Let me share some information about the class/location tracking in QuickBooks Online.
Class tracking in QuickBooks is an awesome feature. Class track of your Income, and expenses by department, location, property, project in QuickBooks. This feature is only available in QuickBooks Online Plus.
You can easily turn on class tracking or location tracking in Settings:
Select the Gear icon in the Toolbar, then Account and Settings (or Company settings).
Select Advanced under Account and Settings.
In the Categories section, select the edit (pencil) icon.
Choose the category you want to enable and select the settings for that category.
Select Save. Once this feature is turned on, a drop-down menu for Classes or Locations will appear on your forms.
Now that you have enabled the drop-down menu for Classes or Locations, you can create categories for them:
Select the Gear icon, then from Lists, select All Lists.
Could you tell me if it is necessary to group income and expenses this way or should I just list all business income and expenses under the main LLC.
I really feel like it will become too complicated and cost more than I really can afford at this time.
Please advise. Thanks!
You have to prepare a separate schedule C for each business. "Class" only available in QBO Plus would be the easiest, but if you don't want to get Plus, you could make an income-type account for each DBA, and for expenses make a different parent expense-type account for each DBA, and then each has own list of sub-accounts for the expenses. There may be duplication:
You would have to calculate the net profit for each DBA