One ABN, 2 businesses

GoldenKim
GoldenKim Member Posts: 5 Novice Member Novice Member
in Reckon One

Hi, Iā€™m a sole trader running 2 businesses under 1 ABN. I am looking at moving over to Reckon but I want to confirm if I will be able to run both businesses under one license and pay one subscription?

Comments

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,205 Reckon Community Manager Community Manager

    Hi @GoldenKim

    Welcome to the Reckon Community šŸ™‚

    With Reckon One, your book operates per ABN so if you've got one ABN then you'll only need one book. With that said, can you give me a bit more info on your use case. Are the two businesses completely separate and require separate reporting?

  • GoldenKim
    GoldenKim Member Posts: 5 Novice Member Novice Member

    Thank you for the prompt reply!
    Yes, they are completely different businesses requiring seperate reporting. One is UberEats and DoorDash delivery and the other is Virtual Assistance and Administrative Services.

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,205 Reckon Community Manager Community Manager

    Are there any employees and/or payroll required for either of these businesses?

    Also, do these businesses have separate GST branches under the single ABN?

  • GoldenKim
    GoldenKim Member Posts: 5 Novice Member Novice Member

    No employees or payroll.

    Neither business is registered for GST. The delivery business will likely cease within 12 months and the VA business will likely be registered for GST in 12-24 months.

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,205 Reckon Community Manager Community Manager

    Right ok thanks for that @GoldenKim

    From what you've advised so far I don't think there's anything that will prevent you from using one book for this however, to be transparent, it doesn't sound like the typical use case and you may have some challenges around the reports aspect. Specifically, when you generate reports it'll pull data from the book in its entirety so if there are items, accounts, income, expenses etc for separate businesses its going to show all of it.

    I'm not sure if that may be an issue for you in terms of keeping things separate and some reports allow you to filter and/or specify specific elements etc however my first suggestion would be for you to give Reckon One a trial, if you're not already, and give it a thorough test drive to ensure it meets your requirements.

  • GoldenKim
    GoldenKim Member Posts: 5 Novice Member Novice Member

    Thank you. I will start a trial this week

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,205 Reckon Community Manager Community Manager

    Sounds good! Let us know how you get on and if you have any more questions šŸ™‚

  • Talldad
    Talldad Member Posts: 1 Novice Member Novice Member

    Hi GoldenKim,

    Here's a suggestion for your testing of Reckon.

    If you can use a single common chart of accounts, use the Projects feature to tag transactions and do separate reports for your two divisions.

    When one expires, you won't need to do any restructuring of your chart of accounts or your reporting.

    Regards,

    John A

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,205 Reckon Community Manager Community Manager
    edited April 2

    Excellent suggestion @Talldad šŸ‘šŸ™‚

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