more-arw search

Q&A Forum

Is it possible to have a parent company with subsidiary companies in QuickBooks?

Answers

Topic Expert
Christie Jahn
Title: CFO
Company: Prime Investments & Development
(CFO, Prime Investments & Development) |

You can have multiple companies within Quickbooks. I'm not sure if all versions operate the same you would want to research that, but you can have multiple companies and just log into them separately. I know Enterprise has the option to combine reports from all companies as well.

Jaime Campbell
Title: Chief Financial Officer
Company: Tier One Services, LLC
(Chief Financial Officer, Tier One Services, LLC) |

Once you have QuickBooks installed, you can create as many company files as you want.

There have been debate and techniques offered in Proformative posts about this. My opinion is to create each one in a separate file and then consolidate reports if needed (I agree with Christie that QuickBooks Enterprise Solutions makes this easiest).

If you want them all in one company file, there are risks but there are techniques to make it as easy as possible. Don't use class tracking, though, because the Balance Sheet by Class feature doesn't work as well as it should.

The best suggested I've heard for an all-on-one approach was shared by Bob Stenz: Create a G/L numbering system and use a prefix to each company. Then when you run reports, use a filter based on that prefix.

Feel free to contact me privately.

Judi COE
Title: accountant
Company: LHMC
(accountant, LHMC) |

Thank you for your comments. I currently have 13 company files and it is difficult to get a big picture without spending hours combining them all in Excel. (I have QB Accountant 2013) We are consolidating the companies into two holding companies with subsidiaries underneath. We are planning to use Class tracking so I appreciate your suggestion, Jaime, to create a G/L system with prefixes for each company. We will be sure to incorporate that into our plan as an extra precautionary step.

Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

You can definitely use QuickBooks, but I think you have the answer if you are creating or have an G/L account structure set up that all businesses are consolidated into. I have seen Microsoft Access used to do a consolidation, but have put in Essbase for less than $100K. It's a powerful tool that will simplify reporting and extracting data.

2559 views
Topics

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.