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New Install - One Company w/2 divisions ok?

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.

RE: New Install - One Company w/2 divisions ok?

If you use the same tax identification number, then set up both businesses as one company.  You can utilize the chart of accounts to designate each business.

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.

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