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Balance sheet class analysis

Forum|Forum|7 years ago
October 16, 2018
6 replies
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Dear All

I am setting up QB using classes. I've just put a trial set of bank transactions through and each one is assigned to a class as well as an expense code. However they appear as 'unclassified' against the bank account on the balance sheet report but are correctly shown on the 'financial activity' income and expenditure report - any ideas??

Regards David

QuickBooks Online

Best answer by Rustler

A class tracks the transaction, what the transaction was for in other words. It does not report on where or how the transaction originated.

You paid an expense, the class reports on that expense
but not whether you paid by bank, cash, or credit card, or even a loan - the source is not reportable

Same is true for the location tag

RustlerAnswer

Level 15

A class tracks the transaction, what the transaction was for in other words. It does not report on where or how the transaction originated.

You paid an expense, the class reports on that expense
but not whether you paid by bank, cash, or credit card, or even a loan - the source is not reportable

Same is true for the location tag

L

lindak1119Author

Level 7

Thanks for the answer - We are trialling QBs. I will put it down to another peculiarity with it - I have found there are many. We are a charity and using Classes to track different funds - It works for surpluses but not for the bank accounts - will have to journalise the 'Not specified' column to where it should be.

qbteachmt

Level 11

"as assets and liabilities are owned by the entity as a whole, not by the any segments "

Not For Profit organizations and Governmental account do, in fact, require Bal Sheet kept by Funds = Class.

To do this with QB Online that doesn't support Bal Sheet by Class, you can use the same functions as are used by QB Pro desktop users. Pro also doesn't not manage BS by Class.

You will make a Parent level of accounts where you need to track Class as Subaccounts and then you Never post to the parent. You do this for Bank and Credit Card, but Equity (Net Assets or Fund Balances) would not be attached as subaccounts. Like this:

Checking <== use only to Reconcile and make no entries here

Subaccounts: Restricted, Operating, Reserves, Program A, Program B <== everything happens here

There is a good book for this, that is based on QB desktop, but the concepts still apply to Online: Running QB for Not For Profit, by Kathy Ivens.

L

lindak1119Author

Level 7

I'm not sure who wrote this. It comes across as gobble de gook to me. QBs use of classes in the balance sheet could be so much simpler and not require the above inexplicable explanation. But it would require a modification to it - why don't QBs just do it?

qbteachmt

Level 11

I wrote it. If it is "gobble de gook" then I would be glad to Help, and I referred to a Book that also Helps. That's why we offer resources = to be Helpful. You have a tool = the QB Online Program. It might or might not be the Right Tool to meet your needs.

QB Desktop has a Premier program which handles what you are asking just fine. If you bought a Hammer and needed a Torque Wrench, you don't blame the tool.

However, I was offering to help you "make it work."

It might be New to you, of course. That is the point of Offering to help = showing people things that are New to them.

I will attach Two Images that help clarify my first response. For a File with Funds, the Banking can be handled as Subaccounts, instead of Class = Columns, when using a QB program that does not manage balance sheet by class.

Please see these two attachments from the Same Data file. It was originally using Pro, which is like your complaint = no Class for banking. Then, we moved it from Pro to Premier and now they have Class as Columns.

I hope that helps clarify my instructions for how you Also can make this work.

L

lindak1119Author

Level 7

Thanks QBTeachmt
Sorry if I was my usual 'blunt' self - I appreciate you are trying to help. The diagrams make sense. Your approach would help to some extent but would bring challenges to operations - our staff would have to change bank sub accounts every time there was a change in funding - unless I still have not understood you correctly. In any case we have given up on tracking the classes in the balance sheet using QBs - we do this separately drawing on the expense analysis - we then journal the figures into the right classes.

My main point is that QBs advertise that it supports classes but it dose not support it throughout all its facilities. It could easily amend the banking and expense handling routines to append the class analysis to the bank and cash account side of the transactions - instead it simply analyses them to 'Unclassified'. Using a set of complicated rules is counter intuitive for a company that calls itself Intuit. It seems to me that it makes a mockery of some of its claims in TV advertising.

Having said that - the package is workable and cheap - just want charities want - I just hope they correct this anomaly in due course.

Regards

David

K

kzuber

Hello, we are using QB Accountant, and we have the same issue in Balance Sheet by Class. Then, how can we prepare Balance Sheet by Class? Do we need to prepare it manually after downloading Transaction Detail by Account to Excel? We have 5 classes per each location/bank account. Please help as soon as possible. Thank you very much, and best regards, KZ

A

Anonymous

Hello kzuber,

Thanks for posting here in the Community.

As discussed in the previous conversation, being able to choose a class for balance sheet accounts isn't available in QuickBooks. These general transactions in the balance sheet accounts (example: loan liability account) will show under the Unclassified column in the Balance Sheet by Class report.

Please send us feedback about it by clicking on the Help menu and select Send Feedback Online.

In the meantime, you can export this report to Excel. Then, customize it from there to show the amounts in the correct class column. Here's how to pull up the report:

Click on Reports.
Select Company & Financial.
Choose Balance Sheet by Class.
Click on Excel.

Do you need to prepare this after downloading the Transactions Detail by Account? It would depend. You can print both reports if you need them.

If you have any questions, please let us know. Thanks!

E

ekileen

Can you tell me where to find the Balance Sheet by Class report? I'm using Quickbooks Desktop Pro and can't find it.

Or is there a way to create it?

I have submitted this as a suggestion to Intuit. Profit & Loss is not the only report where classes come into play.

S

shannaswood

I use the class codes, I have 9 locations, when I run a BS, all the checking accounts show up but when I run one class, my bank accounts do not show up?

Please advise

R

rsturgis

I've been managing a Non-profit client who has multiple "Funds" for 5-6 years now and this issue alone adds about 100 extra hours to the audit (basically cost centers per governing documents and Assets must = L+E in each one). In QB Online the CLASSES function DOES NOT DO THIS. It will track the operating activity- great. But when you need to run a Balance Sheet and there is a column that says "NOT SPECIFIED" which contains the BS piece of every transaction for all 8 Funds there is no other solution than exporting to excel and going line by line to create my BS manually. I don't care about bills, bill payment, invoice, checks, deposits and every other window... How did the dev's at Intuit not communicate with actual accountants on this?? I cannot run a Balance Sheet for a client in QB; and trying to explain to them why is laughable. I told them to leave QB and never go back... I really hope someone at QB is looking into this issue. I'm trying Departments this year, but like everything else it's clunky and not made to get accountants the information they need, but rather more user friendly for clients. But hey, the buttons look super cool!!

Jen_D

Level 8

Hello there, rsturgis.

I can see that you have posted the same topic twice. Here is the link to which one of my colleagues has provided an answer for you: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-can-i-add-different-branches-or-cost-centers-to-my-current/01/1097639#M159930

To have a streamlined conversation, I recommend using that thread for your replies moving forward.

Thanks for visiting us today. Come back any time or mention me on your posts if you have other concerns with Quickbooks.

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