If you wish to monitor and track the accounts of different departments, QuickBooks is the best option.
Under QuickBooks, you can have more than one company. Each company that is being added will incur a separate paid subscription. However, they can be accessed using the same login ID and password.
This enables users to easily switch between enterprises so that managing business processes becomes smooth and trouble-free.
Read More: How to Create New Company File in QuickBooks?
Why do you need to set up a Company in QuickBooks?
When you set up a new company file in QuickBooks, you get the detailed information for the following list of accounts:
- Accounts Receivable
- Inventory Asset
- Accumulated Depreciation
- Undeposited funds
- Sales Tax payable
- Accounts Payable
- Payroll Liabilities
- Shareholder’s distribution
- Purchase Orders
- Reconciliation Discrepancies
When you have detailed information about the above-mentioned accounts handy, it becomes easy to execute business processes in a trouble-free manner, especially when you own more than one company.
Also, maintaining separate company accounts in QuickBooks will help you to avoid any kind of mix up in the invoices and transactions, prohibiting any possible future complications.
Steps to set up a new Company in QuickBooks
Here are the steps to set up a new company in QuickBooks.
Step 1: Open your QuickBooks account, and choose the subscription you wish to opt for.
Step 2: You will witness any of the following sign-in pages:
- If you have signed in very recently in QuickBooks, a page will pop up that will ask you to verify the account under which you wish to sign in. If it is the account, you wish to manage the new company with, then choose Yes, that’s correct.
- If you have not signed in recently, a page will pop up that will prompt you to prepare an Intuit account to buy the QuickBooks. At the below, there will be Buy QuickBooks Online, and choose Add another company. Here when you will be prompted to enter the login ID and password, use the one for QuickBooks.
Step 3: Complete all the information required to fill for your new company and then you are good to go.
(Once your multiple companies are open, you will be enquired about the company you wish to open, every time you sign in to QuickBooks.)
Note: In order to switch between companies, just choose Settings and then choose Switch Company.
Setting up a new company in QuickBooks is imperative, especially when you have more than one company and monitoring the different accounts of different businesses becomes difficult with each passing day.
Be it Accounts Receivable, Accounts Payable, or Stock Inventory, maintaining accounts for such departments of different companies make the task of an owner easy as a pie.
While setting up a company in QuickBooks, if you are stuck anywhere and require professional guidance, do not think twice before connecting with us at our LIVE CHAT.
We will be more than happy to help!