QBO?  Only if you have the plus version and turn on classes & locations in company settings.

class allows you to tag each item line in a transaction
location allows you to tag the entire transaction

Then you can run P&L by class or by location

In QBO there is no balance sheet by class or location

QB desktop only has classes which you can use the same way as both class and location in QBO.  QBDT does have a balance sheet by class report as well as the P&L by class.