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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. Let’s start our article.

Steps for Create Separate Reports in QuickBooks

Total Time: 35 minutes

How to Turn on Class Tracking

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

How to Setup the Class Categories for the Expenses and Accounts

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

Class Tracking in QuickBooks

You can easily assign a class to the below transactions:

πŸ’  Invoice
πŸ’  Sales receipt
πŸ’  Estimates
πŸ’  Sales order
πŸ’  Statement charges
πŸ’  Refund
πŸ’  Credits
πŸ’  Check
πŸ’  Credit card charges
πŸ’  Bill
πŸ’  Purchase order
πŸ’  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

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

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

Seeking help? Don’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.

Phone

+1347-967-4079