@cjd303 wrote:
I am in process of setting up Company file for client that files (5) SCH E with his 1040. He owns 5 Properties. I set up each as separate location instead of Customer. When I post a deposit (manually) not on bank download yet, I enter the location from the drop down list. I will do the same for Expenses. when I choose P&L report by location will that give me what I need OR should I change all the Locations to CLASS instead. I want to make this simple and easy to run reports for the CPA/Tax Accountant I did a transaction of deposit and expense, just to see the resulting report. I don't want to "overdo" anything
It's better to use Class because you can split one Expense into different Classes on each line. Eg. You paid one payment to a plumber who billed for work done at 2 properties. You can't enter a different Location on each line.
The problem with entering income using a Deposit is that it does not show on the customer's ledger page, or sales reports. It shows only on the P&L. You should use an Invoice and then Receive Payment to accrue the income or just a Sales Receipt to record the income on the same date as the deposit
