How to Set Up Multiple Companies in Quickbooks

If you are overseeing more than one company, you should not have a separate copy of QuickBooks to manage the finances of each individual company. You can have the same QuickBooks for multiple companies. Here we will discuss how to set up multiple companies in QuickBooks. The article is to provide you with all related information and guide you with appropriate assistance to make you able to perform the specific task. So, stay with us and explore the article to learn how the set up multiple companies in QuickBooks. For any assistance or help Contact us toll-free : +1-844-405-0904

Before proceeding to set up multiple companies in QuickBooks, keep in mind, that QuickBooks is available in two versions QuickBooks Desktop and QuickBooks Online. As there are two versions of the software, there are two procedures that will help you to open multiple companies under the same subscription depending on which version you are using.

If you are working with the offline version of the application then the method of adding a new company is the same, it doesn’t care how many companies you have. You just need to use a new company interview wizard to do the work. Now, you have a file for each new company that you will be capable of opening and customizing the file for the companies that open as per your choice.

Steps to Set Up Multiple Companies in QuickBooks Offline Version

You can use the same QuickBooks version for multiple companies in the offline version.

• At the very first, open QuickBooks on your computer. Navigate to the application. When it opens, you have to enter your user ID and password to log into your account. After, look for the main menu and select the “File” tab.
• After clicking on the “File” tab, a drop-down menu will appear with various options. From this given menu, choose “New company”. Now the “New Company” window will start on your computer screen. Select the option from the window that says “Start Interview” to begin.
• Now you have to enter some initial details for your new company. You have to give it a name; You also have to provide its address and add its contact details. Once you have done this, you need to save the file for the new company to the location of your choice. As soon as you have entered the initial fields, select the “Next” option.
• For the next step, the “Filename for new company” window will open on your screen. You have to navigate to the specific folder where you want to save the company file. Enter a name to save the file and then click the button marked “Save”. Now the new company’s file will be created by QuickBooks itself. Once you complete this step, click the button marked “Save” to proceed for the next step.
• Now you need to proceed with the remaining interview process. You have to enter information about the company as stated by the dialog box. The more information you enter, be sure to try and fill in all fields very carefully. You must be involved in the credit and business accounts for the new company as well as the industry in which the company operates. This is the final stage of the interview process and when you are done, you can select the button named “Finished” to complete the process.

The process ends with whatever company is trying to establish you. This is the same for any company you are opening, so you can repeat it as many times as you want, it’s all up to you how many companies you want to add to your account.

Steps to Switch Between Companies

If you want to switch from one company file to another, the procedure is very simple. Follow these steps:

• Go to the menu bar from the current company file.
• Select “File” and you will have many options available & select “Open Previous Previous Company”.
• Now you will be redirected to another window in your account with the list of companies. Search for the particular company file that you need to open and select that file “Open” that file.

Steps to Set Up Multiple Companies in QuickBooks Online Version

In Quickbooks Online, multiple companies will establish their own subscription. If you do not already have an online QuickBooks account, you must create it first.

• First, you need to choose the country for your new company by exploring the following link: https://quickbooks.intuit.com*/choose-country/* and select the country from where you are. Then after that, you will be redirected to the official QB Online website which is distinct to your region.
• Once you are on the right website, choose the version of QuickBooks you want to use. You will now have the option of purchasing it or starting a free trial, depending on the country. Whichever you pick, you will be brought to the sign-in page.
• On the sign-in page, if you want to sign in from your existing account then sign in, else if you want to create a new account then you have to create a new account.

Note: Keep in mind, that QB Online is password-protected and has master administrator control. Just because a particular user has access to a company, it does not mean that this user or other users will have access to other companies in your account. If you want a user to have access to a company, you must allow them by adding them to the appropriate user list.

Steps to Adding Another Company in QuickBooks Online

As previously mentioned, adding a new company to the QuickBooks Online Edition is as simple as subscribing to a new company.

• First, you need to choose the country for your new company by exploring the following link: https://quickbooks.intuit.com*/choose-country/* and select the country from where you are. Then after that, you will be redirected to the official QB Online website which is distinct to your region.
• Now you have to choose the QuickBooks product, which depends on the subscription plan you need. You can decide between three versions Simple, Essential, and Plus. Once you select a product, either purchase it or start a free trial.
• On the next page, you have two possibilities. Unless, you will need to continue the free trial, or buy now product. If you choose to Buy Now option you may be offered a discount.
• As you already open an Intuit account, then adding another company is as simple as that. On the top of the screen choose “Add another company”.

Note: Make sure, every month you will have to pay a subscription fee for each of the Quickbooks online companies that you have registered. This is one of the disadvantages of having several companies on QuickBooks Online.

FAQs

What is the use of Quickbooks Online for multiple Businesses?

QuickBooks Online gives you the option to create a company with the same QuickBooks Online subscription for each business which helps you to use it for more businesses. It means you can switch anytime between your companies. After creating a company you need to create an account that holds the data from the company file. Revenue accounts can also be set up for multiple companies with the same Quickbooks online. You can also track sales and income as well as checkbox features that control that controls accounting operations.

How many companies can you create in Quickbooks at once?

If you are using a single installation of Quickbooks in your system then you have the option to generate 99 companies. If you operate more than 99 companies then you will be required to take another license QuickBooks to manage accounting activities. But in case, you are running your own accounting firm and have different clients that count more than 100 then you will definitely require another license for QuickBooks.

What are the benefits of using multi-company files?

If you are using QuickBooks for multiple companies then you’ll definitely get multiple benefits like:

• If you are the owner or trustee of several branches or organizations then you have the option to run each organization’s book separately on single QuickBooks.
• It increases productivity and team capacity. Your accounting team needs only to run a single QuickBooks application that helps in increasing capacity, they don’t need to learn different software procedures, and reduces time to navigate or switch between accounting applications.
• It is beneficial for the owner to get multiple files access in one place.
• It empowers the owners to make a decision with the centralization of authority and power of different companies that helps in focusing on different tasks to grow the businesses.

What disadvantages come with utilizing QuickBooks for several entities?

There is no doubt that QuickBooks is one of the best accounting software but in case of multi-companies uses it may restrict or won’t provide everything to all entities. So here are some of the disadvantages:

• Quickbook users always use Excel because it cannot help maintain a single database for different companies. So in manual exporting, cutting and pasting tend to make mistakes.
• If your different companies are doing business in more than one country then it creates challenges while dealing in different currencies. So there is a need to convert different currencies into single currencies.
• Quickbooks always create different charts of account for each company so it will take time to create manually and add each account to each company.

Hope, after reading this article, you will easily set up companies in QuickBooks. But if you still have any issues with the same then dial +1-844-405-0904 for immediate help. Our certified ProAdvisors are 24*7 available with the assistance of our viewers and customers.