Chris, a training customer of ours writes in:
I am going through your course now. It’s very helpful (♥) and am looking forward to mastering it.
I had a question about using QuickBooks for two different real estate companies. We have one based in Canada, and one in the US registered as separate entities. Would you recommend keeping both companies in the same Quickbooks document, or having two separate docs to work off of?
I am wondering if it makes more sense to amalgamate all our activities, or to keep them compartmentalized?
Chris, thanks for writing in. Two company files is almost always the better approach.
Generally it is easier inside QuickBooks to have one company per company file. You can combine them into one (with separate balance sheet accounts for each) but it is more work. Now all recent versions of QuickBooks for Windows support opening multiple company files at the same time. (Note, I use a mac but more frequently use QuickBooks in VMWare with Windows since that version from Intuit is the most mature product). Note, if you are using the online edition, you will need to have multiple subscriptions to have more than one ‘company file.’
If you want to take advantage of the Canadian Specific version of QuickBooks, then you’ll certainly want two company files. One for Canada, in the Canadian version, the other in the US version. You can probably get away with just using one (Canada or US) version of QuickBooks too. Check that your accountants can open whichever country file you send them.