Many businesses out there today actually have more than one company under one roof. When this is the case, they create a QuickBooks Company File for each company that they have. This is ideal, because you can use the same program to open and work in each company and the financial records are not shared.
On the other hand, sometimes companies want to be able to get financial reports that contain information from multiple companies at the same time. If you are using QuickBooks Pro or Premier, to accomplish this, you would have to run the reports separately, export them to Excel and then use formulas to manually combine the numbers.
With QuickBooks Enterprise Solutions, this functionality is actually built into the software. All you have to do is choose which reports you want and which company files you want and QuickBooks does the rest!
From the first company file, Go to Reports>Combine Reports from Multiple Company Files. Click the “Add Files” button. Browse to the QBW file for the 2nd company and click open. Repeat this process for each file you want in the report. Once you have chosen all the files, place a check mark next to the reports that you want to see. Enter in your data range as well as choose if you want the reports on a Cash or Accrual Basis. Lastly, Enter in the Company name that you want to use on the newly created reports. Click “Combine Reports in Excel.” QuickBooks will open up each company file in the background. Keep in mind that you may have to enter in your password for each file. Microsoft Excel will automatically open when QuickBooks is finished creating the reports. If you chose to run multiple reports at the same time, you will get one Excel workbook with a separate tab for each report.
Here are a few things to remember to get the reports how you want them:
-There is a limit to which reports you can combine. They are:
Balance Sheet Standard
Balance Sheet Summary
Profit & Loss Standard
Statement of Cash Flows
Profit & Loss by Class
-To make combined reports easier to read, make your chart of accounts in the several company files as nearly identical as you can.
-Accounts will be combined if they have the same name, same type, and are at the same hierarchical level in each report. (Account names are not case sensitive.)
-Accounts that will not be combined:
-Accounts at different levels (For example, “Telephone” account is not combined with “Telephone” sub-account.).
-Spelling differences (For example, ‘telephone’ is not combined with ‘phone.’)
-Different account numbers.
-One with an account number and one without an account number.