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PsychPanda
Level 1

Two businesses ; one account

I have my main small business and a small reselling side hustle. I am wondering if I can use one account for both of these and if so, how do I sort the different businesses I see that when I record a payment it wants either business or personal, but I want to sort it into business A business B or personal is there a way to do that?  If so, how

2 Comments 2
Chrea
Level 6

Two businesses ; one account

One QBSE/QBO account is for one company file. You can consider using an old QB Desktop version with a non subscription license (i.e QBD 2016 or later) as a workaround.

MarkAngeloG
QuickBooks Team

Two businesses ; one account

Hi there, @PsychPanda.

 

Managing multiple businesses under one account in QuickBooks Self-Employed (QBSE) can be a great way to stay organized, and I'm here to guide you through making it work seamlessly.

 

While QBSE doesn't currently support tracking multiple businesses separately, you can still sort transactions effectively by using groups or tags. Tags let you label transactions for better organization.

Here's how to set this up:

 

  1. Head to the Gear icon and select Manage Tags.
  2. Click the Create new tag button.
  3. Enter your business name in the Tag Name field.
  4. Choose Unassigned in the Group field.
  5. Click Save.
  6. Create another tag for your second business.

 

When recording transactions, apply the relevant tag to differentiate them. First, record the transaction, categorize it to its appropriate account, and save it. Then, open the transaction again to assign a Tag.

 

Once your transactions are tagged, you can run the Transaction Detail by Tag report for a breakdown of activity for both of your businesses.

 

Please take note of the following:

 

  • QBSE assumes all business activity belongs to a single tax entity. If you need to file taxes separately for these businesses, you'll need to consider switching to QuickBooks Online.
  • Always mark personal expenses as Personal to maintain clear records for tax purposes.

 

Moreover, you can also consider exporting your transactions to get a detailed list of all your them in QuickBooks Self-Employed.

 

If you need additional help exploring QuickBooks Self-Employed or other QuickBooks products for multiple businesses, feel free to reach out. I'd be happy to guide you further.

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