A client recently asked: Our CPA firm offers both accounting services as well as IT Consulting. We would like to track the two types of services separately. Do we need separate company files?
Since your firm is one corporation, I recommend having both programs in the same QuickBooks file. You can do this by using Classes.
* Turn on class tracking at Edit -> Preferences -> Accounting -> Company Preferences (you may need to be signed in as the Admin to do this).
* Add the classes you want to use at Lists -> Class List. Click on the Class button and select New. In addition to accounting and IT consulting, you will need to add a general class for any transactions that can't be assigned to either program.
* Make sure to include a class on all your transactions. You can get a list of all the transactions that don't have a class assigned by going to Reports -> Company & Financial -> Profit & Loss Unclassified.
* You also can get a Profit & Loss by Class report in Reports -> Company & Financial.
This approach will allow you to report on each program separately when needed but maintain a single Quickbooks file for your firm.