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Ask QuickBooks ProAdvisor MBA PHR Your Ow...

QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR, Management Consultant, QuickBooks ProAdvisor, MBA, PHR
Category: Financial Software
Satisfied Customers: 76
Experience:  QuickBooks Pro, POS Point of Sale, Online & Enterprise Solutions
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Hello, I have Quickbooks 2013. I use it for my 4 restaurants.

Customer Question

Hello, I have Quickbooks 2013. I use it for my 4 restaurants. Each one has a separate bank acct under Chart of Accounts. How can I get a n Income statement separately for each acct? When I select Income statement from reports, it always gives me a report for all 4 restaurants. I would like to get a separate income statement for each restaurant, not combined. Please help! Thanks, Randy
Submitted: 1 year ago.
Category: Financial Software
Expert:  Robert M. replied 1 year ago.

Hi, I'm Robert and I'll be helping you with your financial software question.

 

If you click the customize button on the top of the report it will pop up a window

 

on that window will be several tabs.

One of those tabs will say Accounts

click on that account tab

 

check only the account that you want in the report and uncheck any other accounts

 

then run the report again

Customer: replied 1 year ago.

Sorry this is still not working, could you plz call me and walk me thru it? XXX-XXX-XXXX

Customer: replied 1 year ago.

There is no customize button

Expert:  Robert M. replied 1 year ago.

I am not allowed to call you

 

there should be a modify report button if there is no customize button

 

alternatively you can go to the chart of accounts and select the account and right click on it and select reports. if you find a report that works for you in that list it will run only on that account.

Customer: replied 1 year ago.

Still not working. I go to filters-then select the bank acct I want a report on-then it says-report/filter mismatch, report will only display income/expense selected-maybe cause I'm selecting a bank acct? Thats why?

Expert:  Robert M. replied 1 year ago.

Actually it sounds like it might do what you want. It just doesn't believe that an income statement that only includes 1 of several income accounts would be a 'true' income statement. So its giving you a warning.

 

 

You know you might do better just picking a transaction report for that account and filter it to only show income transactions

Customer: replied 1 year ago.

Hello Robert, I'm still in same boat as before. My original question/problem has not been resolved. Sorry, but I don't think its possible.

Expert:  Robert M. replied 1 year ago.

What is it that you are looking for in the income statement ?

 

You should be able to get the same information from a different report that will allow you to select which transactions to include and which categories and which accounts.

 

Usually there is an income and expense report or a simple transaction report by category that should give you the same information as the income report.

 

 

Customer: replied 1 year ago.

I'm using it for different restaurants. Each restaurant has its own bank account. I'd like to view an income statement separately for each one. Its NOT allowing me to do this. Its only giving me an Income statement for all restaurants combined.

Expert:  Robert M. replied 1 year ago.

I am going to opt out here. I believe that you can get the same information from a different report if you want to. Otherwise you would have to put the different restaurants in different categories or run them as separate businesses if you want to view them separately.

 

To put them as separate business you can export each company 1 at a time in the export to a qif file and create a new company and import it to that company. Do this one company at a time.

Expert:  R. Klein, EA replied 1 year ago.
Hi.

Although I would not recommend running 4 restaurants as a single company (both legally and bookkeeping wise), there is a function in QuickBooks that will let you pull out the records separately for each entity.

The trick is, you have to have coded everything as you entered it. You can't just run a report because the program won't know how to pull expenses and income relating to just one store.

The answer is to use QuickBooks' CLASSES. You can create a CLASS for each restaurant and then code your input by class. You would need only one checkbook account, for example, and each expense written would be coded to a particular store. You may even need a fifth Class for "General Operations for those expenses that are not related to one store, but the entire enterprise (such as advertising).

You will not be able to use the Classes function or get a report by class unless you go back and code all your transactions one by one. Or, you may decide just to use this function on a going-forward basis.

Expert:  QuickBooks ProAdvisor MBA PHR replied 1 year ago.
Hi,

You could also set up each restaurant as a separate Job. Just as in the Classes, each and every item will have to be marked for the Job (restaurant). Then you will have all the reporting functionality available for Jobs, such as a Profit & Loss by Job.

Using Jobs will give you the most reporting functionality so long as each transaction is checked for the Job. This is probably the only way QB will give you much reporting functionality using the pre-defined reports in QuickBooks. This is not the traditional use of Jobs, but so long as you are consistent & inform your CPA how you have entered the information, he will be able to easily work with this.

Alternatively, You can run a QuickReport from each Checking Account that will give you a report listing all transactions in the ledger. You can export this to Excel & then sort items & summarize manually within Excel.

QuickBooks will also allow you to create multiple company files. This will keep everything separate and give you the most reporting functionality should you need ready access to separate reporting functions, you will need to separate the transactions to separate company files. Your Accountant can then roll the 4 company files up for your tax reporting if needed for end of year taxes.

Thank you for using JustAnswer. I hope that my assistance has given you additional clarity on the functionality and limitations within QuickBooks. Feel free to ask follow-ups should you need any additional information to explain this.

Thanks!
Anna
Expert:  QuickBooks ProAdvisor MBA PHR replied 1 year ago.
Hi again,

I just wanted to check back with you to see if you had success with the solutions offered or if you needed any additional assistance. If you have a follow-up question or additional needs we will be here to assist you.

Thanks for using JustAnswer!

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