Multiple businesses

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Multiple businesses

MotherNature
New MMEX User

Posts: 1
Joined: Wed May 03, 2017 3:05 pm
Are there any standardized charts of account for different non-profits/businesses? I'm new to being an account for nonprofits and small business here in the US.

I see that I can create multiple separate "business" accounts, each on individual USB keys, but the default chart of accounts is oriented to personal finance rather than a not for profit or a small business that does not want to do their own bookkeeping. This is good because it both keeps things separate and helps prevent hacking.

Are there pre-built charts of account for, say a day care center for the elderly, or an auto repair shop? Those are just examples off the top of my head so pointers to any others would be most appreciated.

Or, is there an easy way to import a standard GAAP chart of accounts?

If this is not really possible, perhaps someone could suggest different software that I might use.

I'm just starting out so I can not afford the big guys and would rather support open source software. Any help is greatly appreciated.

Thank you, and best to you and yours you hold dearest,

MN
Re: Multiple businesses

emmastones
New MMEX User

Posts: 1
Joined: Mon Nov 13, 2017 6:34 am
You can structure any number of organizations under one S-Corp. You can do it in a couple of ways and it doesn't make a difference that the new business is in a totally extraordinary fragment.
In the first place, on the off chance that you needed to keep it basic, you could simply include a different line of business in your unique S-Corp. You would simply be extending your business and would have the capacity to put your pre-impose profit once more into the business to help the development gave that you appropriate to yourself a sensible compensation and pay salary charges on that.
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