Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

For reporting purposes, how practical is it to have multiple

companies in one quickbooks 2007...
For reporting purposes, how practical is it to have multiple companies in one quickbooks 2007 Pro database ?
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 hours by:
6/20/2013
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,133
Experience: Taxes, Immigration, Labor Relations
Verified

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
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,133
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,133
30,133 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Can I report rental income in my tax return on a property
Can I report rental income in my tax return on a property thar is owned by my father? He does not live in the US is not a US citizen and can sign a document to allow me to receive the rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
If a s-corp tax return was paper filed under the wrong EIN,
If a s-corp tax return was paper filed under the wrong EIN, what do I need to do to correct that? Do I prepare an amended return with just that change?Thanks, JW… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Does a non-resident alien need to file a tax return on
Does a non-resident alien need to file a tax return on interest income received from a US business loan?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I want to be able to stop filing tax returns. What are my
I want to be able to stop filing tax returns. What are my options. I currently am 40 and live off an inheritance. I only make $8000 per year in interest income from a mortgage I hold. I live in Pennsy… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Thanks for the help beforehand. I want to file a tax return
For Lane: Hi and thanks for the help beforehand.I want to file a tax return on under california Tax Statues. However, there are 3 things in mind that are important for my question:1. I'm a Non-US Resi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
If you have to paper file a tax return because someone else
If you have to paper file a tax return because someone else has improperly claimed a dependent, is there a special IRS form to use or will a simple attachment suffice?… read more
Lev
Lev
Tax Advisor
30,133 satisfied customers
I filed an extension for 2013 tax return but no actual tax
i filed an extension for 2013 tax return but no actual tax return. Do I have until Oct. 15, 2017 to file for refund?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I need to file a corporate 1120 tax return that has a fiscal
I need to file a corporate 1120 tax return that has a fiscal year end of 08/31/2015 and was incorporated on 05/08/2015. however, the software is telling me that the dates are invalid … read more
abci168
abci168
Principal
27 satisfied customers
CPA OR TAX ATTORNEY ONLY: LLC filing taxes as disregarded
CPA OR TAX ATTORNEY ONLY: LLC filing taxes as disregarded entity on Schedule C, made in-kind donation over $5K to a 501(c)3 (I have IRS qualified appraisal). Is there a benefit with the business takin… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Can i file head of household on my 2016 tax return if my
Can i file head of household on my 2016 tax return if my husband and I were going through a divorce proceeding but he passed away before the divorce was finalized in mid 2016?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I recently filed amended federal tax returns (1040x) for
I recently filed amended federal tax returns (1040x) for 2013 and 2014. I have received a refund for 2014 and am answering some additional questions for 2013. Do I need to file amended tax returns for… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Robin thank you, quick question 21012 filed NYS tax return
Hi Robin thank you, ***** ***** 21012 filed NYS tax return as normal … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We have a -term tax client - an LLC - whose tax return is
We have a long-term tax client - an LLC - whose tax return is due on extension Friday. Because of health problems, the owner is running very late and finishing an accurate return by Friday is not like… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
I have already filed 2016 tax returns but wondering now if I
HI. I have already filed 2016 tax returns but wondering now if I filed correctly or should amend. … read more
Lev
Lev
Tax Advisor
30,133 satisfied customers
If a company is a corporation and doesn't file a tax return;
If a company is a corporation and doesn't file a tax return; federal or state, because the company had negative revenue or, basically spent more than revenue, is there an IRS penalty?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Where is my tax return? I reported by turbor tax. I donot
where is my tax return? JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I reported by turbor tax . JA: Is there anything else important you think the … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x