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?
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.
Sales - Location1
Sales - Location2
You can set up one account, and we call this a "title" account, and then set up sub-accounts for each location.
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!