Merging companies

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Hi, we have one business but it is based in three different towns. We therefore run 3 different books. It's gotten very time consuming and now the accountant wants them all in one. How can I merge 3 "companies" in hosted into one without have to begin all over again. We have about 5 years of transactions on each.
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Penny Norman

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Posted 5 years ago

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Kevin Russell, Accredited Partner

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Excellent question. You can't do it. Or you could have one file and use classes for the different entities. It's amazing it was never set up like this at the start. It's the obvious thing to do. Call me Kevin t : 0407744914
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Gail Lewis, Accredited Partner

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As are on enterprise you could use the feature "combine multiple companies" under reports where you can get combined balance sheet, p&l, trial balance mans cash flow reports.
Then at the start of the new company financial year, journal the balance sheet entries into the main company and then start using the classes as Kevin suggested. However if the coding structures are very different you could end up with a lot of codes in the reports so maybe want to think about renaming the main codes the same.
You will however if looking for historical transactions once started the new financial year need to go in to each of the other companies to look up the info.
However as you do have 5 years of data it may be a good time to maybe start a new company file and using the combined reports in the old files that will give you the combined accounting data to use as your opening balance journal entries to the new file.

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