Can I run two separate businesses with QBO?

Hi there, @mnarcum.
 

@lynda is correct! I can share some information on how you can manage your business in QuickBooks Online (QBO).

QBO only allow one company per subscription. If you have an existing account and wanted to add another company in QBO. You can use the same log in credentials when signing up and then just switch between companies.

Here's how:

1. Go to https://quickbooks.intuit.com/online/.
2. Choose the version of QuickBooks you want to use.
3. On the sign up page, select Sign in.
4. Enter your login information and follow the on-screen prompts to set up the second company.
5. And then to log-in to your account: http://qbo.intuit.com. You will have the option to select your companies.

Once signed in, you can go ahead and click the Gear icon at the top to Switch Company. For more information, you can refer to this article: Create a new QuickBooks Online company or companies.

Be sure to let me know if you have concerns while working in QBO. I'm always here to help. Take care!

How do we manage two qbo accounts? Example, using the amex of one business for all 3 companies. As far as chart of accounts go. Would i label the chart of accounts as "Equity, owner's accumulation or owners equity account"- then under a sub-account of owners' equity?

Hi Lynda,

Can you tell me how to separate Attorney Trust liabilities from Business liabilities in QBO without purchasing a second subscription?

Regards.

Hi there, Advanced_User.

Thank you for visiting again the QuickBooks Community. I'll be sharing different details on how separating accounts in QuickBooks Online works. Then, to ensure you're able to achieve this matter.

If you're referring to have a separate QuickBooks Online account, it only allows one company per subscription. That said, you'll have to purchase a second subscription for a new account. Then, once you already have an existing account, you can use the same login credentials when signing up. This lets you quickly switch between companies so you can manage everything more efficiently.

To see further details and how to perform the process, you can click each article below. These provide about managing multiple company files.

• Create or add another company file to QuickBooks Online.
• How do I switch companies?.

If you mean to create separate liabilities account in the Chart of Accounts, I suggest adding a new one. This enables you to create new details for your other liability and make sure to enter different information like adding extra characters for the account name. This is to make sure that you're able to save the details. Before doing the steps below, I recommend consulting with an accounting professional so you can receive the best legal advice for your business. 

Here's how:

1. Click the Gear icon and select Chart of Accounts.
2. Click the New button in the top right corner. 
3. Click on the Account Type drop-down to select the account type.
4. Select the Detail Type to specify the type of account that you want to add.
5. Enter the name of the account in the Name field.
6. You have the option of including information in the Description field and an amount in the Balance field. 
7. Click Save and Close.

You can open this article to see additional information: Learn how to set up and add accounts to your chart of accounts.

Additionally, please refer to this article to view detailed steps on how to create subaccounts to break down your expenses, income, and more: Create subaccounts in your chart of accounts in QuickBooks Online.

Don't hesitate to comment below if you need further help managing your accounts in QuickBooks?. I'm always here to assist you.

Thanks @ChristieAnn  

Sub accounts and special characters in ledger is a good suggestion.

However I was hoping to put the attorney's client trust liabilities as vendors or negative customers, somehow differently categorised from regular client balances and regular (business) vendor balances..

Any ideas? How are others handling this?

Rgds.

Thanks for getting back to us, @Advanced_User.

I have some information to share about recording trust account. In QuickBooks, you can set up your client as a vendor and use the trust liability account to categorize its transaction.

Here’s how to do it:

1. Go to Accounting, then select Chart of Accounts.
2. Tap New.
3. For Account Type, choose Other Current Liabilities.
4. Pick Trust Accounts - Liabilities under Detail Type.
5. Enter your desired name under Name.
6. Click Save and Close. See the image below.

I'd still recommend consulting with an accountant to ensure you tracked and report the funds held in your trust account. Feel free to search here www.quickbooks.intuit.com/find-an-accountant/ if you want someone local.

On the other hand, you can look for a third-party application that'll handle recording trust deposits that sync with QuickBooks.

In case you need help with other banking-related tasks, check this link to go to the page: Find help with bank feeds and reconciling accounts.

I'll be around if you still have questions or concerns with trust liabilities accounts. Don't hesitate to reply. Take care and have a good one.

Thanks for your useful suggestions.

If you used vendors to detail client trust liabilities, how would you segregate them from regular business vendor liabilities, for example an office supplies supplier? As you mentioned, prefixing all trust liability names with a special character would be one way, but I'd like a more robust method that will allow easier reporting.