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Level 1

Hello. I am a sole trader with 3 lines of business (different look, website, invoices) but same bank account. Can I do all of this in QB?

 
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Moderator

Hello. I am a sole trader with 3 lines of business (different look, website, invoices) but same bank account. Can I do all of this in QB?

You've come to the right place, @hello91.

 

If you're operating multiple types of businesses, you'll need to use multiple QuickBooks Online subscriptions, as multiple businesses aren't currently supported. It would be best in this case to reach out to your accountant to see if this is needed or if you can utilize features such as classes to separate your transactions.

 

If you need to find an accountant, I recommend checking out our FindAProAdvisor website. It's packed full of ProAdvisors that will be able to assist you in setting up your books to remain compliant and accurate.

 

Let me know if you have any other questions by hitting the Reply button below. I'll be here for you.

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Level 13

Hello. I am a sole trader with 3 lines of business (different look, website, invoices) but same bank account. Can I do all of this in QB?

@hello91 

If all of your business have the same tax id, you may utilize the Class and/or Project feature in QBO Plus.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

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Level 15

Hello. I am a sole trader with 3 lines of business (different look, website, invoices) but same bank account. Can I do all of this in QB?

@hello91 

I am a sole trader ....

In the US a sole proprietor is required to have one accounting file per business, which in QBO means multiple subscriptions. Using the words sole trader sounds like you are not in the US, so you need to check with your country business department, revenue agency, as to whether the same requirements apply.

 

@Fiat Lux - ASIA 

If all of your business have the same tax id .....

That might be true in some countries, if so please say which ones because it is not true in the US.

A sole proprietor uses one tax id for all businesses, yet the requirement for separate books remains.

 

IRS Pub 583, Page 5 - must keep separate books per company

and for sole proprietors
IRS Pub 334, page 40 - "If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C."
IRS Pub 334, page 45 - separate schedule C for each business

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Level 1

Hello. I am a sole trader with 3 lines of business (different look, website, invoices) but same bank account. Can I do all of this in QB?

Hi there,

 

So actually it's all the same business, but different branches of the business. But it's all under the same company. - So think of it as subsidiaries or business lines. In Switzerland I can trade as XX photographer and hand in all my taxes under this one entity, but I am also able to have 3 different websites with 3 different names and bill everyone under that name, but really it's just me.

 

So I got a response from QB and here it is: I can do it Templates, but the business name changes on all the templates if I update it on one template.

 

We received your inquiry about having 3 different type of invoice template for your transaction. Yes, this is possible you can create or add your own customized template for your Sales Transaction. 

  1. Go to Settings ? and then select Custom Form Styles.
  2. Select New Style.
  3. Select the type of form you want to create: Invoice, Estimate, or Sales Receipt.

You'll see a preview of your changes in the sample form as you make them. Whenever you're ready to save your changes, select Done in the footer.

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Level 13

Hello. I am a sole trader with 3 lines of business (different look, website, invoices) but same bank account. Can I do all of this in QB?


@Fiat Lux - ASIA 

If all of your business have the same tax id .....

That might be true in some countries, if so please say which ones because it is not true in the US.

A sole proprietor uses one tax id for all businesses, yet the requirement for separate books remains.

 

IRS Pub 583, Page 5 - must keep separate books per company

and for sole proprietors
IRS Pub 334, page 40 - "If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C."
IRS Pub 334, page 45 - separate schedule C for each business


@Rustler 

Thanks for your clarification.

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