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How to Setting up and Use Classes in QuickBooks

    setup classes in QuickBooks

    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 fortrack 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

    How to Setting up and Use Classes in QuickBooks – Video Tutorial

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