He wanted all 3 accounts under one company act in QB and just make categories for each account and sub accts under those. I explained needing 3 QB company files, but he said no, he has desktop.
This works because he uses his monies out of whatever account he chooses and we have discussed how that should not be, but its his business and he will continue to do this even after 2 years.
Using money from Retail checking to pay a bill for a piece of equipment he bought for his self employment business.
I have 3 bank accounts under the one company file and I do each accordingly, but when it comes to placing it in an expense, I choose the correct one, (LLC, Personal or Retail) no matter what account it comes out of so there is quite a bit of work.
My most important thing at this moment, I need to pull a P&L for him to apply for a refi on the retail business?I am not sure how to do this or if it can even be done?
I get all 3 in the P&L I have looked to see if I can do this some other way?
Even if I do the retail business in its own company file, now, that he has basically approved this, how do I take care of expenses that have to do with other businesses?
Sorry for the lengthy question and I hope to hear something. Also working on starting QB training online as I only do basic bookkeeping.
I'm glad to see you here posting in QuickBooks Community. I'll provide steps on how to pull up a P&L report with each of the 3 bank accounts you have. To start with, I'd suggest going to the Reports menu and choose the P&L report. Then, customize this to show all bank accounts under the one company file.
Click the Reports menu.
Choose Company & Financial and select Profit and loss.
Click the Customize Report button.
Go to the Filters tab. Then, type Account in the Search Filters bar.
Go to the Account drop-down arrow and click Multiple accounts.
Checkmark the 3 accounts you want to view in the report.
On the other hand, to take care of expenses that have to do with other businesses, you'll need to know about the Accounts Payable workflows you can use in QuickBooks Desktop. With this, when you enter a bill, QuickBooks will add an entry for payables that you will pay at a future date, including expenses incurred, materials purchased, or services provided by a vendor. Then, when you enter or pay a bill, QuickBooks records the transaction to your Accounts Payable to settle your payables. That's how expenses work in QuickBooks. For additional details, you can check this article: Accounts Payable workflows in QuickBooks Desktop.
Please refer to this link to look for some information on how to organize your QuickBooks Desktop account and how to manage your transactions in the system and to run different reports: Help articles.
You're always welcome to post in the Community anytime you have other concerns or questions. I'm always here to assist you. Take care!
Thank you for getting back and sharing additional information on your situation.
This option you're looking for with running a selective number of accounts on a Profit and Loss report is unavailable. As you've stated in your initial post, it's best to create a different company file in QuickBooks Desktop. This way, your reports will show accurate information.
First, you only need 1 QuickBook license to set up three company files. If that is not an option, you need to use class tracking. You can run a P&L by class. That is not going to help you with the balance sheet and unless every balance sheet account is classified, it will not balance.
You are better off setting up three company files and setting up a due to/from account in each.