How To Manage Multiple Businesses In ONE Subscription! (Quickbooks Online)
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- čas přidán 5. 08. 2024
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We know QBO is a great bookkeeping tool…but let’s take it to the next level. Super-power your business with Quickbooks Online. Follow along as I dive into a few advanced tips for augmenting QB Online to the next level
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Hi Nick, The Location concept caught my eye because I also have a C-Corp that does property management for these LLC's as well as flipping properties, and it has a separate QBO subscription. I think someone else in the thread (KeriCoxKan) had a similar situation and from your reply, it doesn't sound like it really makes sense to combine them into one subscription using Locations, but can you confirm that I understood that correctly? BTW, your content is amazing - thank you!
Hi Rebecca....thanks so much for watching and for the question!
Actually!! I would combine my flipping company and my rental properties into one account. In fact...this is what I actually do. The main reason this makes sense is that both business have the same relationship (or lack thereof) with "Customers". In addition, it is common to start a project with one strategy...an then change course (e..g you think a project will be a flip...but you change to a rental). The other comment referred to a prop mgmt business. This brings in a whole new complication of managing statements, customers (owners) etc.
Of course its all a case by case basis. One awesome thing is that we dive into these exact questions and specific case studies as part of our end to end training: Real Estate Accounting Bootcamp. We would love to have you! bit.ly/4bKYz0i
what about when you have separate bank accounts one for each entity?
never mind u answered same question for another subscriber 😂
Excellent! Glad you found it! Let me know if you have any additional questions!
Hi Nick - Question for you on this great functionality!! Are you able to report on retained earnings by “Location” or “business” in the scenario you’re describing in this video?
Yes!!! You can draw up a balance sheet and indicate "Location" in the "columns". This will then show total retained earnings by business.
We go through a bunch of these amazing reports in our end to end course...definitely check it out! bit.ly/4bKYz0i (Enter Code CZcams50 for $50 off!)
thank you! I'd like to ask if you know how I can merge two different QuickBooks account into one? Same LLC just different QuickBooks accounts and information?
The first account is for the accounting from 2020 to 2022
The second account is 2022 to date.
I just want it all together! Thanks
Hi!! Thanks for watching! I have done exactly what you are saying. I personally took a bit of a "manual" approach. That is, I kept one set of books as is...and then added transactions/ journals from the other set of books. I would recommend taking the set of books that has the most volume and using that as your "baseline". Then bring the other set of books into that.
I qualified bookkeeper would certainly help you get this done! I have curated an amazing community of bookkeepers specializing in RE Investing! Check it out: bkmk.incomedigs.com/
Thank you for this video! How do you handle intercompany transactions? Wouldn't that cause the balance sheet not to balance?
Hi! Thanks so much for watching....and yes! You would have an "intercompany equity" account that would be used in the case of any intercompany transactions.
We dive really deep into this in our end to end course, real estate accounting bootcamp. Definitely recommend checking it out: bit.ly/3xaBohM (Code CZcams50 for $50 off)
This is such a great tip it's hard to even express it. As a former CPA but QB rookie, any CPA that gets confused by multiple columns on a report...well...maybe they should go back to school...just sayin'...! from a new Subscriber...Jim
Hey Jim! Thanks so much for watching and for your feedback! This is kind of a controversial tip...glad to hear you think its useful!
On your balance sheet how do you add the location (business) for your checking accounts? I saw you had some checking account popup in an unspecified column and I have that as well. Each business has their own checking account but an outsider reading the balance sheet may not know certain checking accounts go to certain businesses. Great video as always.
Hi! Every single transaction should have a Location attached. If so, you will be good. As long as every transaction has a Location, you should not have anything show up in "not specified". For this reason, we cannot use "transfers" or "Credit Card Payments". These transactions don't have the Location field.
@@Incomedigs look back at the video at 6 minutes and 18 seconds. There is non-specified in the balance sheet for the checking accounts. For credit card payments are you doing journal entries instead?
Hi Nick,
New subscriber. I wish I saw this video about a week ago. Both business are funded by SDIRA's one is Roth and the other is traditional. I currently have two individual subscriptions and I was wondering if I would be able to change and convert into the subscription that enables me to manage multiple businesses? Especially since I've just started my journey. Both LLC's have different EIN's. Thanks
Hey Milton! I replied in the REAB Community! Let's continue our conversation there! I think our end to end course is for you! www.incomedigs.com/reab
@@Incomedigs Hi ,Nick, Thank you. I replied.
How do you download bank statements and reconcile with different companies on one subscription QB account
Hi! You would still have separate bank statements for each entity. You would create each bank account as separate account in your COA. You can then link each bank account as you typically would with just one business in the subscription. We go into great detail on this in our end to end course! bit.ly/3R1UkFW
Looking at comments, Do Journal entries have the ability to add Location and Class? Also I was wondering if each Location/Business, LLC has its own checking account and I assume each LLC is set up as a subaccount under the master "Checking Account"; and each Business/LLC has its own credit card attached to that business checking account, couldn't the credit card have its own subaccount or simply listed as a LOC as a liability with each credit card having its own subaccount? Each purchase has to be allocated to a specific COGS or Business expense anyway ....
Yes! Journal entries can have both location and class.
If each business has its own accounts...this certainly makes things easier. You can create rules for transactions going into/ out of these accounts such that they are auto-assigned to the correct business. I still think you need location tracking though. To draw up a balance sheet "by business", you would need to allocate a business to transactions beyond just checking account/ credit card transactions.
We discuss this in great detail in our end to end course...definitely worth checking out! www.incomedigs.com/reab
Hi Nick, I get doing this for multiple rentals owned by the same company. However, if an owner has multiple rentals and owns a property management company that will collect the rent etc. for those same rentals, would you put that property management company in another QBO file?
Hi! Thanks for the question...and a really good one! You would not necessarily combine ALL legal entities into 1 QBO subscription. It really comes down to: What does each business do? Are they similar....do they share the same COA etc.
In my experience working w/ investors and bookkeepers, a Prop Mgmt business (especially managing third party properties) is fundamentally different than a Holding company. Because of the third party interaction with outside customers, it probably makes sense to separate these out.
This is a common topic of discussion in our REAB Community (accessible for free with REAB3.0). Definitely check it out www.incomedigs.com/rehab-estimator
I wonder if using a system like Hospitable, Hostaway , Buildium for managing customer contact, payments etc, refunds would be better to use for Prop. Mgt ... as they provide nett profit/income to "you" and you cold scan monthly reports and simply attach those to QBO rather than use another QB (that I find so unINTUITive) @@Incomedigs
Nick, do you have a discount affiliate link to QBO? I have one for $63/mo for 12 mo but wanted to use yours instead if you have one. Thanks. Jim
Hi Jim! I appreciate you asking. Not anymore! Unfortunately QBO is super annoying to work with from a partner/ affiliate standpoint. But I still want the info to get out there!!! So I'm promoting the product for free!
How many companies you can add under 1 subscription?
Hi! You can add a total of 40 classes + Locations with QBO Plus!