Managing the finances of more than one company doesn't require you to have a separate copy of Quickbooks for each company. You can setup multiple companies in QuickBooks easily.

You can choose from two versions of Quickbooks. Alternatively, you can subscribe to the online version of Quickbooks, which stores your data securely in the cloud, or you can purchase the online version of Quickbooks for your desktop computer's local area network at the office. It will depend on your personal preferences and an analysis of the pros and cons of each one that determines which one to choose.

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Comparison of QuickBooks Desktop & Online

Depending on which version of the software you are using, you can open multiple companies under the same account following two different processes.

The process of adding a new company is the same if you use the Desktop version of the application; you simply use the New Company Interview wizard. The file you create for each new company you open will be personalized to meet your preferences; you will be able to have a file for each new company you open.

Setup multiple companies in the QuickBooks Desktop version

You can use the same Quickbooks version for multiple businesses with the Desktop version.

Launch Quickbooks: Open Quickbooks on your computer and navigate to the application. Once it is open, you can log into your account using your login information, followed by clicking on the "File" tab.

Start the Interview: When you click on the "File" tab, a drop-down menu with a variety of options will appear. Select the "New Company" option. A window labeled "New Company" will open. Select "Start Interview" to begin the interview.

The Company File: The next step is to enter a few preliminary details for your company. As soon as you have completed the preliminary fields, click on the “Next” button to proceed. Once you have entered the preliminary fields, you should save the file for the new company to a location of your choice. You will need to give the new company a name, specify its address, and add its contact information.

The next step opens the “Filename for New Company” dialog box. For Quickbooks to create the company file, you have to navigate to the specific folder where you would like to save it. Once you have given the file a name, click on the “Save” button. A new company file will now be created by Quickbooks. Click the “Save” button to proceed to the next step after you have done this step.

Now you have to continue with the rest of the interview process: To complete the interview process, you must input all relevant information about the new company into the dialog box. This includes information such as credit and business accounts, and the industry it operates in. Once done, you can conclude the process by clicking on the 'Finish' button.

The process ends here for any company you are setting up. You can repeat this process as many times as you wish, depending on how many companies you wish to add to your account.

Switching Between Companies

To switch from one company file to another, you need only go to the main menu bar and click “File.” Several options will then be available to you, including “Open Previous Company.” This will open a window with a list of companies that are under your account. Find the file you want and click “Open” to make the switch.

Setup Company in QuickBooks online version

If you do not already have an online Quickbooks account, you will need to create one first.

Choose a Country: The first step is to choose a country for your new company. Navigate to https://quickbooks.intuit.com/choose-country/ and select the country where your company is located. The Quickbooks Online website for your region will then appear.

Choose Quickbooks Version: Once you're on the right website, select the version of Quickbooks you'd like to use. You can either buy it now or start a free trial, depending on the country. Either way, you'll be taken to the Sign In page.

New Account or Sign in On the Sign In page, you can either sign in to an existing account or add a new one. If you already have an account on Quickbooks Online, you can just sign into it. Otherwise, you will have to create a new account.

You should note that Quickbooks Online accounts are password protected and the Master Administrator has control over them. It does not mean that a user who has access to one of your companies will also have access to other companies in your account just because this user has access to one. The user must be added to the appropriate user list if you want them to have access to a company.

The addition of another company

• In Quickbooks Online, adding a new company is as simple as subscribing.

• To be directed to the right version of Quickbooks Online, go to https://quickbooks.intuit.com/choose-country/ and choose your country.

• After choosing a Quickbooks product based on the subscription plan you want, you can either buy it or start the free trial.

• On the next screen, you will have a choice of continuing the free trial or buying the product now. If you choose the Buy Now option, you may be offered a discount.

• Since you already have an Intuit account, adding another company is a breeze. Select the option labeled, "Add another company?" at the top of your screen.

• It is important to note that you will have to pay a monthly subscription fee for each Quickbooks Online company you register.

In conclusion

Managing finances for multiple companies using Quickbooks does not require a separate copy of the software for each company. Both the desktop and online versions of Quickbooks allow you to add multiple companies under the same account. The process of adding a new company is straightforward, and you can switch between companies with ease. 

The choice between the desktop and online versions of Quickbooks will depend on personal preferences and an analysis of the pros and cons of each one. For the online version, adding a new company is as simple as subscribing and paying a monthly subscription fee for each company. Overall, Quickbooks provides a convenient and efficient way to manage finances for multiple companies.

FAQ

Can I use the same Quickbooks for multiple companies?

Yes, you can use the same Quickbooks for all your companies.

How many versions of Quickbooks are there?

There are two versions of Quickbooks: the Desktop and the online version.

Can I store my Quickbooks data in the cloud?

Yes, you can subscribe to the online version of Quickbooks, which stores your data securely in the cloud.

Can I purchase the online version of Quickbooks?

Yes, you can purchase the online version of Quickbooks for your desktop computer's local area network at the office.

How do I add a new company in the Desktop version of Quickbooks?

You can use the New Company Interview wizard to add a new company in the Desktop version of Quickbooks.

How do I switch between company files?

You can switch between company files by going to the main menu bar and clicking “File,” then “Open Previous Company.”

Do I need a new Quickbooks account for each company in the online version?

No, you can add multiple companies to the same Quickbooks Online account.

How do I add a new company to the online version of Quickbooks?

You can subscribe to the online version of Quickbooks, choose your country, select a Quickbooks product, and then add another company.

Do I have to pay for each Quickbooks Online company I register?

Yes, you will have to pay a monthly subscription fee for each Quickbooks Online company you register.

What are the benefits of using Quickbooks for multiple companies?

Using Quickbooks for multiple companies allows you to manage all your finances in one place, save time, and avoid the hassle of using multiple accounting systems.