I would like to set up two companies in two different countries. I aould also set up 3 business units under each company. These business units have the same name and I would like to measure the profitablility of each business unit in both conutries. Assuming i am going to use the same chart of accounts in both countries.
Is this possible to set up in QuickBooks Online?
Here is a diagram showing the structure. I may also look into consolidating these two companies under a single company based in one of the countries.
US and Canadian versions are much different, you will have to subscribe to each version separately. I am not even sure you can use the same log in to get that done. On top of that my understanding is that you can only subscribe to a US version if you have a US account to pay from, same with the Canadian versions.
Are you trying to set up completely separate accounts for each business? Or do you want to manage multiple companies under a single account?
For QuickBooks Online, you need a separate subscription for each company (multicurrency is an option). It can be very difficult and messy to separate different streams of income and expenses for separate entities, plus you are required to enter one EIN per file. Come tax time, this will be an issue.
We currently have one organization under our current QBO account and as we are extending our services to other countries, we might need to create new organizations (as we want a separate accounting system for each country). I understand that under one QBO account, you can manage as many organization as possible, but there are few issues I would like to seek your advice on:
1) is it possible to add the new organization with the structure of chart of accounts similar to the existing organization as per the current organization)? Is there a way to populate it or you would need to manually set the chart of accounts in?
2) If the organizations are related, is it possible to create combined financial statements for them or it is only possible to create one set of financial statement for each?
Thanks for your advice in advance and please let me know if anything is not clear.