How to Manage Multiple Company Files in QuickBooks

Users can add another company file to QuickBooks Desktop and QuickBooks Online to manage multiple companies. It can be done by setting up separate company files for each business, creating accounts for them, and using a single login to operate between two or more company files.

Adding another company file to QuickBooks will help the users manage multiple company files, generate better reports, and have one trusted space for finances. Here’s a step-by-step guide to adding another company file to QuickBooks Desktop (QBDT) and QuickBooks Online (QBO).

How to Add Another Company File to QuickBooks Desktop?

Adding a second company file to QuickBooks Desktop is a simple process and QuickBooks Pro, Premier, and Enterprise versions allow this feature. However, QuickBooks Accountant or QuickBooks Desktop Enterprise can let you open two company files at the same time.

Here’s how you can add and manage a second company file:

Step 1: Check Prerequisites

Before you start adding another company file in QuickBooks Desktop, make sure the following prerequisites are met:

• A valid license for QuickBooks.
• The latest version of QuickBooks is installed on your computer.

Step 2: Create a New Company File

• Open QuickBooks Desktop and go to File > New Company.
• Users must do as mentioned in the prompts being displayed to create a new company file. Choose “Start with a blank company” and select “Desktop” as the type of company file.

Step 3: Set Up Your New Company

Enter the necessary details, such as:

• Company name
• Address
• Tax settings

Step 4: Choose Data Location

Pick a separate location for the new company file. This keeps both company files separate and avoids data interference.

Step 5: Enable Multi-User Mode

Since you’re adding a second company, enable multi-user mode:

• Go to Edit > Preferences > Multi-User Access.
• Select “Yes” to activate multi-user mode.

Similar Topic: Merge QuickBooks Company Files

Step 6: Set Up Users and Permissions

Create new users for the new company and assign their permissions. You can also transfer users from the first company if needed.

Step 7: Transfer Data (Optional)

If you want to carry over data from the primary company, use the Transfer Data feature.

Step 8: Set Up Accounting Preferences

Configure preferences such as:

• Currency
• Fiscal year-end
• Accounting method (cash or accrual)

Step 9: Launch the New Company

• Go to File > Open Company and select the newly created company file.

Note:
Ensure enough disk space for both company files.
Adding a second company file may slow down your computer due to increased disk usage.
Set up separate user accounts for each company to keep data organized and secure.
In a networked setup, verify that both companies are properly configured.

Similar Topic: QuickBooks Payroll for Multiple Companies

How to Add Another Company File to QuickBooks Online?

QuickBooks Online lets you manage multiple company files using the same Intuit account. Each company file requires a separate subscription, but you can switch between them easily with one sign-in.

To add a new company file to QuickBooks Online, follow these steps:

Step 1: Go to the Pricing Page

Visit the QuickBooks pricing page and choose the subscription plan you need.

Step 2: Confirm the Account in Use (For Intuit Users)

If you’re signed in to QuickBooks, confirm the account you want to use for the new company file. If the account shown is correct, select Yes, that’s correct.

Step 3: Create an Intuit Account (For New Users)

If you are not signed in, you will need to create a new Intuit account. To avoid this, look for Adding a company to an existing account. section and select Sign in. Use your existing QuickBooks user ID and password to connect the new company file.

Step 4: Go through the Displayed Instructions

Follow the instructions on the screen to complete the setup of the new company file.

Step 5: Switch Between Company Files

Users can switch between primary and secondary company files in QuickBooks Desktop by following the steps given below. 

When you sign in to QuickBooks, it will ask which company file you want to open. To switch between company files after logging in:

• Select the Settings gear icon.
• Choose Switch company from the options.

This makes it simple to manage different companies without needing to log out or remember multiple sign-ins.

FAQ