Question

Implementing Classes .....??? ASAP please.

Forum|Forum|1 year ago
December 28, 2024
2 replies
5 views

I just checked the option in Preferences to activate Class Tracking, and it then presented me with 3 options on what to track: Account, Item, Names. So now I'm confused. Here's our environment:

We are a Chamber that puts on a number of "events" ... activities to draw people into our community and raise funds for the Chamber while encouraging people to stay and explore and have fun in our town. Each event will have several different types of expenses ... advertising, printing, food, performers, insurance, etc., and we want to assign a class to each event so that we can track the cost and the income for each event to help us better budget and plan, and to know which events are worthwhile. So the plan was to assign a class to each event, and capture the aggregate cost of all the various expenses associated with each event (class).

I'm not assigning a class to each account, if this means GL account. "Advertising" is a GL account, but each event might have several Advertising entries over a few months, and the plan was to have one Advertising account with Class being assigned as the bills come in that are related to an event. (And each invoice from vendors might have individual line charges for more than one event (class). So a single GL account might appear in several class totals.

I'm not assigning Class to Items, if by Items that refers to an item in inventory that is sold.

I'm not assigning Class to a Name, if this means an employee name, a vendor name, or similar.

So what one of the options am I supposed to choose ... Account, Item or Name??????

ASAP needs, please. Thanks in advance.

QuickBooks Enterprise Suite

D

Deadwood AlAuthor

Hmmm .... I think I answered my own question once I sat and thought through step-by-step the process of what I would do when receiving invoices from vendors ... if each line on an invoice could have a different Class, then that would mean I am assigning classes to accounts.

So if I do a GJE to correct a previous entry that had a class assigned to it, will the JE allow the entry of a class?

I

IrizA

Level 2

Thank you for the detailed information, Deadwood Al. I'll answer your question regarding assigning classes.

If you want to assign a class to each event and its corresponding entry or transaction, you can assign the class directly to the transaction or assign a class to each line of your transaction. To do this, please check the boxes for Use class tracking and Prompt to assign classes.

Here's how:

Go to the Edit menu, then choose Preferences.
Find the Accounting option, then navigate to the Company Preferences tab.
From the Class section, tick the Use class tracking classes.
(Optional) Tick the Prompt to assign a class checkbox.
Click OK.

Here's a screenshot for more visual reference:

After doing this, you can create a new Class List to assign a specific class to the transaction. You can refer to this screenshot to see how you can add a class to a transaction:

If you want to ensure what class to assign, I suggest contacting your accountant for advice or guidance.

To learn more about the steps above, refer to this article: Set up and use class tracking in QuickBooks Desktop.

In case you'd also like to keep track of your payroll expenses, here's an article that you can use as your future reference: Set up and track your payroll expenses by class.

You're always welcome to ask us whenever you have further questions, Deadwood Al. Please feel free to share your concerns with us.

D

Deadwood AlAuthor

to IrizA ..... you said ...

"If you want to assign a class to each event and its corresponding entry or transaction, you should assign the class directly to the transaction. To do this, please check the boxes for Use class tracking and Prompt to assign classes. You can also assign a class to each line of your transaction.

Here's how:

Go to the Edit menu, then choose Preferences.
Find the Accounting option, then navigate to the Company Preferences tab.
From the Class section, tick the Use class tracking classes.
(Optional) Tick the Prompt to assign a class checkbox.
Click OK.

After doing this, you can create a new Class List to assign a specific class to the transaction. "

Nowhere in your response did you directly answer the question related to the only three options I was given: Account, Item, Name. ???? I haven't seen anything that gave "Transaction" as an option to assign Class to. Are you responding as if I had QBO instead of Enterprise?

This is an excellent example of how many responses from the QB TEAM raise more questions without a direct answer.

If I am completely missing something along the way, please help enlighten me.

D

Deadwood AlAuthor

The first response I read did not display the screenshots you included. After I sent my reply, I saw the screenshots, and I still have a question:

* What is "class 25" that is in the header of the invoice? Is 25 the class and "remodel" is a sub-class of 25?

* What option was taken in this example? It appears that "account" is greyed out, so does that mean account is the choice I should be taking?

* I have been able to find no documentation that explains the options allowed and what those options really mean or what they restrict the user to. It would really be helpful if user documentation was throrough and easy to find ... it seems that the creator of the documentation uses different search words than users actually search for.

* In the info I've seen to modify the templates to allow for Class to be entered, I haven't seen any that I recall that showed Class in the upper portion of the form ... it's always been in the body of the document. ???

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