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Updated almost 6 years ago,
Bookkeeping Set-up Help with separate entities
I have multiple business entities owning real estate as many of you do. LLC 1 owns 5 properties, LLC 2 owns 3 properties, etc.... I can't get a straight answer from my CPA so curious what you guys do. I am looking to hire a bookkeeper and they tend to charge more, a lot more, for additional entities. My feeling is one QB file or account is fine since it can be sorted by classes and the class sort would represent the properties which happen to be owned by different entities. Thus when the info is presented to the CPA he will receive a report for each property and grouped by class or each entity. Curious how many of you have different QB accounts for each entity or if you just sort it by class? Appreciate your thoughts in advance. Happy Monday my friends.