Our non-profit is going to start a subsidiary. What is the most cost effective way to do its books

Hello, Wilsonor. The best way to manage your subsidiary is to set up a separate QuickBooks Online account, especially if it operates as a legal entity with separate transactions, payroll, and bank accounts.

Although a separate account involves an additional cost, it ensures the subsidiary’s financial records remain distinct from the non-profit’s, avoiding confusion and simplifying compliance. This approach provides a clear separation of finances, supports growing subsidiaries, and enables you to manage and report the subsidiary’s financials independently.

To set up a separate account, visit the QuickBooks pricing page and choose the subscription that fits your needs. For additional steps in creating new account, check out this article: Create or add another company file. 

We also recommend consulting with an accountant for additional guidance and advice tailored to your specific business needs. They can help ensure that your setup aligns with your goals and compliance requirements. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.

Also, I'd like to introduce our QuickBooks Expert Live Assisted service, where you’ll receive personalized support from our team of experts. They can assist with managing your books and finances, categorizing transactions, and reconciling your accounts to ensure everything is accurate and organized.

If you have any other concerns or additional questions, feel free to add a reply below. We're always here to assist you!