When you are satisfied with QuickBooks’ performance using your accounts and expenses for business purposes, you will want to use the packaged software for various companies or funds.
Some people have a common query about whether they can use the application for multiple companies. And the answer is absolute, yes! You have to set up various companies in your QuickBooks software both in desktop and mobile applications.
But it would be best if you keep some factors in mind for using multiple accounts in QuickBooks.
The prime factor is a subscription. You can use only one account with one QuickBooks subscription.
For connecting to another account, you need to subscribe again. In simple language, you need to connect every company’s history with a different subscription.
The questions relating to how to set up multiple companies in QuickBooks will all be highlighted in this post. This post will cover how to switch companies in QuickBooks Desktop, how many companies you can have in QuickBooks, and other topics.
Get Expert’s Advice to Fix Your All Accounting & Bookkeeping Problems
- 1 Key information before starting:
- 2 Can You Have Multiple Accounts in QuickBooks Desktop
- 3 How can I add more than one company to QuickBooks?
- 4 How to Add a Second Company in QuickBooks Desktop
- 5 Switching between Businesses
- 6 How to Add a Second Company in QuickBooks Online:
- 7 What are the steps to follow for using multiple accounts in QuickBooks Desktop 2022?
- 8 FAQ
Key information before starting:
Before starting the process of creating several companies in QuickBooks, keep in mind that there are two versions of the software: QuickBooks Desktop and QuickBooks Online. Depending on the version you are using, two processes will enable you to open several firms under the same subscription because there are two versions of the software.
No matter how many firms you have, the process for adding a new one when using the offline version of the application is the same. To complete the process, you simply need to use a new company interview wizard. Now that you have a file for each new company, you can open it and make it unique for the ones that open as per your choice.
Can You Have Multiple Accounts in QuickBooks Desktop
With the QuickBooks Desktop Pro version, you cannot open multiple companies in QuickBooks.
You can use one company account with the application and then switch off and on the other tab for use.
If you want to use different companies from a single QuickBooks account, you need to start from the ‘File’ option and then click on the ‘Open previous company.’
Then you select the specific company profile which you want to use and track. Otherwise, the process is not possible for multiple company accounts.
How can I add more than one company to QuickBooks?
No matter what version of the QuickBooks accounting software is being used, more than one firm can run on a single copy. Multiple businesses can be hosted by any of the versions, including Online and Desktop. However, the process for adding entities varies across different versions of the application.
How to Add a Second Company in QuickBooks Desktop
You must create a company first to add another one to QuickBooks Desktop. Once you’ve created a firm in the offline edition, you can add as many as you like by following the instructions below:
- Launch the specific QuickBooks Desktop in the first step.
- Next, use a local computer to log in to your specific account.
- Select the File tab. Choose New Company from the menu now. A new window will appear.
- On the new screen, select the Start Window option. Include all pertinent information, such as name, phone number, address, etc. Save the new company now in the appropriate location.
- Select Next to bring up a new conversation screen. The file name for New Company will be the new window.
- Access the specified folder where the specified file will be saved. Press Save after giving the file a name.
- After the new file has been produced, move on to finish the remaining interview steps by pressing Save.
- Complete the procedure by sharing your company account and credit information.
- The setup procedure is now complete. If you like, you can carry out this procedure for more businesses.
Switching between Businesses
The method is simple if you want to switch from one company file to another. Go to the main menu bar and select the “File” tab from the current company file. You can choose from several alternatives when you click on it. Choose “Open Previous Company” from the menu. You’ll be taken to another window with a list of the businesses associated with your account immediately. Simply search for the specific firm file you want to open, click on it, and then select the “Open” button.
How to Add a Second Company in QuickBooks Online:
The steps listed below must be followed if you need QuickBooks Online for numerous firms in one file:
- You must have an active service subscription to QuickBooks Online to create a new company for the QuickBooks Online version.
- Pick the nation you want to live in. It will be beneficial for QuickBooks Online to launch a website specifically for that subject.
- If you don’t already have one, create a QuickBooks Online account.
- Decide which version of QuickBooks Online you want to use. The Sign-in page will be displayed.
- A user must sign in using their current account on this specific page. Additionally, the user has the option to open a brand-new account.
- Joining a new company in QuickBooks Online is the same as creating a new corporation.
- Choose the best option for your needs from Plus, Simple, Essential, or Start. You will be informed to start a free trial and buy it when it is selected.
- Using a registered Intuit account, you can quickly select the Add Another Company option located on the upper side of the window.
What are the steps to follow for using multiple accounts in QuickBooks Desktop 2022?
You have to follow some definite steps to download and use the QuickBooks application for using your multiple business accounts.
So, that you can track the expenses and transactions well and measure them on a scale.
The essential steps are as follows-
Total Time: 10 minutes
Go to Play Store and install the mobile phone application or download the software for your desktop.
You have to choose a version of the application or software.
Go ahead with the sign-in option on the mentioned page.
While logging in for the account, you have a subscription and follow the guidelines to set up the second company’s login.
Now, you can log in to your company account. You will get to see the multiple accounts and select the one you are planning to work on.
You can change the company account with the ‘Gear’ option after logging in. you will get the opportunity from the top where the software provides the option of ‘Switch the company.’
A built-in option enables the user to assemble multiple company reports from their company files.
You can use them one by one. You can close the first file of data and then use the second one. You can use them one by one. You can create the same report on this file, too, and then export them to a new worksheet when required.
As a result, the setup is now finished, and if the procedures were followed in order, you had learned how to set up multiple companies in QuickBooks Desktop & Online. You can examine how each company’s name is displayed. You can accomplish this by selecting Open Previous Company from the File menu. You can also change between the companies in this manner.
Your business will reach new heights of success with these straightforward actions you probably never anticipated. Simple and steady are the two guiding principles that distinguish QuickBooks. Prepare yourself for an unstoppable journey to business success.
Get Expert’s Advice to Fix Your All Accounting & Bookkeeping Problems
1. How to use Microsoft Excel to manually export reports from each file and merge them?
To manually export reports from each file and merge them using Microsoft excel, all you need to follow these simple steps:
1. Open the first file for the company.
2. Export the chosen report to an Excel worksheet, then store the workbook.
3. A second company file should be opened.
4. The identical report should be created, exported to a new worksheet within the same workbook, and saved.
5. Open the workbook with Microsoft Excel.
6. Create the third worksheet manually by fusing the two reports.
Keep the workbook safe.
2. How to combine reports in QuickBooks Desktop Enterprise?
In QuickBooks Desktop Enterprise, You can combine reports from many company files. Which are:
1. Financial Statement Format
2. Balance Sheet Overview
3. Loss & Profit Standard
4. Gains and Losses by Class
5. Cash Flow Statement
6. Test of Balance
Steps for Combining reports
1. Choose Combine Reports from Multiple Companies from the QuickBooks Reports menu.
2. Locate the other company file by choosing Add Files, then select Open. Continue with further files.
3. Choose the reports you want to combine from the list under Select reports for combining.
4. Choose a reported basis after choosing the reports From and To dates.
5. Select Excel Report Combination. The combined information will appear in an Excel spreadsheet.
3. How to run several businesses in QuickBooks?
This is how you can learn to run several businesses
Even though you can swiftly move between different companies you’ve established, they remain distinct. You may manage all the data in your corporate files by doing the following actions.
Users that you create for one business do not automatically gain access to it. You can invite them if you want to grant them access.
A bank or credit card account that is linked to one business is not added to or made available by a different one. For each business, you must connect it separately.
You don’t have to start from zero if you move your lists (vendors, customers, inventory, and chart of accounts) to your new business.