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Connect with and learn from others in the QuickBooks Community.
Join nowThere are multiple ways on how we can track transactions, rae5.
We can use the Class or Location tracking to manage our transactions and classify them accordingly. We'll have turn this feature first and then we can assign a class or location for a transaction.
Here's how to turn it on:
Let's try to open a transaction and we'll be able to see that we can track location as a whole a transaction and for classes we can either use it for each line item or entire transaction as well. Reports are also available for us to track how well we've been doing for each class or location.
Here are helpful articles that will guide us through on how these feature works:
Reach out to me if you need anything else. Thanks!
How you do it is up to you, but the requirement is one business = one accounting file
IRS Pub 583, Page 5 - must keep separate books per company
and for sole proprietors
IRS Pub 334, page 40 - "If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C."
IRS Pub 334, page 45 - separate schedule C for each business
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