How to Setting up and Use Classes in QuickBooks

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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. Letโ€™s start our article.

Steps for Create Separate Reports in QuickBooks

Total Time: 35 minutes

How to Turn on Class Tracking

๐Ÿ’  Open the company file
๐Ÿ’  Go to Edit menu>>preferences
๐Ÿ’  Select Accounting then Company preferences tab
๐Ÿ’  Select the Use class tracking for transactions box
๐Ÿ’  Select the prompt to assign classes checkbox if you want a reminder when you assigned a class
๐Ÿ’  Select OK

How to Setup the Class Categories for the Expenses and Accounts

๐Ÿ’  Go to List menu, then select Class list
๐Ÿ’  From the class drop-down select New
๐Ÿ’  Mention the class name
๐Ÿ’  Select the subclass of the checkbox and find the class under that if it is a subclass
๐Ÿ’  Select ok

Class Tracking in QuickBooks

You can easily assign a class to the below transactions:

๐Ÿ’  Invoice
๐Ÿ’  Sales receipt
๐Ÿ’  Estimates
๐Ÿ’  Sales order
๐Ÿ’  Statement charges
๐Ÿ’  Refund
๐Ÿ’  Credits
๐Ÿ’  Check
๐Ÿ’  Credit card charges
๐Ÿ’  Bill
๐Ÿ’  Purchase order
๐Ÿ’  Paycheck

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

When Using Class Tracking, Always Consider Below Points

๐Ÿ’  Regularly enter the class information on your forms and registers to ensure that information is valid and useful
๐Ÿ’  For each class, you set up always identify both expenses and income
๐Ÿ’  Donโ€™t use classes for two different purpose
๐Ÿ’  Setup 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

๐Ÿ’  Selectย use class trackingย underย transactionsย in the company settings menu
create a class by selecting class under the List menu
๐Ÿ’  Give a name to class, and if you want to make the subclass mark the checkbox of the class to do the same
๐Ÿ’  Choose the setup budgets under company menu and in the new budget window, Select the fiscal year for which you are creating the budget
๐Ÿ’  Select the account in the budget menu
๐Ÿ’  In the class menu, choose the class or subclass in the division of the account
๐Ÿ’  Enter the amount income and expense for the class or subclass in the fields and click apply to record the value
๐Ÿ’  Select the budget report under-report menu to see the budget profit and loss overview
๐Ÿ’  Filter the reports by the class to see the budget report divided by class

Seeking help? Donโ€™t worry simply dial and get the help instantly from the QuickBooks experts. Experts are available 24*7 to QuickBooks support your queries and issues. QuickBooks team is the polite, professional and active listener to listen to your issues quickly, to give the output fast ad accurate, you can also email at support@usingpos.com and you soon experts get in touch with you with the resolution.

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