I have intercompany accounts. I'd like to set up liability & asset accounts in each company. Is there flexibility in QBO to set this up?

Thanks for joining the Community, adele-jammvisual.

You can add new accounts from your Chart of accounts screen.

Here's how:

1. In the left navigation bar, go to Accounting, then Chart of accounts.
2. Click your New button.
3. Enter the necessary information.
4. Select Save.

If you encounter a message about usage limits, you've reached the maximum number of accounts available for your subscription.

Here's the limits for each plan:

• QuickBooks Online Simple Start - 250 accounts
• QuickBooks Online Essentials - 250 accounts
• QuickBooks Online Plus - 250 accounts
• QuickBooks Online Advanced - Unlimited accounts

In the event there's accounts you no longer use, you have the option of making them inactive. Doing so will enable you to add new accounts. You can also upgrade/downgrade your subscription anytime.

@adele-jammvisual 

I would recommend another accounting app for your case. It lets you automate financial reporting, inventory transfers, vendor, payments, cash management, and inter-company transfers across multiple related companies. You can track financials and create reports for an unlimited number of related companies within your organization. Related companies can share charts of accounts, calendars, and currencies, as well as non-financial data. Restrict user access to customer or vendor records by branch or company.

The system integration enhances all your intercompany reconciliation activities. For example, you can manage intercompany payments in Accounts Payable and centralize invoicing in Accounts Receivable. You can also manage intercompany journal transactions, intercompany goods transfers, company-specific cash accounts, and more.

Most of the time, we only recommend this system for QBO Advanced and QB Desktop Enterprise users.

What is the application?

Send me a private message for details.