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jaustin
Level 1

tracking classes

I have been using QBO since March 1, 2019 and now I'm looking at my class report for the month. I have been using the "class" feature to track donations and expenses. However, on the class report, it doesn't differentiate income and expense in each class. No matter if it was a debit or credit, it just adds up each line item for the balance. Please advise on how to get the income to reflect as an addition and the expense to reflect as an expense so that I can see a correct balance for each class.

4 Comments
PreciousB
Moderator

tracking classes

Welcome to the Community, jaustin.

 

I appreciate the details you've shared. I can help run a class report that shows the income, expenses and net income by class.

 

Run the Profit and Loss by Class report to show these details. Here's how:

  1. Click Reports on the left pane.
  2. Enter and select Profit and Loss by Class in the search field.
  3. Set the period date and click Run report.

image.png

 

This report shows the total of income and expenses. Then, at the bottom part is the total net income.

 

Here's an article about customizing a report for future references: How to customize your Profit and Loss report.

 

That should get you back on track. Please let me know how that works. I'll be here and ready to help anytime. I'm cheering you to continued prosperity.

jaustin
Level 1

tracking classes

The problem isn’t with knowing how to run the reports. The problem is the individual entries I have been making all month are all showing as additions no matter if I have entered income or expense to a class. The class location doesn’t seem to recognize whether or not I’ve entered a debit or a credit. Is that normal, or am I expecting the class feature to do something it is unable to do? 


 

vpcontroller
Level 11

tracking classes


@jaustin wrote:

The problem isn’t with knowing how to run the reports. The problem is the individual entries I have been making all month are all showing as additions no matter if I have entered income or expense to a class. The class location doesn’t seem to recognize whether or not I’ve entered a debit or a credit. Is that normal, or am I expecting the class feature to do something it is unable to do? 


 


@jaustin 

 

Yes, it's normal in QuickBooks Online Class reports.

 

QuickBooks hard-wired to post created transactions only to income and expense categories but not Balance Sheet accounts (exception: certain inventory items, journal entries type). Even if it's the same transaction one-side going to balance sheet account and other side going to income or expense account.


For example, you created a Sales Receipt, assigned a class. It will show income by assigned Class but the deposit part in the bank account will show up as "Not Specified" tag column. On the expense side, you created an Expense, assigned a Class, it will show up Expense by assigned Class but in your bank account will show as "Not Specified" tag column in the Balance Sheet by Class. You know, you specified class, it's part of the same transaction. That's the way it's in QBO.

 

BS_Class_notspecified.PNG

 

So, if anyone trying to figure out an accurate Balance Sheet Class report in QBO, I would suggest not to waste time.

sallybe
Level 1

tracking classes

I am having the same issue with Balance Sheet accounts not going to specific classes...am I to understand this is not possible????

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