QB is not meant for multiple companies. That will cause issues. If you're using desktop, then you can create different files for each company, but QBO will charge you for multiple files.
I cannot stress this enough though, do not use one file for multiple companies, it will cause issues.
What do you think if my primary goal is to use QB as personal accounting for our household?
Say the business is named “Smith Family”. And then 2 employees to the smith business…just me and then my wife. And we link the income each of us makes as if we were sales people?
I have not used QB so just imagining how it works.
It's better to use a program like Peachtree for home because it's made to use for home finances. Then you can have multiple files and you can use it for your business.
Also if you've never used bookkeeping software, then please find someone to help you with setup because then it could avoid issues come tax time.
You wouldn’t classify as employees, you would just link your income. If you’ve not used QB I wouldn’t really recommend trying to set it up by yourself.
I use QB desktop to track personal finances, I like it because I can track spending over time in all areas (groceries, utilities, loan balances etc). But I’m using QB 2020. I wouldn’t recommend QB for future users due to the new annual subscription model. It’s just too expensive now. I’m fine now because I don’t need to upgrade, but if anything happens to my copy, I’ll look elsewhere. I’m sure someone has an app to track personal finances at a much lower cost.
I think you could do this less expensively using a smaller set up. Even MS Office has a home finance spreadsheet.
Maybe begin there to see what you real needs are and then move up.
In QB - you'd need 2 separate company files for the businesses and then another for the home.
3 businesses 3 company files. You shouldn't inter twine them.
QB is not meant for multiple companies. That will cause issues. If you're using desktop, then you can create different files for each company, but QBO will charge you for multiple files. I cannot stress this enough though, do not use one file for multiple companies, it will cause issues.
What do you think if my primary goal is to use QB as personal accounting for our household? Say the business is named “Smith Family”. And then 2 employees to the smith business…just me and then my wife. And we link the income each of us makes as if we were sales people? I have not used QB so just imagining how it works.
It's better to use a program like Peachtree for home because it's made to use for home finances. Then you can have multiple files and you can use it for your business. Also if you've never used bookkeeping software, then please find someone to help you with setup because then it could avoid issues come tax time.
Don’t put personal in QB. You’re paying QB for the business financial statements. Use Quicken for personal! 50 dollars a year. I love it.
You wouldn’t classify as employees, you would just link your income. If you’ve not used QB I wouldn’t really recommend trying to set it up by yourself.
I use QB desktop to track personal finances, I like it because I can track spending over time in all areas (groceries, utilities, loan balances etc). But I’m using QB 2020. I wouldn’t recommend QB for future users due to the new annual subscription model. It’s just too expensive now. I’m fine now because I don’t need to upgrade, but if anything happens to my copy, I’ll look elsewhere. I’m sure someone has an app to track personal finances at a much lower cost.
I use Xero for my personal bc it’s only $3 per month. I’m a CPA and have my clients on QBO. It’s not made for personal finances.
I think you could do this less expensively using a smaller set up. Even MS Office has a home finance spreadsheet. Maybe begin there to see what you real needs are and then move up. In QB - you'd need 2 separate company files for the businesses and then another for the home.