I need to divide an existing entity (parent company) on quick-books into four sub-divisions that will show their own profit/loss statements. Suggestions?

If my divisions are all under one tax entity, how do I report out separately for each division?

I’m glad to see you in the Community, @kp3003.

With QuickBooks Online Plus and Advanced, you can use location tracking to monitor income and expenses for different divisions of your business. Enable this feature by following the steps below:

1. Go to the Gear icon and select Account and Settings.
2. Choose Advanced from the left menu.
3. Click the pencil icon on the Categories section.
4. Place a checkmark on the box next to Track locations.
5. On the Location label drop-down, select Division.
6. Hit Save, then Done.

Check out this article for instructions on adding a location for reference: How to set up and use location tracking. Once done, make sure to select a division for each transaction you create. 

Listed below are different types of reports available:

• Profit and Loss by Division
• Purchases by Division Detail
• Sales by Division Detail
• Sales by Division Summary

For more information about generating reports, take a look at this article: Run reports.

That should answer your concern for today.

Let me know if this works out for you. I’m always here to help. Take care and have a good one!
 

Yes i use locations and Classes to track my sales people and our two divisions. However is there any way that when i send out an invoice, that invoice can reflect the proper division? right now I have to manually go into settings and change the logo and company name and website address. Would be real nice if this could be done automatically somehow.

I can see your challenges when you create transactions per division, ColinStevenson.

I also like the idea of having separate company information per division. However, as Anonymous said, we currently don’t support this type of setup.

I know this is beneficial to companies with a setup like yours, so I’ll make sure to bring your idea to our product development team. That way, they can consider creating a product or an option for companies that operate with multi-division, but under one tax entity. When that happens, you will no longer need to change your company details every time you create invoices.

Let me know if you have other ideas in mind, or any features that you need for your business.

Have there been any updates to this issue?  I will be having multiple divisions shortly under 1 tax id.

Thanks for following up on this thread, @Puzzled User.

I've checked our product streamline, and having multiple divisions shortly under one tax ID is still unavailable right now. For more details, check out this article: QuickBooks Product Updates. 

The best workaround for this is to use the class tracking feature, as my colleague presented above. 

Nothing to worry about, I'll take note of this idea once more. In the meantime, I'd suggest visiting our QuickBooks Blog regularly to review our enhancement. 

Also, I've added articles about various tasks for the incoming tax season, managing accounts, and other topics. 

• Help Articles
• QuickBooks Online year-end guide and checklist

If there’s anything else I can help you with about QuickBooks, click the Reply button and post a comment. I’ll be glad to assist further. Have a great day ahead. 

How is QuickBooks Online product development team progressing? It has now been over 3 years since the question was first raised. I would imagine that a solution to the issue would have been resolved by this stage? Any updates?

We have one tax ID but would like to have a separate P &Ls for the take out biz and dining room biz for analysis purposes in addition to the combined stmt for tax purposes. If I use classes,  can I  pull separate stmts for the 2 divisions?

@Anita710 

Yes, that works.  Presumably, you know this but, for it to be accurate, you will need to break out sales, rent, utilities, labor, food cost, etc. between the two classes.  

Understood .  Thanks so much for your prompt response. 

Have 2 classes set up. However, is it possible to create P & L for just one class with the 2nd one showing on the same report?

Or would I be better off to use locations to produce separate reports i.e. 2 separate pages?

@Anita710 

That's up to you.  Locations only allow you to assign a particular location at the bill/invoice/sales receipt, etc. level.  Classes allow you to assign costs at the line item level. Therefore, you cannot split a rent bill or food cost bill between locations.  

IS there any progress on the divisional accounting under the same Business number but operating under different trade names? It has now been over 4 years since this issue has been raised but no solution can be found as of yet. Please update with any progress. Thanks!