We are operating two entities separately and these are providing services differently to each other but have the same customer base.
Company 1 is providing 3 services and Company 2 is providing 2 services to the same customers. In total there are 5 services.
We want to keep one set of books whereby we can extract separate statements of each Company.
The purpose is to have single customer ledger so we can manage our customers efficiently.
(In Case of Single Book having two entities entries):
How this objective can be achieved? Keeping in mind that the both entities have their separate bank accounts and separate partners’ capital account.
I understand that on the P&L side, we may manage income, and expenses through tracking codes but not sure of the balance sheet. For example, we create tracking codes by services, so we will able to manage separate Profit & Loss accounts for each entity. In case of the balance sheet, how we can bifurcate the assets, liabilities, and capital of each entity?
(In Case each company has its own set of accounts):
If we create two separate files for each entity which is the standard and logical way, is there any option whereby we can merge the customers’ receivables in the single statement conveniently?