No. We have this situation. We ended up having to obtain a license for the most basic Sage Accounting Online platform to set up the separate entity. For our separate entity, we only use general journal entries and bank reconciliation - no invoices, checks, etc.

One note - you need a different email for each Sage account. We set up an email account on our MS Exchange Server just for the separate entity's accounting platform. We set it up as a group email so that it doesn't have its own mailbox, but instead automatically sends to the relevant accounting staff.

Pat Hernandez said:

ended

This is sad, I would like to hear a different answer!

We did this for an entity we operated as a joint venture, but under Tax ID, so not exactly the same.

Because we have two distinct operations, our organization and the convention we run, our Chart of Accounts uses a character to differentiate the entities.

####-A-####.

When the joint venture ended, I made all of the accounts labeled "W" inactive.

The alphanumeric in the middle is used to create the separate entities. Since Sage does not organically map to our 990 return, (Excel extracts, lookups, and pivots required) it would not matter if there were separate tax ids.

This let's me compare common expenses across entities

6001-x-1000 is always office supplies.

While this would require a rebuild of your books (Sage provides extensive instructions on how to do that), it is a possibility that in the long run might be cheaper than two accounts.

Regards,

Maria Markham Thompson, CPA

Treasurer 

Baltimore Science Fiction Society

Correction (I was thinking of the CoA at my day job).

The Baltimore Science Fiction  Chart of Accounts is ####-A-##.

Account-Unit-Department.

Maria