Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Questions about how to close your books for 2020? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 3

Capital Expense & expense categories

I just bought a house. So I set up an asset account. Next I am remodeling the house, so I am setting up an asset account for capital expenditures. Now I want to track various construction expenses categories (e.g. Demolition, Framing, Drywall, Finishes, Painting). I do I do this?

3 Comments
Moderator

Capital Expense & expense categories

Hello there, qtl.

 

I'd love to help you track various construction expenses categories in QuickBooks Desktop.

 

You can use the Class Tracking feature where it provides a better way of tracking expenses and categorizing shared expenses across multiple accounts. Let me walk you through the steps below:

  1. Go to Edit menu.
  2. Choose Preferences.
  3. Select the Accounting tab.
  4. From the Company Preferences, check the box for Use class tracking for transactions.
  5. Click Ok.

Once done, you can now set up class categories for your expenses and accounts. To do this, please follow the steps below:

  1. Go to List.
  2. Click Class List.
  3. From the Class drop down, click New.
  4. Fill in the necessary information and click Ok.

Here's an article that serves as your visual guide to know how class tracking works in QuickBooks Desktop: How to Use Class Tracking in QuickBooks.

 

That's it. Please let me know if you need anything else or questions about this. I'm always here to help.

Level 3

Capital Expense & expense categories

Thank you for your kind reply. I'll Study your suggestion and report back.

Level 3

Capital Expense & expense categories

how do we do this w/ the online version?

Need to get in touch?

Contact us