You’re a CEO. You want to know the answer to a simple financial question, e.g. last month’s revenue. However, if your company is of decent size, it’s probable that your accounting team uses multiple QuickBooks company files to record your data. This could be for several reasons:
- Your company has several legal entities, perhaps through acquisitions, and you maintain separate books for each legal entity.
- Your company is large enough that you would exceed the transaction limits in a single QuickBooks file.
- Your accounting team did a historical migration or change of processes, and now uses a new file.
Any of these would result in having multiple QuickBooks files – which is the case for about half of InsightSquared’s customers.
Here’s the problem: if you have multiple QuickBooks files, you cannot use QuickBooks to get consolidated reporting across all of them. You also cannot merge them via QuickBooks.
Here are 3 possible solutions.
1. Upgrade to QuickBooks Enterprise Edition
Quickbooks Enterprise Solutions is the highest edition in Intuit’s product suite. Pricing starts at $999 with +$575 per additional user. Right away that’s one disadvantage of this strategy: it’s more than 4x the cost of Quickbooks Pro.
QuickBooks Enterprise can only combine data to produce the following reports:
- Balance Sheet Standard
- Balance Sheet Summary
- P&L Standard
- Statement of Cash Flows
- Trial Balance
- P&L by Class
Here’s the problem: what if you want to do other types of financial analysis on the combined company data? For example, what if you want to know which customers are late in paying you (Accounts Receivable) across all parts of your company?
Upgrading to QuickBooks Enterprise Solutions only gets you a very limited set of cross-entity reporting. If you want robust reporting, Intuit recommends you move on to solution #2 below…
2. Export to Excel
Most Intuit customers, until now, will have to do this option.
- Export the raw data from a company file into a worksheet in Microsoft Excel.
- Repeat #1 for each company file. Intuit recommends you put each company file into a separate sheet.
- Then, combine the worksheets into a single consolidated worksheet and run analysis on that. We recommend that you have an extra index column indicating the source company file for later troubleshooting in case the merge doesn’t happen perfectly.
Of course, this approach has a boatload of problems:
- You are manually assembling and manipulating the data, which creates the chance of a human error.
- Excel has row limits. Depending on what you are exporting (all transactions?) you may hit these limits when you assemble across all entities. Even if you don’t hit the row limits you may hit your computer’s memory limits.
- Manually refreshing data is cumbersome. Every time you want to look at company financials you need to bother your accountant to export and re-assemble the data. Thus you can either suffer old data, or waste a lot of time on manual refreshes.
- Where’s the insight? This export process will generate a lot of data, but very raw data. You then need to assemble it, do the addition and subtractions, do the date range calculations, etc. Even then, you may not have truly insightful reports that help you run your business better.
All of the above reasons are true of reporting in general. Excel is good for ad-hoc analysis but is not good at ongoing reporting.
If you want consistent, reliable, ongoing reporting of Financial data across multiple entities, Intuit recommends #3 below…
3. Combine in an Analytics Application
In 2011-2012 Intuit launched its Marketplace for 3rd-party software. Apps in this marketplace can (with your authorization) do things with your sync’d financial data.
In a Marketplace search for “combine company files,” there is one application that will combine several files into one. However, it only provides combined P&L and Balance Sheet reports. This is cheaper than buying QB Enterprise Solutions but even more limited — you don’t get combined data for any other financial reporting you might need.
Another approach is to use an analytics platform like InsightSquared that can read multiple company files when compiling financial analysis.
InsightSquared is reading data from five simultaneous company files and combining their data as if they were a single company. This happens automatically. This means that, for example, when you see analysis of your Accounts Receivable over time, it is whole-company analysis because it includes all your data:
Report Consolidation in QuickBooks Enterprise
One of the most common tasks I perform for my clients is consolidating or combining multiple QuickBooks® files to create a combined set of financial statements. Most of my clients have QuickBooks Enterprise, and that feature is built-in!
However, I do have some clients that do not use QuickBooks Enterprise, opting to use QuickBooks Pro/Premier or QuickBooks Online instead. But, when they do want to consolidate reports, we resort to two options:
- Export the reports to excel, and combine them manually (which requires some extensive work with getting all chart of accounts to match and some data manipulation in excel), which could be a task that takes between one to four hours.
- Use one of the many third-party apps that are design for consolidation, such as FathomHQ, Spotlight Reporting, Qvinci, QQUBE, Bison Analytics and Infor F9.
But, let’s focus on how to go about combining multiple QuickBooks Enterprise company files. First, keep in mind the following important caveats to be prepared for:
- Make your chart of accounts in the several company files as nearly identical as you can, making combined reports much easier to read.
- Accounts will ONLY be combined if they are identical. (Have the same name, same type and are at the same hierarchical level in each report. However, the good news is that they are not case sensitive.)
- Accounts that will NOT be combined:
- Identical Account names with different account numbers; for example “6115 – Utilities” will be a different account than “6778 – Utilities.”
- One account with an account number, and one without an account number. For example, “6200 – RENT” will be a different account than “RENT.”
- Accounts at hierarchy different levels, such as an “Office Supplies” account, are not combined with an “Office Supplies” sub-account of “Office Expenses.”
- Name differences due to Spelling. For example, “telephone” is not combined with “telephones.”
- Accounts are listed by type. Within each type, accounts are listed in the order of what has been done in the first selected company file. Subsequent accounts from the other company files are appended in the order they are encountered.
- You may be asked to log into your files and switch them to multi-user mode to accommodate the combination routine, which means you need to sit in front of the computer and enter the login credentials until all companies have been loaded. After the last one is loaded, and the excel combination is happening, then you can get up and get some coffee.
After you have done the preparation work in your chart of accounts, and made sure you had admin level access to all companies, you can follow these steps in QuickBooks Enterprise, with at least one of the companies open:
- From the Reports menu, select Combine Reports from Multiple Companies.
- Click Add Files, locate the other company file and click Open. Repeat for additional files.
- In the Select reports for combining section, select the reports for which you want to see combined information.
- Complete the From and To date range fields to set the report date range.
- Select a report basis.
- Click Combine Reports in Excel. A Microsoft Excel spreadsheet will open with the combined information.
Ultimate QuickBooks Multi-Company Reporting
QuickBooks Reports from Multiple Company Files
If you own multiple businesses, are a franchisor, or a franchisee with multiple locations, QuickBooks is a great way to do the books for each location. But combining reporting into an easy-to-use system difficult…until now. No system provides detailed, accurate to-the-penny reporting on all locations with all history like the Bison System. Group your companies as you’d like. All dashboards instantly update for all companies, a group of companies, or individual companies at the click of your mouse. The Bison System redefines QuickBooks Multi-Company reporting and dashboards.https://www.youtube.com/embed/dqy86_ldtLY?rel=0&showinfo=0
Easily Show All Companies
- To show the dashboard for all companies, choose ALL
- You’re immediately reviewing consolidated financials for all of your company files
- Even better, the full history behind all of these transactions is available to you in the Bison System
- And each location is audited and accurate to-the-penny each time you sync your data
Convenient Company Groups
- Groups of companies often make sense
- Suppose you have two regions with two different managers
- Each manager can see their combined data easily
- You can also create simple comparisons between groups of files, providing powerful comparative analytics
Get Down to Detail
- Choose a single company and that’s all that’s visible in your dashboard
- This allows you to really see what’s going on in an individual business or location
- Once you’re finished with high-level dashboards, view detailed reports by any grouping of your company files
- You can also select and compare any company files you want, even if they are individual files from different groups
- This is the QuickBooks Multi-Company reporting you need .
How to Combine Reports from two or More Company Data Files
Combine the QuickBooks Reports
Do you know any possible way or process to combine the QuickBooks Reports? Imagine if it’s exciting & obliging to combine QuickBooks reports. Here we are discussing that this is the mode to amalgamate reports of manifold data files of the diverse company.
It is much trustworthy to combine reports via Multiple companies features that make you able to generate reports for combining manifold balance sheets-all these processes you can transport to a Microsoft Excel spreadsheets file.
Various fundamental parts for basic details about the reports in QuickBooks are:
An understanding between two or more account:
- One of the key tasks is combining the QuickBooks reports is comprehensible. However, If you have adequate awareness about this topic or you are able to know the different data then you can effortlessly scrutinize the essential details to complete the task.
Arrange QuickBooks report for orientation:
- Once you visualize the information, the next step is to organize the data as per required.
Modify QuickBooks reports:
- If you want to compose some alterations in their details/information according to the necessity then it’s a compulsory part.
Mark the Comment:
- You can also comment on the alteration after making the details/information effectual & favorite.
Organize & built the customary QB reports:
- One of the most significant tasks to do so is classifying the QB data & must be planned.
To combine QB reports just consider these points:
- The QuickBooks reports must be uncomplicated and easy in reading & build a profile in the different QB company files that suppose to be identical.
- QB reports should be combining if they have approximately proper data in alike pattern as type, gradable level and also same name. (Not necessitate case sensitive)
One of the imperative points – accounts will not be amalgamated/combine if:
- If it has diverse properties.
- In case, it differs in the Alphabetic character.
- When the Account numbers don’t match.
- Assume one user posses different QB report & the other one is having different data.
- Reports demonstrated type wise. Every detail/ information have to be chosen in the pattern of what suppose to be done in the first preferred company file. If the account added by the other account in the progression they are encountered.
- If the choice logged into the QB files & desire to change them to numerous users to accommodate the combination routine.
Some Useful features – Built-in Combined reports in QuickBooks Enterprise
As you know, if you have built-in features in any sphere then you can execute the various multifaceted task in a trouble-free approach. Similarly, QuickBooks Enterprise solutions also endows a Built-in functionality to combine many QB company files.
- Record the standard.
- The result of the Balance Sheet.
- Margin & financial amount loss.
- Profit & loss by the category.
- Comments on the cash flow.
- Attempt on the balance.
To Merge the QuickBooks reports:
- First of all, go to the QuickBooks “Report” menu.
- In the “multiple company” tab, hit onto the combine reports.
- Now Choose the “add files” icon & identify the other corporate investor.
- In the reports for combining section, click on the information/details for which you desire to see combined data.
- Finish the form & to date range fields to set the data date view.
- Selection procedure of the details/information depends upon the reports.
- Click on the “Combine reports” tab in Excel format.
Option 1. If you desire to use a 3rd Party software, you can point out many applications that work along with QuickBooks software. In these, some deliver valuable details/information to create the supplementary data from numerous corporate data files.
Option 2. You can effortlessly transport the reports from each other by following several directions & can merge using Microsoft Excel.
- In the beginning, open the first QB data file.
- Create the QB report
- Export the QuickBooks data to excel & save it.
- Close the first & open the next.
- Same process follows as given in step 3&4.
- Open the sheet as well as a workbook.
- Combine the reports into third worksheets.
Hopefully, this technical blog helped you out in the method for how to combine QuickBooks reports. In case, you still find any hassle related to this or any other problem associated with the QuickBooks – you can take help and support from our QuickBooks certified experts.