What is the best way to create a seperate set of books for second business location under the same tax ID?

Hi Mike.

You can use the location tracking to separate your businesses under the same tax ID. Once a location is added to each transaction, you can run a report that displays all your record per location added. I'm here to share the details about this feature.

To use the location for every transaction, you need to enable the feature from the Accounts and Settings. Please be reminded that locations are only available in QuickBooks Online (QBO) Plus and Advanced.

Here's how:

1. Go to the Gear icon, then select Account and Settings.
2. Click on Advanced.
3. In the Categories section, tap on the Edit icon.
4. Select the checkbox to track locations.
5. Hit Save, then Done.

After that, here's how you can add, edit, or delete a location in QBO.

When creating a transaction, pick a location from the Location drop-down.

You can also use classes to track your income, expense, or profitability by business segment.

Moreover, here's how you can run your reports to tell you about the different aspects of your business.

If you have any other questions about managing your accounts or business, let me know by adding a comment below. I'm always here to help. Keep safe!

So I have locations enabled on QuickBooks but I have to separate the income, loss, profit, etc.  from each location and also how much it is for taxes of each location but because its only showing me what it is from taxes all together I need help on how to separate the taxes by location if possible? 

Hello there, @Santos95.

Automated Sales Tax in QuickBooks Online calculates the sales tax based on the following:

• Your customer’s tax-exempt status
• Where you sell and ship
• Your service or product's tax category

When you set up sales tax make sure you select a location on each transaction.

You can also run the Transaction List by Customer, then filter the Taxable amount, Tax amount, and Location columns. This way, you'll see the taxes by location.

Here's how:

1. Go to the Reports menu.
2. Type in Transaction List by Customer on the search bar.
3. Click the small gear icon.
4. Select the Show more drop-down arrow, and then put a checkmark beside Tax amount, Taxable amount, and Location columns.
   

If you need to manage and track your sales by a specific site, check this out for more details: Customize Sales Forms by Location.

Lastly, here's a few articles you can read for ideas about how you can manage your customers and sales transactions: Income and Expenses for QuickBooks Online.

Should you need anything else, please reply to this thread and we'll get back to you.