Using QB to keep track of expenses and income of race horses. Also to keep track of expenses associated. Is it best to have a session for set up

Pick QBO Plus or Advanced to utilize the Location>Business feature. You can set each horse as "a business" to track their performances separately.

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Thanks for visiting the Community, lauraheinsen-yah.
 

Aside from Fiat Lux - ASIA's suggestion, you can also utilize the class tracking feature in QuickBooks Online. This lets you track account balances and transactions by department, product line, or any other meaningful breakdown of your business. Here's how to turn this feature on:

1. Go to the Gear icon.
2. Select Account and Settings, then head to the Advanced tab.
3. Click the Categories section to edit.
4. Tick the Track classes and Warn me when a transaction isn't assigned a class checkboxes.
5. Under Assign classes, select One to entire transaction or One to each row in transaction.
6. Hit Save, then Done.

After that, follow the steps in these articles to help create your class list and assign transactions to classes:

• Create and manage classes
• Track your transactions by class

Lastly, here's a reference that you can read to learn how to check sales, expenses, or profitability by class: Run reports by class.

If you have further questions about how classes work in the program, just leave a reply and I'll get right back to you.