Thanks in advance for any help you can give me. I recently took on the job of setting up the accounting system for a not-for-profit organization in our small town. This organization wants to keep track of each of their projects/divisions so as to show the income, expenses an budget info for each project. I believe the best was to do this is using Class designations by General Ledger account. I have set up the classes by project, but I can't set up the project's accounts by Class. On the screen where you set up the gl account the line where you assign the class is not there. Can you tell me how to get this line activated? Thanks.
Let's review your QuickBooks preferences so you'll be able to assign classes to general ledger accounts. Just a heads-up, the ability to assign classes to accounts is only available to QuickBooks Enterprise.
Go to the Edit menu.
From the Company Preferences tab, go to the Class section.
Mark the Use class tracking for transactions option.
Put a checkmark on the Assign classes to tick box.
Meanwhile, if you're using QuickBooks Desktop Pro and Premier, you can assign classes to the following transactions:
Refunds and credits
Credit card charges
From here, you can run and customize the Transaction Detail by Account report. This will allow you to view lists individual transactions, subtotaled by each account on your chart of accounts. You can also compare the balances across multiple classes, departments, or locations. You can check this article for more detailed information: Filter, sort or total reports by Class.
Leave a post below if you have other questions. I'm always here to help.
There is a setting in Company Preferences / Accounting that allows Classes to be assigned to accounts. Creating new accounts, however, I can't see the option to assign a class when creating a new account in the ledger.