QuickBooks is one of the safest and most important software to manage your account. If you are own of multiple organizations, companies, or clients so, you can have a challenge managing every single account. But, not anymore. Because the best part of QuickBooks is you don’t require a separate or a different QB File. You can setup multiple companies in one account. In this article, we will discuss how to setup multiple companies in QuickBooks and what pointers you need to bear in mind.
Online vs Desktop
In QuickBooks, there are present only two versions of the software 1st Desktop, and 2nd is Online. Both are famous for their Characteristics. there are two processes to add multiple companies in QuickBooks. You can follow all these processes to add numerous companies under the same account by selecting which version you are using.
How Should You Choose A QuickBooks Version?
You must know that there are two versions of QuickBooks. If you can buy the Desktop version of QuickBooks for the local area of your desktop computer or you can use the online version of QuickBooks, Where your data is stored securely in the cloud. If you want to add multiple companies to any version of QuickBooks, you can select any of these versions. Both the features are dedicated by the versions. The process is essentially the same with both these versions of the steps and exceptions. But the decision mostly depends on your preferences and your needs.
How to Add Multiple Companies in QuickBooks in the Desktop Version?
You must have an existing QuickBooks user ID to add more than one business to QuickBooks. If you do not have one, you must first create a profile by visiting the QuickBooks Office site, and once your ID is created you have to follow the below steps properly, and many companies you can add simultaneously in the desktop versions of QuickBooks.
Here is the step to follow and add multiple companies in QuickBooks Desktop Version:
- First, you need to open your computer system.
- After that, you should go to the QuickBooks Pricing Page
- Here you can see a page that will ask you to create an Intuit account for purchasing Quickbooks
- Scroll down to the bottom
- Here you will see a small text that says “Adding a company to an existing account”
- On this page, you can see sign in option
- Now click on the Sign In option
- After clicking on the sign-in option you will be redirected to the login page
- Here you need to use your ID or Password to log in to your account.
- Next, it will ask you to confirm your account and which account you want to log in.
- If the account displayed is the one you wish to proceed with, click “Continue”
- when asked again enter the same login information
- After entering details it will be taken your profile account.
- Click on the tab labeled file after going to the main menu
- Then you see a drop-down menu.
- From the drop-down menu select the new company option
- A window labeled new company will show
- In that window select the start interview option
- Another window will show with specified sections asking for your company details.
- Fill in the compulsory details (Name, Address, Contact details, etc)
- Then click on Next.
- Now, you can save your profile in which location you want it.
- When you will save your profile a dialogue window will show with the Title “File Name for New Company”
- Navigate to the designated folder where you want to save your Company file.
- Name the file and click on the save button.
- Another dialogue window asking for more detail about your company will show.
- Fill in all the fields as prompted by the dialogue box
- When it is completed then click on the Finish button.
To be able to Transfer In Between the Different Companies in the QuickBooks Desktop
Now, that you have successfully established the different companies, using QuickBooks, you will need to be able to navigate across the companies. This can be done easily from the Primary Menu of the current Company File. Here, you will be able to notice various options, such as the Name or the ‘Open Previous Company. Once you click on the required option, it will navigate you to a new screen which will contain the list of the names of the organization in your account. It is here that you will be able to locate the concerned Company File you wish to access and click on OPEN.
Using QuickBooks Online for multiple businesses
To use QuickBooks Online for more than one Business, you will first need to set up a company for each business within the same installation of the software. One account has to be created for each account. An “Account” is a subset of data that can be accessed within a company file.
To Add A Second Company to the QuickBooks Online
On how to set up Multiple Companies in QuickBooks Desktop & Online, you will need to know how to add the second company. Follow the steps below:
- Before you create the new company using the QuickBooks online version, you will need to ensure an Active Service subscription to the QuickBooks online.
- Next, select the country of your choice. This will help QB to launch a website in that particular area.
- Next, you will need to design the QuickBooks online account if you are missing one.
- Now, select the QuickBooks Online version which you will be using. This will take you to the ‘Sign-in’ page.
- It is here that the user will need to Sign-In with their existing account. Likewise, the user can create a new account as well.
- One needs to remember that setting up a new company on the QB is much similar to an entirely new subscription to the new organization.
- You will be offered options between Plus, Essential, and Simple or Start as per your needs. Once you have made your choice, you will be able to purchase a Free trial version of the account.
- Finally, you can easily ‘Add Another Company’ with the help of the account registered in Intuit which is located on the upward side of the Window.
- You must follow the steps in the above-mentioned order to be able to easily add various new companies to the QB.
QuickBooks Online is one of the most preferred software for small companies, businesses, and start-ups. It is possible to easily accomplish various accounting needs using QB as it comprises the following features:
- Mobile Inventory Scanning
- To be able to print multiple checks within seconds
- Can customize the invoice as and when required.
Also, with the help of automated backup services, the financial data are safe and secured in QuickBooks Online.
How many organizations can be established using QuickBooks online?
One needs to know that every QuickBooks online company is restricted to only a single company at a time. For additional business, you will have to create a new QB online account. This is because each business or organization requires its own individual subscription. You need to access the ‘Sign-In’ credentials of each account to be able to log-In or shift across the various companies.
Can one have Two different organizations Open in QB?
With the help of QuickBooks Desktop Enterprises or QuickBook Accountants, one can open two different organization files in two separate versions of the QuickBooks Desktops. To be able to access the second company, one will need to go to the File Menu and select the Open Second Company options.
Can we use a Single QB account for more than one business?
Yes, it is completely normal to be able to use a single QuickBooks account for multiple businesses. To select the QuickBooks subscription you will need to navigate to the QuickBooks pricing page. Here you will encounter the notification ‘YES’, select to proceed as required.
Can the company’s File name be given to the accountant?
Yes, this can easily be done, as the accountant must review the accounts you have established so far using the QB. For this, you will have to send the Invite link to the accountant, where they have to Sign-up. This is free of charge for the accountants, hence, the QB comes with additional privileges and also Accountant specific tools that can be used.
To do so, you can follow the steps below:
1. Sign-In to your QB account
2. Go to SETTINGS > MANAGE USERS
3. Select ‘Accounting firms’
4. Click on Invite
5. Here is where you will need to fill in the accountant’s details.
6. Click on SAVE.
7. Under a subscription plan, one user can easily invite more than one accountant by following the steps above.
Can a User Navigate from QuickBooks Desktop to QuickBooks Online?
Yes, the data can easily be ‘shifted’ from the QB desktop to the online. This is simple and is also recommended. However, one needs to bear in mind that there are a few transferable data, while there are others that are not.
For this, you will have to manually enter the data into QuickBooks Online. While some information can be handled in a certain manner, others might require adjustments.
Is it possible to run two different companies with a single QuickBooks online subscription?
Yes, it is possible to run two different companies using a single QB online subscription by utilizing the class tracking functionality. This will work if the two different companies are under the same EIN.
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