I am researching accounting software for a new business. We will be operating under 2 different business names---a property investment comapny and a construction company. Can I maintain 2 sets of books with QB Pro? Thanks for your help.
Yes you can. How you set it up depends on whether the business is one taxable entity or two separate companies for tax purposes. If it is one company for taxes, turn on Class tracking and have one class for Property Investments and another class for Construction. You only need one Chart of Accounts. Code each income or expense account to it's proper class and you can get a Profit & Loss By Class Report with a column for each class and a combined total of both. If it's two different taxable companies, set up separate company files for each one. Note: Balance Sheet accounts are not split for classes. Only income and expense accounts.
so if i have 2 entities, and they frequently have transactions between each other--is there a way to not have to reenter every transaction into each company file?
i think i could do this with accounts for each entity, and subaccounts --wich would be a little messy, but i could give reports to my accountant, who would then need to clean them up and reenter bottom line info for each entity come tax time.
there's got to be a better way to handle multiple entity transactions.
thanks,
jonathan
Jonathan Andrew Wolter
Rental Accounting for QuickBooks Finally use QuickBooks for property management. I guarantee it will simplify everything you do as a Real Estate Investor, Landlord or Property Manager! http://www.LandlordAccounting.com
