QuickBooks is widely suggested by numerous institutions to handle day-to-day business operations smoothly. This software is developed by Intuit especially for small and medium-sized business owners to make the process smooth and trouble-free. QuickBooks is highly advised by institutions because this software easily maintains transactions, calculates tax, expenses, payments, track inventory, and many other things that can’t be done by humans alone. But one question asked by QB users is if they can have QuickBooks for Multiple Companies. Is it possible or not? Read till the end to find out.
Can you Run QuickBooks for Multiple Companies?
In QuickBooks Online, an individual company represents its own subscription which proves to be very costly for users with multiple entities. One question asked frequently by users is- Can I use QuickBooks online for Multiple Companies? This is because one business is just not enough to meet the requirements. Well the answer is yes, es, users can have multiple companies in one QuickBooks Online (QBO) account or QuickBooks email address. A point to remember is Quickooks allow users to buy a subscription individually for each company.
In this post, you will read how to use Quickbooks Online for Multiple Companies both offline and online.
One good thing is that Intuit also has a multi-company promotion, but there are some requirements for that:
- It’s available only for Wholesale Billing
- It only applies to QuickBooks Online Plus companies – So they might not be fit in the right version of QBO.
- Users will need to activate companies with Intuit.
- You need to fill a form to attest to the companies that have the same owners.
- It stays for 5 years and then expires.
Two Versions of Quickbooks
- Purchase the offline version of QuickBooks for your system.
- Subscribe to the online version of Quickbooks, where your data is protected in the cloud. On the basis of your personal choice, you can choose any of them.
Setting up a company in QuickBooks Desktop (the Offline Version)
In this version, you can use similar Quickbooks for multiple businesses.
- Launch Quickbooks
The initial step is to open the Quickbooks programming on your PC. Explore the application and explore it. When it is open, you can sign in to your account, typing your login information. At that point click on the tab named “File” on the principle menu.
- Start the Interview
Once you have tapped on the “File” tab, a drop-down menu will show up with many options. From this menu, select the “New Company”. A window marked “New Company” will open. From that window pick the choice that says “Start Interview” to start.
- Save the Company File
Now you should enter a couple of details for your new organization. You should give it a name; and specify its location and add its contact details. After you’ve done that, save the file for the new company to your preferred location. When you have completed the process, click on “Next.”
- In the next stage, a Window named “Filename for New Company” will open
You should explore the particular folder where you might want to save the company file. Give the file a name to save as and click on “Save.” The new company file will be made by Quickbooks. After completing this click on “Save” to proceed to the next step.
- Now you need to proceed with the interview process that is left
Enter data about the company and try to fill all fields since the more data you enter, the better. You must incorporate data like the credit and business to represent the new company as well as the business in which the company works. This is the last step of the process and whenever you’re done, you can tap on “Finish” to complete the process.
- The process finished there whichever company you are attempting to set up
It is similar for any company a user is opening. Plus, a user can repeat this as many times according to its wish depending upon the number of companies a user wants to add to its account.
Exchanging Between Companies
If you want to switch from one company file to another, the process is simple and direct. From the present company file record, go to the menu bar and click on the file. A few alternatives will be accessible to you. Click on the alternative named “Open Previous Company.” You will be directed to another window with the rundown of companies that are under your file. Just search for the particular company file you might want to open and tap on it and afterward click on the “Open.”
How to run Multiple Companies on QuickBooks Online?
Below are the steps to follow to run multiple companies on QuickBooks Online version:
Get a QuickBooks Online Subscription
- Go to https://quickbooks.intuit.com/choose-country/ by typing the URL and pick your country. You will be directed to the QuickBooks Online website.
- Create an account and if you already have one then sign by using an existing account.
- Setting up a new company is exactly the same as subscribing to a new company.
- You can choose Simple Start, Essential, or Plus.
- With a registered account, a user can choose the option “Add Another Company?”
There is a point to remember that if a user is trying to run multiple companies on QuickBooks Online version, then he has to pay the monthly subscription fee for each company separately.
Quickbooks Payroll for Multiple Companies
Payroll is a term used widely in business to calculate the earnings of employees, distributing their paychecks and annual records of their wages. Quickbooks payroll provides a huge platform for easy online payment and for managing employees’ salary as well as bonuses and incentives. This helps employees to become more dedicated and hardworking.
To release some burden down, Intuit thought of a third-party application – QuickBooks Payroll Subscription. This software was developed to give entrepreneurs an approach to deal with the financial necessities of the employees as well as incorporate payroll activities of customers and their relating companies.
For the clients having classified information of bookkeeping and accounting part of QuickBooks Payroll, they have the unique power to add more than one company to the payroll subscription. Users can use QuickBooks for Multiple Companies.
It is advised that the client’s company should be included in the situation of selective work only so that the client has full access and authority over the files that are being added or changed.
If you add companies to your own subscription that can be accessed by the clients using it at their business will give all information about your subscription. They can easily view or change information associated with your subscription that can lead to some big issues.
- You should have the latest version of the QuickBooks desktop.
- Use same registered copy of QuickBooks Desktop, on the same system, to initiate payroll for companies on a single subscription.
- QuickBooks Desktop Payroll can support one company data file per EIN.
- If you make an attempt using multiple company files under the same EIN and payroll subscription then it can cause errors.
- The details and contacts of the payroll administrator for the payroll subscription will be similar to all the companies a user has added to a single subscription plan.
- If you pay employees with Direct Deposit, you can have multiple companies (separate data files with different EINs) with Direct Deposit on the same Payroll subscription.
- Each QuickBooks Desktop Payroll service has a limit that is based on company data files.
- Try not to give your service keys to the clients. It will lead to the exposure of payroll subscription accounts to unauthorized users.
How To Work With Multiple Companies In Intuit Payroll
Add the file under Payroll Subscription: A screen shows up on the desktop containing a warning message when either the company bookkeeper or accountant go through the three things mentioned below:
- From the Employees tab’s which is in drop-down menu, ‘Learn about Payroll’ is selected.
- Now, from down menu of Payroll tab, ‘Enter Payroll Service Key’ is selected.
- From the Employees tab’s drop down menu, ‘Request Payroll’ is selected.
The message attempts to warn the client that the additional records should just be utilized for business purposes and ought to be added to payroll subscriptions just in the case of use for the company only.
The moment the client picks the option ‘Add to My Existing Subscription’ starting from the drop menu of the Employees tab; a message reflects on the screen of the client.
The message says that the client knows that by adding the company to the current payroll subscription the responsibility of the record falls on the client and the same is used uniquely for business purposes as the entire payroll service can be changed or seen by adding it.
Ways to Add EIN to your subscription
- First select employees and select Payroll.
- Go to My Existing Payroll Service.
- Now under Identify Subscription, use Subscription number.
- If you already have it then just enter your information after selecting “I have an existing subscription”.
- Open it and choose Next.
- You will see a window of Add Company Information. Choose Next and add Company EIN.
- You can either print or return to QB Desktop.
- Now to verify the Service Key, go to Employees, click on My Payroll Service, then Manage Service Keys. After that click on View , to see the status of the new service key is active or not.
Here, we have provided crucial information for users who want to use QuickBooks Online for Multiple Companies. So, next time, if you or your known people have questions like how many companies can I have in QuickBooks? Can I Have Multiple Companies In QuickBooks or Quickbooks Online Discount for Multiple Companies, then, just read and share this post to find all answers to all queries.