My boss wants to record revenue for each location.
So I created seven company files, plus one for the corporate office. All locations incurred expenses that were paid thru corporate.
Revenue/sales deposited to one bank account in the corporate office. The corporate office paid worker’s comp this month in the amount of $8246.00 for the whole year (annual premium). I need to allocate the expenses each month for every location. How do I post journal entry to each locations and the also in the corporate office?
The corporate books should already be ready. So I don’t see a need to make adjustments to it.
Just so you know: in the future you can set up a single QB file for all of the locations. Turn on the Class feature, and give each location, plus corporate, a Class name. Each transaction will then be assigned to a Class, enabling you to run a consolidated P&L or Class-based P&Ls. This will be much easier than having SEVEN (gasp!) files. Yikes… I’m getting a headache just thinking about seven files for a single entity.
Anyway, back to your current situation. I’m thinking out loud here. I’m concerned about the balance sheets for the seven other files…. in what shape are they? How are the receivables being moved from the seven files to the corporate file?
I have some idea of how to procede, if the financial statements of the seven other files are ok.
For example, you say that the revenue/sales were deposited to one bank account in the corporate office, but how was this recorded in each locations QB file? And how was it recorded in the Corporate file?
Since I don’t know how the various transactions have been recorded, the best advice I can offer is to have an accountant or well-trained bookkeeper come into your office and look everything over. Then, only then, and only if everything looks ok, can you successfully procede with some journal entries to move the revenue/expenses into the corporate file.
I’m sorry that I can’t be more helpful, but there are too many variables for me to make generalizations. Take care and I wish you well.