How do I add to businesses to one company? My husband and I are both Real estate agents and need to track expenses and income separately for tax purposes, but we also want to see a total for both of our businesses combined.
Create classes. My husband and I are in business together and we use classes for all income and expenses. Anything he earns or spends, gets "classed" to him. Same with me.
Turn on classes by going to Edit > Preferences. Click the Accounting choice then the Company Preferences tab and check the USE CLASS TRACKING box.
Set both you and your husband up as classes. Works like a charm.
Hope this helps! If so, please mark Solved. If not, just ask more questions. Thanks so much.
Debbie
Connellteam: Do you function as a partnership, sole proprietors, or as an LLC or corp?
Sarah Lawlor
Sr. Business Analyst, Intuit MyCorporation
We are set up as an LLC with 2 members. I want to be able to track both of our expenses separately and have them roll up to a total company. We are both Real Estate Agents and need to track expenses separately for tax purposes. Will the classes help?
I am in the process of downloading our credit card transactions and will be distributing them to each person as expenses.
Thanks for your help.
If you want to keep the books under the one LLC and just track the earnings/expenses/etc of each member separately, then it sounds like Debbie's suggestion works.
I wasn't sure if you were wanting to actually create entire separate entities for each of your businesses, and then have the two entities be part of a larger entity. If that's the case, generally speaking, people can form three separate LLCs, for example, and have two of the LLCs be the members of the parent LLC. In such a case, the book-keeping would be a bit more complex, but each business would have a separate tax and legal existence, which is beneficial for some people -- depends on the situation and should only be done after consulting with your own attorney or cpa.
But if you indeed just want to *track* you and your husband's earnings and expenses rather than actually create separate legal entities and actually keep the income/expenses completely separate, again, it sounds like Debbie's suggestion would work.
In any case, best of luck with your business!
Sarah Lawlor
Sr. Business Analyst, Intuit MyCorporation
