New Install - One Company w/2 divisions ok?
New Install - One Company w/2 divisions ok?
(OP)
Before I install my new Peachtree 2003 package I have a fundamental questain. I have a small farm where I raise/sell AMHA minature horses, also we are breeder/sellers of AKC Scottish Terriers. Now the questain, should I consider setting up one company/chart of accounts to accomodate both lines of business or would it be better to set each one up as a stand alone entity? Obviously I am NOT an accountant, I want to keep things as basic/simple as possible recording income (small) and expenses (big!). any suggestians are greatly appreciated.
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RE: New Install - One Company w/2 divisions ok?
For example, your income account is 4000:
Use 4000-H to report income for your horses
Use 4000-D to report income for your dogs
You could also use 4000-01 and 4000-02 or 4001 and 4002. Every account that ends in 1 would be for horses and every account that ends in 2 would be for dogs.