Capital Expense & expense categories

Forum|Forum|7 years ago
March 6, 2019
1 reply
22 views

I just bought a house. So I set up an asset account. Next I am remodeling the house, so I am setting up an asset account for capital expenditures. Now I want to track various construction expenses categories (e.g. Demolition, Framing, Drywall, Finishes, Painting). I do I do this?

QuickBooks Desktop

Charies_M

Level 9

Hello there, qtl.

I'd love to help you track various construction expenses categories in QuickBooks Desktop.

You can use the Class Tracking feature where it provides a better way of tracking expenses and categorizing shared expenses across multiple accounts. Let me walk you through the steps below:

Go to Edit menu.
Choose Preferences.
Select the Accounting tab.
From the Company Preferences, check the box for Use class tracking for transactions.
Click Ok.

Once done, you can now set up class categories for your expenses and accounts. To do this, please follow the steps below:

Go to List.
Click Class List.
From the Class drop down, click New.
Fill in the necessary information and click Ok.

Here's an article that serves as your visual guide to know how class tracking works in QuickBooks Desktop: How to Use Class Tracking in QuickBooks.

That's it. Please let me know if you need anything else or questions about this. I'm always here to help.

qtlAuthor

Thank you for your kind reply. I'll Study your suggestion and report back.

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