Once you're logged into your QuickBooks Online company file, go to the Banking Tab and click Add Account. It will allow you to add multiple bank and/or credit card accounts into the Bank Feeds. (picture below)
I did that but as far as how to say which one of the expenses on each one of the credit cards are related to this business account and also if I have 2 locations for my business, how can I have a separate P&L for them using all the expenses beside that business checking account, like : if I transfer money from other business account to cover some expenses for this account? or the credit card purchases that was related to either one of those 2 locations...
I have done that but my problem is I have 2 location of hair salons, and one Insurance agency. all of them under one LLC. each has it's own business checking account, but all with us bank. most of the time, I'll transfer money from my insurance AGENCY CHECKING ACCOUNT TO either one of those salon's checking account to help paying expenses like payroll, rent or any utilities. now on the account that received the money it shows extra money received but it was a lost, for other account that transferred the money to that account. ( it was not earned money for receiving account) it was helped from other account. or all the credit card expenses that was for online orders, or any products or other expenses. how can I make sure it's all calculated right? and not mistakenly count as a money received or earned?????
Hi there, mirasbemail.
I'd want this to be taken cared of.
In QuickBooks Online (QBO), we can only generate one Profit and Loss report per one QBO account. However, we can turn on the location tracking feature and sort a Profit &Loss report by location. This is used to categorize data from different locations where you can see all the payments for one location.
Here’s how to turn on Location Tracking:
Here's an article that outlines more information about how location tracking works in QBO: Set up and use location tracking.
On a different note, I recommend consulting your accountant for more expertise in handling money transfers from different accounts. This is to make sure you'll be guided on what's the best way to handle this situation.
If you have further questions about location tracking as I'm always here to answer them all.