Bookkeeping with Multiple Entities
I work with a small retail company with multiple locations. Each location is it's own entity with it's own books. The stores transfer inventory across all locations all the time multiple times a day. How do I keep track of all these transfers? Is there a better way than creating journal entries on each entity? This is very time consuming (boring) and feels wrong. The journal entries are essentially blank, there's an amount and a date.. not very helpful if I ever needed to go back and prove my work.
Does anyone have any experience bookkeeping for small chain stores? Or a warehouse?
First, are they TRULY their own entity, with separate EIN #'s??? If not, they should all be in the same QB file. AND, i would say getting the Enterprise edition (if you are using QB), would be a help with this.
If they are truly separate entities, with separate EIN #'s, i don't have a good recommendation....sounds like a real PITA to me!
@casey-4 Yes, they are truly their own entities with their own EINs. Any help would be appreciated
Do you track inventory in the QB file? If so, i have no idea how to make it easier. if not, then i would simply do a periodic inventory AJE's.
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