We are often asked by our clients whether they can create or add more companies in your QuickBooks Online account. The answer to that is yes and the method to do so is quite simple as well. In this blog, we mention the various aspects of QuickBooks online multiple companies that need to be considered by small business owners all over the world who are currently using this highly useful software.
After reading this, you will be able to add more companies to your QBO account just by following a few steps. One thing to note, however, is that even though you can gain access to all the companies with the same login credentials, each company has to be a subscribed one, i.e., you will have to pay for each one on a subscription basis.
Also, you can refer to our other blogs for queries or issues regarding QBO such as QuickBooks Online payroll setup, in case you need more information or haven’t found what you were looking for.
QuickBooks Online Multiple Companies – Where to Begin
There is a chance that you already have more than one company in your QBO application, but they are all under their separate accounts. If you do, then transferring all other companies to the main account is a simple process that we will explain in future blogs.
The first thing to know when QuickBooks Online handles multiple companies is how you can add a new company to your QBO. The following are the steps to be done in a simple way –
Step 1 – Open the QuickBooks website in your browser and click on the “Planning and Pricing” page. Here, you will find several schemes listed below and their prices, so go through each before selecting your choice.
Step 2 – Click on the scheme you have selected and enter your login information to log in to your account. You will be asked to confirm that this is the account to which you want to add a new company file, so click “Yes, that’s right”.
Step 3 – Enter all the necessary details asked on the next page to proceed.
Once you complete the above steps, you can open any of the companies that you have created from the program. If you need to switch to another company, simply click on the gear icon and then click the Switch Company button under the profile section.
How to Effectively Manage QuickBooks Online Multiple Companies
- Now you know how new companies are created, but they need to be managed because they are all in separate accounts. Learn more about the various elements associated with managing different companies through these key points –
- Any list that was created before you added a new company can be transferred to the new company. This means that you do not need to reset each list item one by one. The thing to keep in mind here is that changes in one company’s list will not be reflected in another company, so you will have to make separate adjustments to each list of the company.
- You must separately invite users to a new company, even if those users have access to the files of the old company. The same is true for the bank accounts of those who were added to the file of the old company – you must add them again to each new company.
In QuickBooks Online many companies, changing from one company file to another is, overall, an uncomplicated process.
Here’s how you do it –
- While the company is open, choose File from the toolbar.
- Pick Open Previous Company from the many benefits that are displayed.
- Another window opens that shows a list of every company that exists in your account. Open it, next to the company that you want to open.
We hope that this blog has solved all your queries regarding the efficient creation and management of additional companies. If you would like to know about QuickBooks online multiple companies cost and pricing, contact our expert Proadvisors to get the latest prices according to different subscription plans. Simply dial our QuickBooks Support phone number.