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Hi,
I have one bank account from where I operate my personal expenses and a small sole proprietor business.
My business has 4 different departments (1 services and 3 products).
I would like to separate the personal budget & cashflow from the business aspects.
The 4 different departments (1 services and 3 products) I would like to track time/vs income and stock/sales & expenses separately to determine where investment and time should be spent.
I have QB Online. Please advice if this is the best option for my needs?
I don't want to pay for 5 subscriptions.
Thank you.
Thanks for visiting the QuickBooks Support page, @lkarch.
Allow me to share some information on how you can separate transactions for each departments or businesses in one QBO account.
For this, you can tag your transactions using the Class or Location tracking feature. This way, you're able to identify the transactions easily just by looking at the reports. These are the steps to enable the feature:
Once set up, you can assign these class or locations your sales or expense transactions. See this example:
Once you have the transactions tagged, you can open any reports and filter by Class or Location. To learn more about how this features work and how to use them, check out these links:
Drop by the community for follow-up questions about this topic or if you need other things with QuickBooks. I'll be right here to help. Have a lovely week!
Thank you for the response.
I don't have a Categories options after Advanced.
You're welcome, @lkarch. It's our pleasure to help.
I'm here to share additional information about class tracking in QuickBooks Online (QBO).
You must be subscribed to either QuickBooks Online Plus or Advanced to use the class tracking feature. This is why you don’t have the Categories under the Advanced tab in your Account and Settings. Refer to the following link for more information about our plans and pricing: Intuit QuickBooks.
After choosing the plan, you can go to the Billing & Subscription tab to upgrade your subscription. Check the following steps:
Check the following article for more information about upgrading or downgrading your current QBO subscription: Upgrade or downgrade your QuickBooks Online subscription.
To know more about turning on the class tracking and setting up your list after upgrading your subscription, see this article for detailed guidance: Get started with class tracking in QuickBooks Online. That will also show you run reports and budgets for each class you have.
Here's a guide that can show you how to adding, deleting, or restoring a class in QBO: Create and manage classes in QuickBooks Online.
Let me know if you need more help with class tracking and or anything else by leaving a reply below. I'm always here to assist. Have a great rest of the day!
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