How To Manage Multiple Businesses In ONE Subscription! (Quickbooks Online)

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Income Digs

Күн бұрын

Пікірлер: 23

@tofile2037 7 күн бұрын

what about when you have separate bank accounts one for each entity?

@tofile2037 7 күн бұрын

never mind u answered same question for another subscriber 😂

@Incomedigs 6 күн бұрын

Excellent! Glad you found it! Let me know if you have any additional questions!

@prioritymaleman 2 ай бұрын

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

@Incomedigs 2 ай бұрын

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!

@miltonfrancis7330 2 ай бұрын

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

@Incomedigs Ай бұрын

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

@miltonfrancis7330 Ай бұрын

@@Incomedigs Hi ,Nick, Thank you. I replied.

@WoodfernAccountingSolutions 2 ай бұрын

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.

@Incomedigs 2 ай бұрын

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.

@WoodfernAccountingSolutions 2 ай бұрын

@@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?

@samsethi 27 күн бұрын

How do you download bank statements and reconcile with different companies on one subscription QB account

@Incomedigs 26 күн бұрын

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

@KeriCoxKan 2 ай бұрын

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?

@Incomedigs 2 ай бұрын

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

@annegilpin2993 Ай бұрын

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

@annegilpin2993 Ай бұрын

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 ....

@Incomedigs Ай бұрын

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

@prioritymaleman 2 ай бұрын

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

@Incomedigs 2 ай бұрын

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!