cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Class Limits for Balance Sheet Accounts

I have noticed that you cannot add a "Class" to a B/S account (ie liability, receivable, bank etc). Therefore, none of our reporting by Class will be applicable to those accounts. Is there another way around this in order to report B/S reports by Class? We have to be able to report our Funds (which is not only bank accounts that are different, but may have several bank accounts in One Fund).  Since we are cash basis, my assumption is that if we do not select an EXPENSE or INCOME account upon receipt or disbursement of money, there is no way to Track by "Class".

Solved
Best answer July 25, 2020

Best Answers
Highlighted
QuickBooks Team

Class Limits for Balance Sheet Accounts

Hi there, @NNeese.

 

The Class tracking feature is mainly used in transactions. This is assigned to individual customers, vendors, and jobs. An example of how you might use classes is to separate transactions that relate to different departments, locations, or types of business.

 

Its purpose is to provide a way to categorize transactions. This way, you can run a financial report that only shows those transactions for that line of business that has been tagged.

 

However, you can't use this feature in tracking accounts in your Chart of Account in QuickBooks. This is the reason why you can't assign a class to an account.

 

In addition, classes and subclasses are additional means to categorize data in QuickBooks Desktop. You can check out this article on what reports you can use to view them in QuickBooks: Reports used in classifying transactions by class.

 

The Community always has your back, so please let me know if you have other questions or concerns.

View solution in original post

5 Comments
Highlighted
Community Champion

Class Limits for Balance Sheet Accounts

I don't see this.  For example, I can enter a class at the top of an invoice for the AR account.

 

I wonder if it is version- or SKU-dependent. 

Highlighted
Level 2

Class Limits for Balance Sheet Accounts

I should clarify. I cannot set up a B/S account and have it point to a specific Class.

Highlighted
Level 2

Class Limits for Balance Sheet Accounts

I should clarify. When I create a B/S account, it will not let me point to a Class as an option for all transactions under that account.

Highlighted
QuickBooks Team

Class Limits for Balance Sheet Accounts

Hi there, @NNeese.

 

The Class tracking feature is mainly used in transactions. This is assigned to individual customers, vendors, and jobs. An example of how you might use classes is to separate transactions that relate to different departments, locations, or types of business.

 

Its purpose is to provide a way to categorize transactions. This way, you can run a financial report that only shows those transactions for that line of business that has been tagged.

 

However, you can't use this feature in tracking accounts in your Chart of Account in QuickBooks. This is the reason why you can't assign a class to an account.

 

In addition, classes and subclasses are additional means to categorize data in QuickBooks Desktop. You can check out this article on what reports you can use to view them in QuickBooks: Reports used in classifying transactions by class.

 

The Community always has your back, so please let me know if you have other questions or concerns.

View solution in original post

Highlighted
Level 2

Class Limits for Balance Sheet Accounts

Ok. Thank you. Therefore, even if Expense and Revenue "Accounts "allow the default to a specific "Class", it is not that meaningful. We only preferred to do this as some "Accounts" we have will ONLY apply to ONE "Class" no matter what. I will just have to inform employees not to forget to select "Class" upon each entry. I know we have set a Prompt to remind but I do not see where it is mandatory.

Need to get in touch?

Contact us