Accounting for Parent and Subsidiaries
I am working with client to set up accounting for parent company that will have up to 20 wholly owned subsidiaries. Each of the subsidiaries are disregarded for Federal Tax purposes, but need to keep separate books. Each subsidiary have a group of fixed asset. Client would like to use one bank account in the parent and account for all of the enties in the Parent company. I know how to do classes and separate the income statements but am not sure that I can do the same thing on the Balance sheet in order to keep the Fixed assets separated. Has anyone had any experience with this structure in quick books and if so how did you deal with it.Thanks!