intercompany transactions in QuickBooks

[c***@gmail.com]

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]

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.

Post by c***@gmail.com
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

[San Diego CPA]

Post by c***@gmail.com
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).

[Anna_Kubit]

Post by San Diego CPA
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

[u***@gmail.com]

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.

Post by c***@gmail.com
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

[Bob Williams]

Post by c***@gmail.com
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