Hello there I have 3 divisions which gets roled up to a single company. Each division has separate bank account. How can I set this up in Quickbooks?

One QBO account is for one company file. You may manage branches/divisions by utilizing the Class/Location feature available in QBO Plus and Advanced. Otherwise you should open a new account.

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When you said "open new account" - does it mean I have to open a new company ? If I open a new company so that I get individual P&L and Balance sheet - can this be then consolidated to my parent company in Quickbook?

Allow me to join this thread and provide some information about new accounts and getting individual Profit and Loss and Balance Sheet reports, savita-clearnexu.

Yes, Fiat Lux is referring to opening a new QuickBooks Online (QBO) if you want your sales and payroll tax to be reported separately on each division. Otherwise, you can utilize the Class and Location tracking feature available for QBO Plus and Advanced if you don't want to sign up for a different QBO account. 

In addition, since it is one QBO account per company, you can only run reports and get the information based on what specific company you are logged in to. You may want to run reports for each of your QBO accounts if you decide to sign up for another company and export the information to Excel so you'll be able to consolidate all of your companies information. 

For more information, please read this article: Using Classes and Locations in QuickBooks Online.

You'll want to get the information of your business, you can run different kinds of reports in QBO. Please visit this article for your reference: Run Reports In QuickBooks Online.

If there's anything else that you need help with your QBO account, please let us know so we can get back to you as soon as possible.