Totally new to QBO and having some issues trying to figure out how to work with tracking multiple bank accounts. While Location Tracking seems to be a simple solution to tracking income & expenses by various locations, I also need to make sure those different locations can track money that is kept in different bank accounts. I have also set up classes to track specific expenses within my Chart of Accounts, but when trying to set up my budget for one location, it appears I can only choose to Subdivide by Location OR Class - I need to be able to create a budget for one location while still utilizing the Classes I have set up. Any help would be greatly appreciated!
Welcome aboard to the Community. I'm here to help you with your concern about location tracking and budgeting in QuickBooks Online.
You can run a report to track money kept in different bank accounts and the location attached to each transaction. I recommend using the Transaction Detail by Account report to pull up the needed information.
The report will filter your transactions by Bank account. You can choose which type of transactions you want to reflect in the report.
If you want to exclude transactions with no Location or Class, you can export the data to Excel. From there, you can remove details manually.
Also, for Budgeting, you can only subdivide to a specific option. The ability to create one for one location and utilize the classes is unavailable.
In the meantime, you can utilize the reports available in QuickBooks to manage income and expenses. For tips on how to personalize reports before exporting data, check out this article: Customize reports in QuickBooks Online.
For additional reference, I've attached a link you can visit for some guidance on managing budgets, like how to edit or make changes in QuickBooks: Create and import budgets into QuickBooks Online.
Drop me a comment below if you need further assistance or have questions about tracking locations or budgets. I'll be happy to help you some more.
Hello & thank you for your reply! So to clarify, as long as I set up Location Tracking and track every entry with a location, it will suffice for keeping my separate bank accounts balanced? My next questions then would be, if I run a P&L by location, will the income & expenses in my classes show up and can I run a report by location that also shows me how I'm doing with my budget per location? Thanks a bunch for your help!
Hi there, JEG8.
I appreciate you for getting back to us here in the Community. Allow me to chime in and share some information about running reports by location in QuickBooks Online (QBO).
If you run Profit and Loss by Location, this will only show transactions by location. You can filter the report by class to view the transactions under it. Here's how:
For Budget Per Location, select the budget that you've set up for the specific location. Please see the screenshot that I've added below:
Additionally, I'm adding this link that you can use for reference: Reconcile an account in QuickBooks Online. This will help you ensure your bank and QuickBooks balance matches accurately.
You can always get back to me if you have other questions about managing your budgets. I'm only a few clicks away from you. Have a good one!