I have a problem with tracking Google Analytics on localhost with Google Tag Manager. I can see on the API for Analytics ( https://developers.google.com/analytics/devguides/
The documentation referenced it is about the Universal Analytics (new GA API version).
To solve this problem, you have two options:
1) Using the traditional tag "Google Analytics", in 'More settings' > 'Domains and Directories' > 'Domain Name':
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2) Or switch to the "Universal Analytics" tag in Tag Google Manager, configure the required fields and in 'More settings' > 'Cookie Configuration' > 'Cookie Domain':
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In both cases, this option should be turned off before the launch of the site.