Archived
05-03-2008, 08:09 PM
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I have a Quarter Horse business that includes assets in two states. I need to separate everything:income,expenses,assets,etc. Can I use classes or do I need to set up two companies in Quickbooks. It looks like classes only apply to income and expense accounts.
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Yes, you probably need two separate QuickBooks companies.
Classes are good for classifying income and expenses within one company, but aren't "heavy duty" enough for what you want. You're right that they only apply to income and expenses; but also, keeping two businesses entirely separate by using classes would require an extreme amount of discipline and effort on the part of whoever is entering transactions into QuickBooks.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
I have a Quarter Horse business that includes assets in two states. I need to separate everything:income,expenses,assets,etc. Can I use classes or do I need to set up two companies in Quickbooks. It looks like classes only apply to income and expense accounts.
====================================
Yes, you probably need two separate QuickBooks companies.
Classes are good for classifying income and expenses within one company, but aren't "heavy duty" enough for what you want. You're right that they only apply to income and expenses; but also, keeping two businesses entirely separate by using classes would require an extreme amount of discipline and effort on the part of whoever is entering transactions into QuickBooks.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com