I have few LLC for each property and have to track p&L and balance sheet separately. Do I need different QB accounts or can this be done with classes?

Using the class or location feature is the workaround you may consider in QBO Plus or Advanced. But I would recommend using QB Desktop to manage multi company files.

Thank you, do you recommend class or location? Couldn’t really find out the difference. on the same property that I have rented. I’m also working on investment part which is getting permit and renovation. I don’t know if that will change anything  in which one is better fit. 

so is a separate full balance sheet a possibility with QB pro account? I’m paying $90 currency and I don’t want to add another one if not necessary. 
I would be more comfortable with QuickBooks online as I will have access without losing data. I don’t know how desktop can give you this piece of mind if someone else has your books. 

Thank you, do you recommend class or location? Couldn’t really find out the difference. on the same property that I have rented. I’m also working on investment part which is getting permit and renovation. I don’t know if that will change anything  in which one is better fit.

so is a separate full balance sheet a possibility with QB pro account? I’m paying 90 dollar currency and I don’t want to add another one if not necessary.

I would be more comfortable with QuickBooks online as I will have access without losing data. I don’t know how desktop can give you this piece of mind if someone else has your books.

do you recommend class or location?

You can use mix the class and location tracking to meet your requirement

https://quickbooks.intuit.com/learn-support/en-us/help-article/track-location/set-use-location-track...

so is a separate full balance sheet a possibility with QB pro account?

Do you mean QB Desktop 2024 Pro Plus? One company file is independent of each other.

I’m paying 90 dollar currency and I don’t want to add another one if not necessary.

$90/month for QBO Plus + the class/location tracking vs QB Desktop 2024 Pro Plus for single user ($650) + you can get $100 cashback to purchase the new license from a partner.

I don’t know how desktop can give you this piece of mind if someone else has your books.

Rule of thumb. The easier it is for you to access your company's data, the more likely it will be for other people, including criminals. This is the main reason many QB Desktop users refuse to switch to QB Online.

I'll share some information about tracking LLC for each property in QuickBooks Online, ahmady-elahe. 

Please know that you can do bookkeeping for all of your LLCs in one QB Plus account using classes to track each LLC's income, expenses, and profitability separately. However, it's best to consult with your accountant to determine the best approach for your specific situation. If you're not affiliated with one, browse our site: Find a ProAdvisor.

While QuickBooks offers flexibility to manage multiple businesses under one account, maintaining separate accounts for each business entity is recommended for better financial management and legal compliance.

Moreover, QuickBooks offers various reports that you can generate to view a snapshot of your business.

Drop your comment below if you have further questions or concerns about tracking LLC for each property in QuickBooks. The Community is always around to help.