How to Setup QuickBooks For Multiple Businesses? An Easy Guide

Managing multiple businesses can be challenging, especially when it comes to tracking finances efficiently. QuickBooks enables you to handle QuickBooks For Multiple Businesses using one login by generating separate company files, each requiring its own paid subscription. Moreover, this setup also allows switching between entities, streamlined reporting, and data segregation for each business.

In this guide, we have covered everything from setting up new companies to choosing the best QuickBooks solution for multiple businesses.

How to Add another company to QuickBooks Online?

You can add multiple companies within a single QuickBooks Online account to handle different businesses using the same login credentials.

Add a New Company

Perform the following steps to create a new company file within your existing account.

1. Visit the QuickBooks Online pricing page.
2. After this, choose the subscription plan you want for your new company.
3. If prompted for “Adding a company to an existing account?”, tap on Sign In.
4. Now, insert the user ID and password you use to access the current QuickBooks account.
5. When you are in the Choose your company section, hit the Create a New Company option.

With this, you now have a new company file linked with your existing account.

Switch between companies

After having multiple companies, you can easily switch between them to handle them separately.

1. Initially, choose the Settings icon.
2. Click the Switch Company option.
3. Now, pick the company file on which you wish to work.

Manage Multiple Companies

No matter whether your company shares a sign-in, your data remains completely separate.

1. Users- The users you have set up in one company won’t automatically have access to others. For that, you have to invite them to each company separately.

2.Online Banking- The bank or credit card accounts that are linked with one company aren’t reflected in another. For that, you have to connect accounts separately for each file.

3. Lists- You can also move vendors, customers, inventory, and charts of accounts to your new company to save precious time. If any future changes are made to a list in a company, it will not be updated in the other.

Can you use QuickBooks Online for multiple businesses?

QuickBooks Online enables you to create multiple companies under one account. But you may require a separate paid subscription for each of the companies you add. Also, you can access them all with the same sign-in credentials. Perform the following steps to use one user ID to access multiple companies in QuickBooks Online.

Send an Invite

You first need to send an invite to the email address of the person with whom you wish to access all your companies. This will be known as “Email A,” and the email you don’t want to access any longer is “Email B”.

Important Tip:

• Only the company admin has the right to send an invite.
• Also, verify that you have a valid Intuit account with email A. If you don’t have it, first set it up.

• Firstly, log in to one of your QuickBooks Online companies, which you can use with Email B.
• After this, send an Invite email A to the company.
  • Note: If you get a user limit message, it’s because QBO has a maximum number of users depending on your subscription.
• Now, choose a user type. If you want Email A to handle other users and company details, tap on Company Admin.
• Next, access your inbox for email A and choose the link you received to accept the invite.

With this, you can now log in to your company using email A.

How to Manage Multiple Companies in QuickBooks Enterprise?

QuickBooks Enterprise lets you create and manage multiple company files, each with its own users and access permissions. You can allot certain roles and permissions to users by restricting their access to certain areas and activities within each data file. This ensures that the clients only have the authority to the necessary features and information.

Perform these steps to add a user and assign it a role.

1. Initially, head to the Company menu and hit the Users tab.
2. Choose the Set Up Users and Roles option.
3. Now, provide the admin password and hit OK.
4. Browse to the User List tab and select New.
5. After this, insert a username and an optional password.
6. When you are in the Available Roles section, select the roles for the user and hit the Add option.
7. At last, select the OK option to conclude.

How to Setup QuickBooks For Multiple Businesses?

You can easily set up QuickBooks for multiple businesses by performing the steps instructed below.

QuickBooks Desktop Setup

1. Initially, launch your QuickBooks Desktop software.
2. Move to the File menu and click the New Company option.
3. After this, set up “Express Start” to create a new company file with its unique name, vendor, and customer lists.
4. Keep your books of accounts separate by saving each business with a unique file name on your computer.

How to Use QuickBooks for multiple businesses?

To access QuickBooks for multiple businesses, you can access QuickBooks Desktop or QuickBooks Online according to your requirements.

QuickBooks Online for multiple businesses

1. Sign Up for Separate Accounts.

• Initially, log in to your QuickBooks Online account.
• After this, sign out of the current company and hit Add a New Company to create another business.
• Now, resume the same process for each business.

2. Switch between businesses

• You have the option to switch between different QBO companies by logging in and out of each one, using different login details.

3. Manage each business independently

You can maintain separate financial data, such as income, expenses, payroll, and taxes, for each business.

Using QuickBooks Desktop for Multiple Businesses

By accessing the QuickBooks Desktop, you can manage multiple businesses within one installation by generating separate company files for each business.

1. Create a new Company File for each business

• Initially, access the QuickBooks Desktop and click Create a New Company from your main screen.
• Now, set up your business details, consisting of name, industry, tax details, and charts of accounts.
• You need to repeat the same steps for each business you manage.

2. Switch between company files

• Firstly, open QuickBooks Desktop and switch between your business files without exiting from the software.
• Move to the File menu, click Open Previous Company. Alternatively, use the Company menu to pick a different business file.

3. Track finances separately

You need to maintain the independent financial records, tax reports, and transactions for each business.

4. Save backup

It is necessary to take a backup of each company file to safeguard your business data.

Conclusion

We hope that now you have understood how QuickBooks for multiple businesses helps in handling multiple companies easily. By applying the steps explained above, you can easily set up QuickBooks for multiple businesses and manage the finances. If you still need any help, then you can reach out to our Qbookassist professionals and fix the issue.

Frequently Asked Questions:-

Question 1: Can I run two businesses on one QuickBooks account?

Ans. Yes, you can manage two businesses on one QuickBooks Online login, but it needs a separate subscription for each company.

Question 2: Which is the best QuickBooks for multiple businesses?

Ans. QuickBooks Desktop Enterprise is a one-stop solution that lets you work more efficiently across all your companies.

Question 3: What are the QuickBooks alternatives for multiple businesses?

Ans. The following are the QuickBooks alternatives for multiple businesses.

• Xero
• Sage Intacct
• Gravity Software

Question 4: Which is the best accounting software for multiple businesses?

Ans. Sage Intacct and NetSuite are for large-scale businesses, whereas Xero and QuickBooks are for medium-scale businesses.

Question 5: Can you use QuickBooks for multiple businesses?

Ans. Yes, QuickBooks can be used for multiple businesses.

Question 6: Can you have multiple companies in QuickBooks Desktop?

Ans. Yes, you can manage multiple companies in QuickBooks Desktop by separating company files (.qbw) for each business. But you can’t merge them into one file, but you can switch between them easily.