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I have 3 LLC. The one is the taxable entity from previous acquisitions and the other 2 are flow through for purchasing and managing rental properties. My accountant thinks I should have all 3 "businesses" under one company file in quickbooks. I have quickbooks desktop pro. I don't see that that is possible to have different names, bank accounts, and expenses and income to track the 3 separate properties. Is this something I can do? I think the easiest thing would be to have them each as a separate company with quickbooks. I have used quickbooks for 20yrs for several business. I have used items to track property expenses.
Hello there, @Lynn Y. Yes, you're right.
In QuickBooks Desktop, adding sub-companies for several businesses isn't an option. What we can do is create a new company file for each business. This keeps and tracks the bank accounts, expenses, and income for each property.
The steps below will guide you through the process of creating a new company file:
To switch between companies, click File from the top menu and select Open Previous Company. Navigate to the company file that you want and click Open.
For additional resources, you can read through the links below:
Please visit again if you have more concerns. I'll be around whenever you need assistance. Take care and stay safe, Lynn Y.
Thank you. That is what I thought, but my accountant said it should all be one file. This will be much easier and familiar to what I have done.
Thank you that is what I thought. My accountant said it should be one file. This will be much simpler and easier to set up.
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