As you know by now, QuickBooks is a popular accounting software that is used by many commercial real estate owners to manage their financial transactions and record-keeping. One of the features of QuickBooks is its ability to handle multiple entities, which can be useful for owners that operate in different locations or are structured as separate legal entities. In today’s blog, we explore how you can manage multiple entities in QuickBooks.
Managing multiple entities in QuickBooks is relatively straightforward. Once you have set up your QuickBooks account, you can create a new company for each entity that you want to manage. This allows you to keep the financial records for each entity separate and avoid any confusion between them.
To create a new company in QuickBooks, go to the File menu and select New Company. This will open a wizard that will guide you through the process of setting up a new company. You will need to enter some basic information, such as the company name and address, as well as the tax ID number and other details. Once you have completed this process, QuickBooks will create a new company file for your entity.
Once you have set up your companies in QuickBooks, you can start managing their financial transactions. This includes entering and tracking expenses, creating invoices, and recording income and other receipts. QuickBooks makes it easy to track the financial performance of each entity, and you can use the software’s reporting tools to generate reports and get a clear picture of the financial health of each company.
Once your QuickBooks account is created with your separate legal entities, STRATAFOLIO’s full-service onboarding will gather all of that information for you and enter it into our software, so that when it’s ready to go, you have a global view of the performance of all of the entities as one. Of course, you can drill down into each entity for specifics as well. Coupling the two software together will undoubtedly set you up for ultimate success.
In addition to its ability to manage multiple entities, QuickBooks offers a range of other features that can be useful for businesses. These include tools for managing inventory, tracking customer and vendor relationships, and generating tax reports. With QuickBooks, you can quickly and easily manage the financial aspects of your business, no matter how many entities you have. With STRATAFOLIO’s bi-directional integration with QuickBooks, when you update anything in our software, it updates within minutes in your QuickBooks files, too. No more double entry!
In summary, QuickBooks is an excellent tool for businesses that need to manage multiple entities. Its easy-to-use interface and range of features make it a powerful tool for managing your financial transactions and keeping track of your business’s financial performance. Whether you are a small business owner or a large corporation, QuickBooks can help you stay on top of your finances and make informed decisions about your business.
To see a global view of the performance of your entire portfolio, contact us at STRATAFOLIO. We can help you see how each entity is performing in comparison to the others so you can better manage your business. Schedule a 1:1 demo today!