What are the two options available in company settings for categorizing sales and expenses?

In QuickBooks Online, the two options available in company settings for categorizing sales and expenses are Classes and Locations.

Classes allow you to track revenues and expenses by specific segments of your business, such as different departments, product lines, or branches, providing a detailed account of where your income and costs are coming from. This is particularly useful for businesses that operate in varied sectors or want to separate their financial data by different criteria to analyze performance more effectively.

Locations serve a similar purpose but focus on geographical tracking. This feature helps businesses with multiple physical locations or online and brick-and-mortar stores to categorize their sales and expenses based on location. This way, business owners can assess the performance of each location and make informed management decisions.

The other options listed do not align with the terminology and categorization features found in QuickBooks Online. Categories and Units, for example, are not standard features within the program for sorting financial transactions, and Groups and Regions do not represent the systematic way sales and expenses can be categorized in the platform. Understanding these features can significantly enhance the reporting capabilities and operational insights for business users within QuickBooks Online.