New department, new company, new bank account - what's the difference and how to add them
Last updated: 2021-11-09
Post view count: 2181
InvoiceOcean gives you the possibility to manage multiple companies and departments and to add multiple bank accounts from the level of one account.
Using the Basic, Professional, Enterprise subscription plans, you have the possibility of creating multiple company departments on your account (under one VAT ID), while the number of companies (added in the same way as departments are added, but with different VAT IDs) that you can create within one account is 1 in the Free and Basic plan, 3 in the Professional plan, and unlimited in the Enterprise plan.
Please note - each of these companies added in a separate account in InvoiceOcean is subject to a separate fee.
To see what options we offer, go to Settings> Company/ department.
Three buttons will appear on the left: Add new department, Add new company, and Add new bank account:
If you want to add:
(a) a new department or bank account:
- fill in the fields manually and press the Save button
b) a new company:
- choose one of the options that will appear: Add company by department or Add company (via new account) - later in this article you will read how these two options differ in more detail;
Depending on your choice of options regarding the creation of a new company:
- when adding a company by department, follow the same steps as when creating a new department (instructions above);
- when adding a company via new account, follow the instructions in this entry under the heading New Company.
A separate department can be, for example, a separate location, a separate bank account or a separate store if you have more than one. This is also a good solution if you sell your products in a foreign language or foreign currency - you can then create a separate department for invoices in German and a separate one for invoices in Spanish.
Company department can be either a separate branch or a separate part of the company, which you want to report separately. After adding several departments, the User will be able to generate summary reports or reports broken down into individual departments.
If you add a new company as a department within one account, clients and products will remain common.
Once its created, your colleagues will only be able to access the department you have selected without being able to navigate to other departments.
If you want to keep several separate invoice numbering, you have the option to add several company departments and define a separate invoice numbering scheme for each department.
If you are using several bank accounts, it may be beneficial for you to add several departments that will differ only in the short name and account number. Thanks to this, you will be able to easily select the appropriate account number when adding a new invoice.
Importantly, company departments share the same VAT ID and this will also appear in the VAT ID section when you want to create a separate department of the same company. If you choose a different VAT ID, the department will automatically go to the company that the VAT ID belongs to. If you choose to enter a completely new VAT ID, the system will immediately offer you the option of creating a new company instead of a new department.
To immediately add an entity with a different VAT ID, use the Add new company button.
You can add a new company in two ways:
1) one account and separate companies as departments - Add company by department button;
2) a separate account with a single login - Add company (via new account) button.
1) If you want to use the first option - adding a new company will look the same as adding a new department described above. The client and product base then remains the same for all departments.
After pressing the button selecting this option, the system will redirect you to the same place where the new department is created - you will be able to add a separate numbering of documents or a separate configuration of sending documents by e-mail.
What's important, the system doesn't allow several invoices with the same number to be issued in the same year within one account. If you want to set separate numbering for departments, it's a good idea to add a letter or number at the beginning of each department - then each department will have a unique number.
2) If you choose the second option - it will create a brand new account from the same user profile, which means that after adding it, you will be able to manage it using the same login and password and switch between them using the top menu.
This will create separate companies with separate client and product databases.
After pressing the button selecting this option, the system will redirect you to create a new account. You will see your current username with a number at the end telling you which new account you are creating.
If additional accounts have been created by you for your clients (i.e. you use the option available for accounting offices), to whom you want to give the ability to manage the account:
- go to Settings> Users
- set up the data of a given user and their role in the system
Adding a new bank account automatically creates a new company department. Have in mind in which company you want to create this department.