Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Level 1

Chart of Account Types

We have several companies that we would like to prepare consolidated Financial Statements for. The problem we have is two fold. First the chart of accounts for each company is different and second each company has due to/from accounts for each other. 

My question is can the chart of account types be customized?

2 Comments
Community Champion

Chart of Account Types

IF and it is a BIG IF, all the companies report taxable income with the exact same FEIN, then you can use Class Tracking to keep separate books for separate enterprises within a single entity.

 

However, if the companies are separate entities (unique ownership, etc) then EACH company MUST be in its own file and you just create sales receipts and invoices for inter-company operations. All consolidated financials would then have to be exported to excel and massaged. The ONLY QB software that can handle true consolidated financials of combined companies is Enterprise.

 

Oh, and just because each company uses different accounts in COA does not in any way mean you need additional accounts beyond what is on the tax forms filed by the entities - class tracking will segregate the income/expenses

Level 11

Chart of Account Types

@LBSaucier

 

Unfortunately, such an option to customize account type or detail type is not available in QBO yet. The only thing you can do in QBO is merging accounts (with certain limitations).

 

You can refer to this article for more information:

https://quickbooks.intuit.com/community/Income-and-expenses/Merge-accounts-customers-or-vendors/td-p...

 

For preparing consolidated financial statements, it always works better when you have the same COA template.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us