Learn how to use tags HERE
Here are some examples of how to use tags:
Let's say you have a property management business. Tag any deposits (such as rent) as "123 Main Street" (the property location). Whenever you spend money (such as for property repairs), tag those expenses as "123 Main Street" too. Then you can filter your P&L report by the tag "123 Main Street" and any date range of your choosing to see what you made and lost on that property.
Let's say you are a designer and you work on both web and physical products like tshirts and stickers. You can tag any deposits you make from your web work with "web" and any deposits for your physical goods with "physical" and maybe some more descriptive tags like "shirts" and "stickers" and "posters." Whenever you spend money for those projects (like buying fonts, or buying blank tshirts) tag those expenses with the same words. Maybe you're trying to decide whether you want to just stick to web design. Pull up a P&L filtered by the tag "web" to see what you've made (and lost) on those projects versus the tag "physical." Or maybe you find out that you're making way more on physical goods, so now you want to see which goods to focus on. Filter your reports by "stickers", "shirts" and "posters" and see which one is making you more money!
Let's say you have a chain of stores with 10 different locations. Ever wonder which store is making you money and which one is bleeding money? Tag your deposits and expenses with the store location and filter your P&L reports by each to see what you're spending to keep each one open (utilities, rent, supplies, wages) along with how much each one brings in!