Other questions
Thanks for coming back, SyGy.
There's no difference between split and divide. Both terms convey the same meaning, which is allocating the transaction amount across different locations. In QuickBooks Online (QBO), when you use location tracking, the location is attached to the original transactions like invoices and bills, not the payments themselves. The payments represent the transfer of money to settle the outstanding amount. They don't necessarily specify the breakdown of charges associated with different locations within the invoice or bill they're paying off. Imagine you have an invoice with charges related to a specific location.
When receiving payment for that invoice, we're unable to post it based on where each charge originated. So, the entire payment gets categorized as "Not Specified" even though it's applied to that invoice. Similarly, when paying bills that include expenses from various locations, the entire payment falls under Not Specified in your records.
Also, Class tracking is only tracked for profit-loss accounts while location tracking is used for both Profit-loss and Balance Sheet accounts. The location tracking feature applies to the full transaction while classes will apply to each line item on the transaction or they can apply to the whole transaction.
On the other hand, QuickBooks Online uses information from the headers or details depending on the type of report you run. For example, the balance sheet uses data from headers, while profit and loss uses data from the details. If you assign classes and locations to your transactions, we can customize both reports to show data for a specific division. However, classes are only linked to details while locations are linked to both headers and details.
See the sample table below:
For additional details on how the Balance Sheet report works in QuickBooks Online, feel free to check this article: Run a balance sheet by class. I've also included a couple of detailed resources about how to run basic reports also how to get the most out of your financial reports in QuickBooks Online:
You can always get back to us if you have other concerns or questions about your transactions posted when running reports in QuickBooks. We'll make sure to respond as soon as we can. Keep safe always!
