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For reporting purposes, how practical is it to have multiple

Resolved Question:

For reporting purposes, how practical is it to have multiple companies in one quickbooks 2007 Pro database ?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

LEV :

Hi and welcome to Just Answer!
If these companies are single member LLC's owned by the same person - it is recommended to track them in the same QuickBooks company data file. If however - these are separate corporations which are filing separate tax returns - it would be better to establish separate QuickBooks company data files.


QuickBooks doesn't allow to merge separate company files. But that is possible with a third party application.


Nevertheless - several separate QuickBooks company data files may be used to produce reports that combine data from all of your companies. So for instance here built in feature to combine some reports - http://support.quickbooks.intuit.com/support/articles/HOW13293

LEV :

So, for most reporting purposes - there is no need to have multiple companies in one QuickBooks company data file (database).

Customer:

Thanks for the thorough response. Just for clarification, our companies are all S-Corps and need separate reports for taxes. If I keep all of the databases together, can I still run accurate reports within one database ?

Customer:

My interpretation is that it needs to be separate. If so, can I import accounts from one database to another to avoid re entering all those transactions.

LEV :

If I keep all of the databases together, can I still run accurate reports within one database ?
Yes - that is possible - but you would need to set separate sub-accounts. You would need to be very careful when selecting sub-accounts.
can I import accounts from one database to another to avoid re entering all those transactions.
QuickBooks doesn't allow to merge separate company files. But that is possible with a third party application. Nevertheless - several separate QuickBooks company data files may be used to produce reports that combine data from all of your companies.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 23241
Experience: Taxes, Immigration, Labor Relations
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