes Company A will pay an expense for Company B and at some point company B will pay A back.

So under each Company I have the main bank acct and then I have Inter-Transfer Accts for the bank accts that transfer money to and from.

No beginning balance just another acct to compare with it's corresponding acct in the other company's file. 

Guess I can figure out journal entries so the balance will be $0 at the end of the month?

 

Thanks,

Shawna

Level 1

Mulitple Companies using Enterprise

Thank you so much!  Just to see if I'm on the right path...

 

I created a main company file (Enterprise) have each cc as a parent cc.  Under the parent of each cc I have subs for each of the companies.  This way I can reconcile the parent company as for the statements. 

 

MAIN COMPANY (Enterprise)

    CC: Parent Cc (Enterprise) = Balance of Cc Statement $

          CC: Sub Company 1 (Store 1) = Company's Transactions $

          CC: Sub Company 2 (Store 2) = Company's Transactions $

          CC: Sub Company 3 (Radio Station 3) = Company's Transactions $

 

Each sub contains the transactions pertaining to just that company.  The expense acct for each transaction is the Parent CC Acct.  So they wash each other out and it keeps the subs from being on my balance sheet. 

Then I go to each Sub company file and I copy the transactions from excel into the Cc acct under that company.  Then I put the transactions into the correct expense acct. 

 

So the sub company balances in the Enterprise Company File should match the Cc under each company File.

 

Does this make since?  It seems like a lot of work since i'm manually entering 2 years of data, but once I get caught up I don't think it will be all that difficult.

Atleast the P&L and the balance sheet on EACH COMPANY will be correct? 

 

I'm assuming I can apply the payments made the same way?  Should I setup some kind of progressive invoicing in the Enterprise Company so I can bill the sub companies if they owe on their part of the Cc?  

Should I create any kind of reimburse expense accts?

 

Also, they each have separate bank accts.  Sometimes Company A will pay an expense for Company B and at some point company B will pay A back.

So under each Company I have the main bank acct and then I have Inter-Transfer Accts for the bank accts that transfer money to and from.

No beginning balance just another acct to compare with it's corresponding acct in the other company's file. 

Guess I can figure out journal entries so the balance will be $0 at the end of the month?

 

Thanks,

Shawna

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