Do I need a new QBO account?

I am a bookkeeper and my client is going through the following: His company is operating under the same name as an existing company. He has decided to incorporate a new company and utilize it as an administrative company, which means he will record all revenue and expenses in the new corporation. He will still use the existing company for payroll, as well he owes for past due sales tax, so he will transfer money from the new corporation to his existing company monthly to cover those costs. To me this means he will need two separate QBO accounts for bookkeeping.

Alternatively can he sell his existing company to the new corporation and change his current QBO account to the new corporation instead of setting up a second QBO account?

Answer

Hi littlehouse.book,

Let me share with you some information about creating two QuickBooks Online account.

To keep the information on the old company, the client will need to sign up for a brand new account. But if they want to bring the data from old to new, they'll need to transfer it manually since we don't have a merge feature in QuickBooks Online.

Also, about selling the old company, it can be however it is a very long process because every company has a unique set up.

Let me know if you have other concerns. I'm here to help.

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IntuitGenalyn , Community Support Specialist
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