I use Location (renamed as "Property" in my QBO Settings) to manage a few rental properties. I get a clean P&L by property, but my Balance Sheet gets messed up, splitting my one shared bank account and one credit card into a bunch of different non-zero values for each Property. I'm really not trying to track bank account and credit card per-property, only the loans, escrow balances, etc.
My workaround is to use a Journal Entry to zero it out annually (although I'd prefer better balance sheet accuracy than just annually). The Journal Entry credits and debits the same account but with different Locations set on each line item. I have to manually scour the balance sheet to determine the right amounts to transfer between Locations in order to zero things out. (Perhaps if QBO had a way to exclude an account from Location/Property tracking then these adjustments wouldn't be necessary.)
Alternatively, I could use Classes for per-property accounting. If I do, every transaction line item can be set with a class, but it's also more tedious because every single line item must be set with a class individually. But by doing this, I can make sure the bank account/credit card side of the transaction never gets the property class assigned.
Are there better options?
