Class Limits for Balance Sheet Accounts

NNeese · ‎July 23, 2020

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".

ReymondO · ‎July 25, 2020

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.

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BigRedConsulting · ‎July 24, 2020

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.

NNeese · ‎July 24, 2020

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

NNeese · ‎July 24, 2020

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.

ReymondO · ‎July 25, 2020

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.

NNeese · ‎July 28, 2020

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.

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Class Limits for Balance Sheet Accounts