Sunday, March 27, 2011
Can I track multiple subsidiaries under one company file?
I was told that I have to create a seperate company for each of my apartment complexes because they have seperate tax id numbers. But there are so many shared expenses and borrowing cash between the companies that it creates a huge confusing nightmare of logging in and out to each company. Can this not be done in Quickbooks?
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Actually you can. You can create classes that are labeled per your property names. Each transaction must have a class attached. Then you can not only run one main report showing how your doing as a whole or how each individual location is doing (running reports by class). Not all the reports give you the option to run by class- but the ones you need for profit and loss and some balance sheet reports you can. And, your CPA can generate seperate tax returns off of in addition to your main corporate umbrella return.
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