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Multiple self-owned customer and vendor accounts

Mark474

Say I have multiple companies; A, B, and C; they sell and buy from each other. Thus, each company needs to invoice and also bill the other companies - please remember that these are all my companies and each has a separate bank account.
So say A issues an invoice to B, or B issues an invoice to A or C; is there any way to set this up so that these transactions reflect in the companies' respective bank registers? Is there any way to link different AR's or AP's to different bank accounts?

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Quicken Harold

Hello Mark. Appreciate your question.

Which version of Quicken are you using? https://getsatisfaction.com/quickencommunity/topics/add-your-quicken-information-to-your-posts-plus-...

Please let us know so that we can best help you.

Respectfully,
~ Quicken Harold.

Mark474

Sorry, forgot to include that info.
I'm using Home, Business and Rental Property 2019.

Mark474

Bump

UKR

Nobody seems to have an answer for you and your (IMHO) unusual business scheme about invoicing each other.

You can have all 3 businesses in one A/R and one A/P account in Quicken, or you can use separate ones. What makes an invoice a "Company A - issued Invoice" vs. B or C is the setting of the "Business tag" field in the New Customer Invoice data entry form. You need to set this field individually for each invoice you write. There's no setting you can specify to make "A/R account A" use default values for Company A and Business Bank Account A. Ditto for B and C.

If you are a sole proprietor and all three businesses' Income and Expenses are reported in your Personal Income Tax Return plus 3 Schedule C forms ... I'd discuss this scheme with a qualified tax accountant or tax attorney, to verify if that's even allowed or necessary.

volvogirl

Do you have the companies setup in separate data files or all in the same file?

NotACPA

Nobody seems to have an answer for you and your (IMHO) unusual business scheme about invoicing each other.

You can have all 3 businesses in one A/R and one A/P account in Quicken, or you can use separate ones. What makes an invoice a "Company A - issued Invoice" vs. B or C is the setting of the "Business tag" field in the New Customer Invoice data entry form. You need to set this field individually for each invoice you write. There's no setting you can specify to make "A/R account A" use default values for Company A and Business Bank Account A. Ditto for B and C.

If you are a sole proprietor and all three businesses' Income and Expenses are reported in your Personal Income Tax Return plus 3 Schedule C forms ... I'd discuss this scheme with a qualified tax accountant or tax attorney, to verify if that's even allowed or necessary.

I'm wondering about this myself ... because what would be an expense for Company A, would be Income B ... and you'd either need to report BOTH or Neither sides of the transactions.

In my oft used analogy ... this is no different than moving your wallet from one pocket to another, you're neither richer nor poorer after it happens.

Mark474

Do you have the companies setup in separate data files or all in the same file?

All in the same data file.

Mark474

Nobody seems to have an answer for you and your (IMHO) unusual business scheme about invoicing each other.

You can have all 3 businesses in one A/R and one A/P account in Quicken, or you can use separate ones. What makes an invoice a "Company A - issued Invoice" vs. B or C is the setting of the "Business tag" field in the New Customer Invoice data entry form. You need to set this field individually for each invoice you write. There's no setting you can specify to make "A/R account A" use default values for Company A and Business Bank Account A. Ditto for B and C.

If you are a sole proprietor and all three businesses' Income and Expenses are reported in your Personal Income Tax Return plus 3 Schedule C forms ... I'd discuss this scheme with a qualified tax accountant or tax attorney, to verify if that's even allowed or necessary.

My bad... I should have mentioned that transactions are not always internal (between my companies); i.e., each company also does business with external customers/companies.

mshiggins

From C. D. Bales:

Payments of invoice transactions (PMT) are deposited in (Accounts Receivable invoices) or withdrawn from (Accounts Payable invoices) non-invoice accounts ... which are probably typically real-world checking accounts.

You can't miss this: when you create a Quicken invoice payment transaction {which can be entered directly in the Receivable or Payable account, or by opening the invoice and choosing "Receive payment" (Receivable) or "Create payment" (Payable)}; the payment MUST be deposited to (or withdrawn from) a non-invoice/non-investment account.

In Quicken a Customer is different than a Vendor. Each is created in the Address Book.

But you can tell Quicken to classify a single Address Book name as both a Customer and a Vendor.

You can create Accounts Receivable invoices for Customer Joe Johnson, and Accounts Payable invoices for Vendor Joe Johnson.

As noted earlier by UKR, you can assign different Business Names to Accounts Receivable invoices and Accounts Payable invoices. But you can also assign the same business name to Accounts Receivable invoices and Accounts Payable invoices. Using separate Business Tags for each Accounts Receivable business and each Accounts Payable business, will allow the user to group financial info by Business.

[Also as noted earlier: invoices are never "reflected in [any] bank registers" - only payments are ever "reflected". in "bank registers".]