Company trading under two names, set up in quickbooks premier?

Posted by suzanon59 on June 7, 2007, 5:30 pm

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Our company has recently opened a new business which is causing me
some confusion in regards to setting this up in Quickbooks premier. I
have created new bank, expense and liability, payg and gst accounts in
the name of this new business. Is this correct? Need some advice,
come tax time it has to be combined.
Any advice would be helpful. Thanks

Posted by Allan Martin on June 7, 2007, 9:19 pm

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> Our company has recently opened a new business which is causing me

> some confusion in regards to setting this up in Quickbooks premier. I

> have created new bank, expense and liability, payg and gst accounts in

> the name of this new business. Is this correct? Need some advice,

> come tax time it has to be combined.

> Any advice would be helpful. Thanks

And you did all this without first calling up your accountant?

Posted by suzanon59 on June 7, 2007, 9:58 pm

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> > Ourcompanyhas recently opened a new business which is causing me

> > some confusion in regards to setting this up in Quickbooks premier. I

> > have created new bank, expense and liability, payg and gst accounts in

> > the name of this new business. Is this correct? Need some advice,

> > come tax time it has to be combined.

> > Any advice would be helpful. Thanks

> And you did all this without first calling up your accountant?

> - Hide quoted text -

> - Show quoted text -

Oh I have tried on numerous occasions to contact my accountant, had
one initial bit of advice from him when I was registering the new
business, he advised that I would not need another ABN because this
new business would be part of our company. Due to this lack of
response from him, I have since found a new accountant but she is too
busy to see me for two weeks.

Posted by Laura on June 7, 2007, 10:04 pm

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>> > Ourcompanyhas recently opened a new business which is causing me

>> > some confusion in regards to setting this up in Quickbooks premier. I

>> > have created new bank, expense and liability, payg and gst accounts in

>> > the name of this new business. Is this correct? Need some advice,

>> > come tax time it has to be combined.

>> > Any advice would be helpful. Thanks

>> And you did all this without first calling up your accountant?

>> - Hide quoted text -

>> - Show quoted text -

> Oh I have tried on numerous occasions to contact my accountant, had

> one initial bit of advice from him when I was registering the new

> business, he advised that I would not need another ABN because this

> new business would be part of our company. Due to this lack of

> response from him, I have since found a new accountant but she is too

> busy to see me for two weeks.

Based on the initial accountants statement that it would be part of your
company, use the same QB file. Set up appropriate accounts for the bank,
liabilties, etc where necessary on the balance sheet. Use Classes on the
expense and revenue side to aid in reporting the trust from the rest of the
company.

Posted by suzanon59 on June 7, 2007, 10:52 pm

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> >> > Ourcompanyhas recently opened a new business which is causing me

> >> > some confusion in regards to setting this up in Quickbooks premier. I

> >> > have created new bank, expense and liability, payg and gst accounts in

> >> > the name of this new business. Is this correct? Need some advice,

> >> > come tax time it has to be combined.

> >> > Any advice would be helpful. Thanks

> >> And you did all this without first calling up your accountant?

> >> - Hide quoted text -

> >> - Show quoted text -

> > Oh I have tried on numerous occasions to contact my accountant, had

> > one initial bit of advice from him when I was registering the new

> > business, he advised that I would not need another ABN because this

> > new business would be part of ourcompany. Due to this lack of

> > response from him, I have since found a new accountant but she is too

> > busy to see me for two weeks.

> Based on the initial accountants statement that it would be part of

yourcompany, use the same QB file. Set up appropriate accounts for the bank,

> liabilties, etc where necessary on the balance sheet. Use Classes on the

> expense and revenue side to aid in reporting the trust from the rest of

thecompany.- Hide quoted text -

> - Show quoted text -

Thankyou Laura, you have been a great help. I will now get back to
setting it up.