QBO - How can I make 'interest paid' entries during bank rec end up in a class (mine show up as 'not specified'?

mchppaccounting · ‎August 10, 2022

When we were quickbooks desktop users and we entered "interest paid" during bank account reconciliations, our interest would always show up in a Class. Currently, with quickbooks online (which we migrated to), at least some of our interest payments show up as "not specified" in a P&L by class report. How can I make them end up in the correct class?

Thanks!
Brady

JonpriL · ‎August 10, 2022

Hi there, @mchppaccounting.

I'm here to help share insights about your entries and their class assignment in QuickBooks Online.

The interest paid entries while working with your bank or credit card account reconciliation is one of those transactions that do not have the class assignment option as you enter them. This is the reason why you'll see them under the Not Specified category of your Profit and Loss by Class report.

Therefore, we'll have to manually assign the class category by changing them directly from your account register. I'll show you how.

Go to Accounting.
Select Chart of accounts.
Enter Interest Paid in the Filter by name text area.
Under Action, select Run report.
Find and open the entry in question.
Below the Class column, choose what category would you like to assign them.
Click Save and close.

Now that you've already made the correct class assignment of your entries, consider logging in to your account via our supported browser versions for the best experience and use this reference for all the features and functions of QuickBooks: Help Articles in QuickBooks Online. Also, you can read subtopics that will describe how a feature is used and how to accomplish tasks related to its functions.

I've got you covered if you have questions about working with the category of your reports in QuickBooks. Don't forget to include my name, @JonpriL, in your reply so that I can get back here and answer all your QuickBooks concerns. Take care always and stay safe!

View solution in original post

JonpriL · ‎August 10, 2022

Hi there, @mchppaccounting.

I'm here to help share insights about your entries and their class assignment in QuickBooks Online.

The interest paid entries while working with your bank or credit card account reconciliation is one of those transactions that do not have the class assignment option as you enter them. This is the reason why you'll see them under the Not Specified category of your Profit and Loss by Class report.

Therefore, we'll have to manually assign the class category by changing them directly from your account register. I'll show you how.

Go to Accounting.
Select Chart of accounts.
Enter Interest Paid in the Filter by name text area.
Under Action, select Run report.
Find and open the entry in question.
Below the Class column, choose what category would you like to assign them.
Click Save and close.

Now that you've already made the correct class assignment of your entries, consider logging in to your account via our supported browser versions for the best experience and use this reference for all the features and functions of QuickBooks: Help Articles in QuickBooks Online. Also, you can read subtopics that will describe how a feature is used and how to accomplish tasks related to its functions.

I've got you covered if you have questions about working with the category of your reports in QuickBooks. Don't forget to include my name, @JonpriL, in your reply so that I can get back here and answer all your QuickBooks concerns. Take care always and stay safe!

mchppaccounting · ‎August 10, 2022

Well, that's really dissapointing. Please consider adding 'class' as an option for interest payment entry on the reconcilation form (it worked on Quickbooks desktop). Thank you for the reply.

MariaSoledadG · ‎August 10, 2022

I can see the importance of adding a class for interest payment. I'm here to make sure this is taken care of, mchppaccounting.

You can check out our Customer Feedback page to see if a similar request has already been submitted. If not, you can let our product team know how important is this for your business by sending feedback. You can click on the Give feedback option and enter your idea.

Moreover, QuickBooks automatically generates a reconciliation report for every session. Learn how to view, print, and export them in case you need them for reference: How Do I View, Print, or Export A Reconciliation Report?

Drop a reply below if you need further assistance with your interest payment on reconciliation. I'll always be right here to help.

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QBO - How can I make 'interest paid' entries during bank rec end up in a class (mine show up as 'not specified'?