Bookkeeping for two locations

Currently have an LLC and one retail location. Expanding to a second location with the same retail brand. Currently use Quickbooks. I want to track the income/costs separately for both locations in order to see the breakdown for each location What is the best way to do this? Do I need to set up another LLC?

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Hi Matt!

Congrats on the new location! It's always good to see a small biz succeeding.

As for a new LLC - no, don't do that.

You can set up separate revenue and expense accounts for the 2 locations. You can do this by renaming your current accounts, and then setting up new accounts for the new location.

Like this:

Sales - Location1
Sales - Location2

Rent Expense-Location1
Rent Expense-Location2

OR

You can set up one account, and we call this a "title" account, and then set up sub-accounts for each location.

Like this:

Title account: Sales
Sub-account #1: Sales-Location1
Sub-account #2: Sales-Location2

With this option, you can print an Income Statement either 'collapsed' - shows only the total Sales figure, or 'expanded' - which shows each sub-account detail.

So, you have two options.

Hope that helps!

Kathy

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