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One company two different locations with two checking accounts, will this work?

We own two tire stores with one federal id number, can we use one quickbooks company with two locations and enter bills for each location, payroll for each location, and do P&L's for both locations with one main company?

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Best answer 03-09-2018

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Re: One company two different locations with two checking accounts, will this work?

QBO?  Only if you have the plus version and turn on classes & locations in company settings.

 

class allows you to tag each item line in a transaction
location allows you to tag the entire transaction

Then you can run P&L by class or by location

In QBO there is no balance sheet by class or location

 

 

QB desktop only has classes which you can use the same way as both class and location in QBO.  QBDT does have a balance sheet by class report as well as the P&L by class.

 

3 Comments
Established Community Backer ***

Re: One company two different locations with two checking accounts, will this work?

QBO?  Only if you have the plus version and turn on classes & locations in company settings.

 

class allows you to tag each item line in a transaction
location allows you to tag the entire transaction

Then you can run P&L by class or by location

In QBO there is no balance sheet by class or location

 

 

QB desktop only has classes which you can use the same way as both class and location in QBO.  QBDT does have a balance sheet by class report as well as the P&L by class.

 

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Re: One company two different locations with two checking accounts, will this work?

Hi Sir,

im looking for the steps to setup my company account Two location

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Re: One company two different locations with two checking accounts, will this work?

Good day, 0541617995.

 

Thanks for joining us in this thread. I'm here to address your concern with setting up a company. 

 

If your company has different Federal Employer Identification Number (EIN) for two locations, you'll need to set up another QuickBooks company file.

 

For QuickBooks Desktop, please follow these steps:

  1. Open QuickBooks Desktop.
  2. Click on Create a new company in the No Company Open window.
  3. Choose Express Start or Detailed Start.

    Express Start

    a. Fill out all the information in QuickBooks Setup window. Note: Click on the Help me choose link to see a description for every business type and the preset Chart of Accounts that QuickBooks will create for you per industry.
    b. Click on Create Company.
    c. After creating your company file, select on Start Working.

    Detailed Start

    a. Fill out the Easy Step Interview screen and select Next.
    b. Select your Industry and click on Next.
    c. Identify your type of business entity and then select Next. Then, set the first month of your fiscal year, then select Next.
    d. Set up your QuickBooks Administrator password and click on Next.
    e. Choose the location where you you want to save your company file and select Save.
    f. Click on Next to customize your QuickBooks or you can do it later by selecting Leave.

For further guidance, you can check out this article: Create a Company File: Overview.

 

Otherwise, turn on the class or location tracking in QuickBooks if your company have one Federal EIN. You can refer to this link for more in-depth information: Use Class Tracking.

 

If you're using the Online (QBO) version, you can follow the detailed steps outlined in these articles:

That should do it. Let me know if you have any other concerns. I'm always happy to help.

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