Can I use multiple entities on one Quick Books account?
We originally had our profit company and our nonprofit set up on two separate QBO subscriptions. Due to miscommunication between myself and the CPA we now have everything on one subscription. I am trying to find a way to keep it like this due to the lack of time until the end of the year. I was able to filter the P&L to show the two companies separately. I am only having an issue with the balance sheet. It looks like I can make that work as well if I have each vendor, customer, and income separated out by company name and filter it on the report. But then that leaves me with the problem of the bank accounts - I do not see a way to separate those out. I'm at a loss of what I can do from here.
Let me discuss a few things about Profit and Loss report and your bank accounts, and guide you how to proceed.
The Profit and Loss report contains your income and expense accounts and their transactions. While bank accounts fall under balance sheet accounts. So, we need to find another way to separate the bank accounts used in your different organizations.
One them is through using the Location Tracking feature of QuickBooks Online Plus.
Let me show you how to turn them on:
Click on the Gear icon.
Select Accounts and Settings.
Click on Advanced.
Select Track locations.
Click on the drop-down menu under Location label, then select the appropriate category of the location.
Click on Save, then Done.
Once done, you can associate your bank accounts to a specific location your transactions. Then, you'll be able to run Profit and Loss report filtered by location.
Go to the Reports tab and select Recommended Reports.
Under the Profit and Loss report, click Customize.
On the left, click Rows/Columns and change the drop-down to Locations.