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Thinking of Moving to QBO from Desktop. Our HQ is in US, but we have wholly owned subsidiaries in US, Canada, Denmark, and India. Each location has different accounting rules, regulations, and tax consequences. I am informed that we need to get QBO subscription for each location but I cannot find an answer re: consolidated reporting.
The issue is that we are informed that QB Desktop only uses US accounting rules, etc. and cannot do different countries, just multiple US entities. So, is there an alternative solution to multiple QBO subscriptions for different locations? What about consolidated financial statements?
Any ideas or experience in this matter, please share.
Let me share details as to how you can manage multiple entities (in different countries) and consolidate your reports using QuickBooks Online (QBO), @Giglynn.
Yes, you're correct. Each country that your subsidiaries are located in has different accounting rules, regulations, and tax consequences. QuickBooks requires one subscription per business or location. With this, you'll have to sign-up an account per company you have using the appropriate QBO region.
Then, you can simply switch from one company to another. If you wish to know more about adding a new company and switching between company files, you can check out this article: Create or add another company file to QuickBooks Online.
About consolidated financial statements, I'd recommend exporting the reports you need to an Excel file. Then, combine them into one. This way, you're able to create your own report based on your specific needs and see how you’re doing with your business. For the detailed steps, you can refer to this article: Export your reports to Excel from QuickBooks Online.
In keeping with this, I'm adding this article to further guide you in managing each of your subsidiaries' growth using QBO: QuickBooks Help Articles for QBO - International. It includes topics about taxes, banking, reports, to name a few.
Please don't hesitate to comment below if you have other concerns about managing your QuickBooks accounts and business growth using QBO. I'm always around to help. Take care, and I wish you continued success, @Giglynn.
You will need to have 4 separate QBO accounts
https://quickbooks.grsm.io/us-promo
https://quickbooks.grsm.io/Canada
https://quickbooks.grsm.io/India
You can easily migrating data from QBD US version to QBO US version. For other countries, you may have 2 ways:
1. Utilize a migration tool. i.e TPExporter for Desktop, TPImporter for Online
https://transactionpro.grsm.io/qbo
2. Purchase a 3rd party conversion service
Contact us in private for assistance.
then utilize a BI app to consolidate reports from multi QBO accounts into one single dashboard.
Hey,I am in Pakistan and want to use qb Desktop as US rules here in pakistan.
It is possible with the US qb desktop subscription?
Yes, it's possible, @Shehroz .
You can purchase and use the QuickBooks Desktop US version in Pakistan. However, the accounting rules, especially in taxes, will base on the purchased region.
If you want to be compliant in all aspects, you may consider using QuickBooks Online Global or the International version. This way, you can manage your transactions and taxes more efficiently.
Here are some resources that contain instructions on how to install the program and set up your company file:
If you have any other concerns or questions about the QuickBooks subscription, don’t hesitate to reach back out. We’ll be here. Take care always!
Yes you can purchase QB Desktop US version in your country. You can still purchase the one time license for QB Desktop 2021 if required. If you prefer to use QB Desktop 2022, you can purchase it from some partners without credit card.
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