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T
tgar
July 6, 2022
Solved

Recording different revenue streams

  • July 6, 2022
  • 2 replies
  • 12 views

QB Team,

 

Excuse my ignorance here, I am a newbie to QB. I would like to record 3 different revenue streams within QB from sources in different industries (song writing, e-commerce, Uber). I am using e-commerce sales and Uber to generate operating capital for my song writing venture. Song writing will take some time to generate its own revenues but eventually will. Do I have to create 3 different companies or just have 3 instances of QB for each industry. If the latter, how can I roll up global reports?  Please advise....

 

Thanks,

 

Tony

Best answer by Pete_Mc

The 1 or 3 companies really depends upon how you're set up.  If you did create 3 different business entities (LLC, Sub-S, etc.), then you will need 3 QB online accounts to keep the business books separate.  OR, you can buy QB Desktop and open as many companies as you want.  They're just separate Company Files on your computer that you open in QB Desktop.

 

If you really only have one company for Tax purposes, then under Income, you can set up three Sub Accounts for Writing, E-Commerce and Uber.  You can also use Classes to keep the Expenses separate too, but I don't know if you'd need to go through the hassle.  You should have a quick conversation with your Tax Accountant and they get give you direction on how they want to see the books at the end of the year.  Three separate sets for legal reasons (so 3x QB Online Accts), or just one QB Acct since it really is just one entity.

 

2 replies

P
Pete_McAnswer
Level 5
July 6, 2022

The 1 or 3 companies really depends upon how you're set up.  If you did create 3 different business entities (LLC, Sub-S, etc.), then you will need 3 QB online accounts to keep the business books separate.  OR, you can buy QB Desktop and open as many companies as you want.  They're just separate Company Files on your computer that you open in QB Desktop.

 

If you really only have one company for Tax purposes, then under Income, you can set up three Sub Accounts for Writing, E-Commerce and Uber.  You can also use Classes to keep the Expenses separate too, but I don't know if you'd need to go through the hassle.  You should have a quick conversation with your Tax Accountant and they get give you direction on how they want to see the books at the end of the year.  Three separate sets for legal reasons (so 3x QB Online Accts), or just one QB Acct since it really is just one entity.

 

T
tgarAuthor
July 6, 2022

Yes, all 3 revenue streams are under 1 company and one EIN and one QB instance.

T
tgarAuthor
July 6, 2022

I was able to talk with my CPA and she stated that using classes would suffice.  Thank you very much for the advice.

 

Tony

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