USA Keeping up with bank balances in Quickbooks online with multiple companies


Amy

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We have an incorporated business with a company file in Quickbooks Online. About 2 years ago we opened up a dba under that business and used the same Quickbooks company file to invoice and receive payments for that dba. Although the dba has a separate bank account, we frequently transfer money back and forth between the dba and the parent company. We've separated the two businesses using the class and division feature on Quickbooks Online, but have still run into some issues. One issue is we can't upload two separate logos to use on each business's invoice. The other problem is that we cannot have two different Quickbooks merchant accounts in the same Quickbooks company file, so the payments we take by credit card for the dba go directly into the parent company's bank account, which we don't usually want to happen. So we recently created a new Quickbooks Online file for the dba so we can resolve these issues. However, I'm realizing it's become a real headache when it comes to entering in the bank transactions. Specifically, the transfers between the two bank accounts. I have to show the transfer out of the dba going somewhere, and the transfers into the dba bank account coming from somewhere, so I created the bank account for the parent company in the dba's Quickbooks company file. But then unless I enter in all transactions for the parent company's bank account, the balance will never be correct and will affect the financial statements of the dba. And vice versa in the parent company's Quickbooks file. Is there a better way? Is there some sort of "mock account" I can create that will not affect our financial statements? Any suggestions? Other than the obvious "just don't transfer between the bank accounts". I really don't know any way around that. I hope all this makes sense.
 
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