intercompany transactions in QuickBooks

Discussion in 'Accounting Software' started by charlie.p.miller@gmail.com, Oct 21, 2006.

  1. Guest

    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
     
    , Oct 21, 2006
    #1
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  2. brecker Guest

    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.


    <> wrote in message
    news:...
    >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
    >
    >
     
    brecker, Oct 21, 2006
    #2
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  3. <> wrote in message
    news:...
    >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).
     
    San Diego CPA, Nov 2, 2006
    #3
  4. Anna_Kubit Guest

    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
     
    Anna_Kubit, Nov 15, 2006
    #4
  5. Guest

    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.


    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
     
    , Dec 2, 2006
    #5
  6. Bob Williams Guest

    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
     
    Bob Williams, Dec 17, 2006
    #6
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