more-arw search

Q&A Forum

Can QuickBooks do 1) subsidiaries that roll up to parent and 2) interchange between languages such as Spanish and English?

Steven Hansen's Profile

I have not used QuickBooks in quite a while. I am doing consulting work for a Non Profit. They have 4 locations in South America and want a P&L (loss technically) for each as well as a Balance Sheet. Those 4 entities/subsidiaries roll up to a parent that oversees the Charitable Foundation. I also am wondering if I have input in each of the South American countries, can the parent be in English or can the subsidiaries be translated into English?

Answers

Cindy Boyce
Title: Senior Manager, Outsourced Financial Ser..
Company: BDO USA, LLP
(Senior Manager, Outsourced Financial Services, BDO USA, LLP) |

QuickBooks Enterprise does consolidations or in non-enterprise QuickBooks you can assign a class to each subsidiary as an alternative. I do not know about the language conversion.

Steven Hansen
Title: CFO
Company: Utah Down Syndrome Foundation
(CFO, Utah Down Syndrome Foundation) |

Thanks. I will give the class route a try.

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

Consider a bilingual COA to unify the COA across all locations. Then, whether you're using Enterprise (in which consolidation is easy) or another version in which you need some Excel formulas to set up an automated consolidation, it's much easier.

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

Please note, even though recent versions of QuickBooks do show a "Balance Sheet by Class," the facility is inadequate and most QuickBooks practitioners don't use it. We're all pretty disappointed with it.

Carrie Hidding
Title: Founder
Company: teamcfo
(Founder, teamcfo) |

What Jaime said is correct for earlier versions of QB, when Class Balance Sheet was introduced. One of our clients has 3 separate entities and we use QB 2014 enterprise to keep track of each entity. We do use class for each and a common COA. The thing to keep in mind is inter-company transactions, we have to treat all related transactions as such and use the due to, due from accounts. If you keep these transactions clean, the Balance sheet works as well as the P&L.

Steven Hansen
Title: CFO
Company: Utah Down Syndrome Foundation
(CFO, Utah Down Syndrome Foundation) |

Thank you to all for the responses. For now I will keep to QuickBooks Pro and deal with the issue using Class approach to keep the non profits costs down. I also appreciate the insight in making sure to use the same COA for the 4 subs and parent.

Michael Goldberg
Title: Chief Financial Officer
Company: MG Financial
LinkedIn Profile
(Chief Financial Officer, MG Financial) |

Does anyone know if this can be done in Xero?

1895 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.