Accountant Forums


Reply
Thread Tools

intercompany transactions in QuickBooks

 
 
charlie.p.miller@gmail.com
Guest
Posts: n/a
Thanked:
 
      10-21-2006, 12:07 AM
I am aware that QB's class function works well w/ P/L. However one
can't assign a class to the other side of check, payable and various
other transactions that hit the balance sheet. Does anyone have a
suggestion for handling this? Possibly a series of journal entries. I
have one parent company with several subs I would like to maintain in
one QBs file. They all pay expenses for some of the same jobs for
which I need P/Ls for. If I create different QB files for each
company, I will only be able to consolidate them all, but want be able
to consolidate P/L for each job.

Thanks for any help you can give.

Charlie


 
Reply With Quote
 
 
 
 
brecker
Guest
Posts: n/a
Thanked:
 
      10-21-2006, 02:46 PM
I am not sure I have a QuickBooks answer...

What you need is really a more sophisticated accounting software package.
Look at Accpac ERP or Sage Mas90. Something with a job cost module and
multisegment GL would do the trick.


<(E-Mail Removed)> wrote in message
news:(E-Mail Removed)...
>I am aware that QB's class function works well w/ P/L. However one
> can't assign a class to the other side of check, payable and various
> other transactions that hit the balance sheet. Does anyone have a
> suggestion for handling this? Possibly a series of journal entries. I
> have one parent company with several subs I would like to maintain in
> one QBs file. They all pay expenses for some of the same jobs for
> which I need P/Ls for. If I create different QB files for each
> company, I will only be able to consolidate them all, but want be able
> to consolidate P/L for each job.
>
> Thanks for any help you can give.
>
> Charlie
>
>



 
Reply With Quote
 
 
 
 
San Diego CPA
Guest
Posts: n/a
Thanked:
 
      11-02-2006, 03:08 AM

<(E-Mail Removed)> wrote in message
news:(E-Mail Removed)...
>I am aware that QB's class function works well w/ P/L. However one
> can't assign a class to the other side of check, payable and various
> other transactions that hit the balance sheet. Does anyone have a
> suggestion for handling this? Possibly a series of journal entries. I
> have one parent company with several subs I would like to maintain in
> one QBs file. They all pay expenses for some of the same jobs for
> which I need P/Ls for. If I create different QB files for each
> company, I will only be able to consolidate them all, but want be able
> to consolidate P/L for each job.
>
> Thanks for any help you can give.
>
> Charlie
>
>
>

If really have separate legal entites as described above (i.e., parent &
several subs), then you're probably better off having them in separate QB
files. Each company will stand alone for certain purposes. For financial
reporting and tax purposes, you may do a consolition, however, there are
numerous reasons why it is important that each entity can be presented
separately (this is probably primarily true for tax purposes assuming that
we're talking about U.S.-based companies here).


 
Reply With Quote
 
Anna_Kubit
Guest
Posts: n/a
Thanked:
 
      11-15-2006, 03:48 AM
San Diego CPA wrote:

> If really have separate legal entites as described above (i.e., parent &
> several subs), then you're probably better off having them in separate QB
> files. Each company will stand alone for certain purposes. For financial
> reporting and tax purposes, you may do a consolition, however, there are
> numerous reasons why it is important that each entity can be presented
> separately (this is probably primarily true for tax purposes assuming that
> we're talking about U.S.-based companies here).


I used to have the same problem when working in accounting for a
developer. They had many properties and each one in a different LLC for
legal purposes. We used journal entries to get around this in
Quickbooks. So you'll need to make 2 journal entries; one for each
company. I agree with the above post in that if the 2 companies are
separate legal entities, they need to be kept separate in preferably
separate accounting QB files. Once one company pays back the other one,
the inter-co account should come out to zero and both the company
intercompany accounts will then be at zero and balance out.

Feel free to email me with any additional questions through my site
www.konsultar.com. I offer business consulting services and help firms
with growth, strategies, and process/systems design.

Best of luck!!

Anna Kubit


 
Reply With Quote
 
uptownautomotive@gmail.com
Guest
Posts: n/a
Thanked:
 
      12-02-2006, 04:26 PM
Classes cannot be used on Balance sheet items in any version of
quickBooks. At All!
QuickBooks company files ARE NOT able to consolodate, AT ALL! Good
luck. different software needed.


(E-Mail Removed) wrote:
> I am aware that QB's class function works well w/ P/L. However one
> can't assign a class to the other side of check, payable and various
> other transactions that hit the balance sheet. Does anyone have a
> suggestion for handling this? Possibly a series of journal entries. I
> have one parent company with several subs I would like to maintain in
> one QBs file. They all pay expenses for some of the same jobs for
> which I need P/Ls for. If I create different QB files for each
> company, I will only be able to consolidate them all, but want be able
> to consolidate P/L for each job.
>
> Thanks for any help you can give.
>
> Charlie



 
Reply With Quote
 
Bob Williams
Guest
Posts: n/a
Thanked:
 
      12-17-2006, 04:08 PM

(E-Mail Removed) wrote:
> I am aware that QB's class function works well w/ P/L. However one
> can't assign a class to the other side of check, payable and various
> other transactions that hit the balance sheet. Does anyone have a
> suggestion for handling this? Possibly a series of journal entries. I
> have one parent company with several subs I would like to maintain in
> one QBs file. They all pay expenses for some of the same jobs for
> which I need P/Ls for. If I create different QB files for each
> company, I will only be able to consolidate them all, but want be able
> to consolidate P/L for each job.
>
> Thanks for any help you can give.
>
> Charlie


Charlie

In the Enterprise version, you can export certain reports from several
different files to Excel (all to one workbook).

If you have been clever with your chart of accounts, you should be able
to eliminate the intercompany transactions in Excel.

However, it only works in Enterprise - but only one file has to be an
Enterprise file. The system can read any QB file with this function.

It is not an automated answer, but it is the best you can do with
QuickBooks.

Bob Williams


 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Intercompany Accounts Imran le General Accountancy Discussion 6 03-27-2013 12:30 PM
Journals - intercompany transfer Griffy General Accountancy Discussion 1 03-10-2013 11:53 AM
Quickbooks 2007, Quickbooks Point Of Sale 6.0 & Quicken 2007 20% Off & Free Shipping Purchased Directly from Intuit Quickbooks Accounting 0 10-20-2006 01:13 PM
Intercompany process and procedures Benny Accounting 1 09-27-2006 12:38 PM
Intercompany transactions Serenity Quickbooks 2 08-19-2005 04:38 AM


All times are GMT. The time now is 05:16 AM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.