QuickBooks allows you to choose the tools and many new and advanced versions of the same so that you can get the best services and maximum output. QuickBooks also allows you class tracking through which you can track account balance by the department, business, office location, etc, separate properties, etc. This thing helps you to keep a close eye on things for track company growth in QuickBooks.

Imagine you have 3 office locations, you can create the office location class to track the account by the location. At the end of the accounting period, you can create separate reports for your office. Let’s start our article.

Steps for Create Separate Reports in QuickBooks

How to turn on class Tracking

  • Open the company file
  • Go to Edit menu>>preferences
  • Select Accounting then Company preferences tab
  • Select the Use class tracking for transactions box
  • Select the prompt to assign classes checkbox if you want a reminder when you assigned a class
  • Select OK

How to set up the class categories for the expenses and accounts

  • Go to List menu, then select Class list
  • From the class drop-down select New
  • Mention the class name
  • Select the subclass of the checkbox and find the class under that if it is a subclass
  • select ok

Class Tracking in QuickBooks

You can easily assign a class to the below transactions:

  • Invoice
  • Sales receipt
  • Estimates
  • Sales order
  • Statement charges
  • Refund
  • Credits
  • Check
  • Credit card charges
  • Bill
  • Purchase order
  • Paycheck

Class tracking helps you to track income and expenses by department, office location, separate properties, and many modes. The profit and loss by the class report show that each aspect for your business is tracking by class in QuickBooks.

When using class tracking, always consider below points:

  • Regularly enter the class information on your forms and registers to ensure that information is valid and useful
  • For each class, you set up always identify both expenses and income
  • Don’t use classes for two different purpose
  • set up the classes based on the type of reporting you to want to do, and consider how you want to see your business segment reports

How to Budget by Class in QuickBooks

  • Select use class tracking under transactions in the company settings menu
  • create a class by selecting class under the List menu
  • Give a name to class, and if you want to make the subclass mark the checkbox of the class to do the same
  • Choose the setup budgets under company menu and in the new budget window, Select the fiscal year for which you are creating the budget
  • Select the account in the budget menu
  • In the class menu, choose the class or subclass in the division of the account
  • Enter the amount income and expense for the class or subclass in the fields and click apply to record the value
  • Select the budget report under-report menu to see the budget profit and loss overview
  • Filter the reports by the class to see the budget report divided by class

How to contact us?

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