Combining QB Online Subscriptions

Do they only need to consolidate reports or need to merge all those accounts into a new QBO account?

They were just consolidating reports at yearend for tax preparation.  But that is very expensive to have their accountant do that and pay for three separate online subscriptions.  They are inquiring if it would be more efficient to have one subscription and use location management attached to a bank account to keep up with the separate franchise information. 

They can use a BI app to consolidated reports from multi QBO accounts.

https://go.zoho.com/M5c

Thank you for reaching out with your concerns, DROJR2. I recognize the importance of streamlining your accounting process while preserving historical data, and I'm here to assist you in simplifying your accounting and reporting procedures.

While QuickBooks Online (QBO) doesn't offer a direct way to combine or merge subscriptions under the same TIN/EIN.

However, you can still achieve consolidated reporting and streamline your data by manually exporting and importing data across your subscriptions or through third-party software. This approach ensures you can manage and report on your franchises effectively while keeping their histories intact.

The method to achieve this involves a few steps:

1. Identify which of your three existing QuickBooks Online subscriptions will be the primary file for consolidation.
2. Use QuickBooks built-in migration tools to manually export data from the other two QuickBooks Online subscriptions and import it into the primary file. Alternatively, you can utilize a third-party app for this process.
3. Once all data is merged, utilize the QuickBooks class tracking feature to categorize transactions and generate separate reports for each location. This involves creating a unique class for each franchise while maintaining location-specific reporting.

While these methods provide ways to consolidate financial information for accounting and tax purposes, maintaining a separate subscription for each franchise might still be beneficial for independent operational management unless the franchises are operationally identical.

Before proceeding with any changes, it's advisable to consult with an accounting professional or a QuickBooks expert to ensure the chosen method meets the specific requirements and complies with accounting standards.

Additionally, you may want to explore this helpful article to run reports by class in QuickBooks Online Plus and Advanced: Run reports by class in QuickBooks Online.

You can always reach out if you need additional help or clarification regarding consolidating your QuickBooks files. We're here to assist you in streamlining your financial management across all locations.