Class tracking allows you to categorize your financial transactions according to various segments within your business, Deadwood Al. Let me share more details so you can track segments you want to keep a close eye on.
You can establish class tracking, even if it's in the middle of the current year. However, class tracking will only be visible on newly created transactions and not on previous ones.
When you organize class categories for expenses and accounts, you should use classes for only one category. For instance, if you use classes for departments, refrain from using classes for store locations. You can refer to the Sample classes by industry as a reference.
When it comes to reports, you can generate the Profit and Loss by Class to analyze your classes and subclasses. If you have identical subclasses under multiple classes, you might want to access a P&L report that displays only those same subclasses (for instance: Subclasses 1C, 2C, and 3C).
Here's how:
- Run the Profit & Loss by Class report.
- Select the Customize Report, then go to the Filters tab.
- From the Filter list, select Class, then Multiple Classes. (For Mac users, check the Class box, then choose Selected classes from the class drop-down)
- Select only the Subclasses you want in the report.
- Example: 1C, 2C, and 3C.
- Choose OK. The report will include the Total column for Class 1 Class 2 and Class 3.
- Export the report to Microsoft Excel or a similar program.
- Delete the Class Total columns.
- Recreate the TOTAL column.
Though class tracking can be used in most transactions, classes can also be assigned to all account types, including asset, liability, and equity accounts. When you pull up the Balance Sheet report, make sure to customize the report and filter it by class. For more details, open this link: What transactions are not supported by Balance Sheet by Class in QuickBooks Desktop?
I will provide you with helpful resources to assist you in effectively managing classes in QuickBooks Desktop:
Don't hesitate to tag me in your reply if you need help with your classes or related concerns with QuickBooks. I'll be more than happy to assist you anytime. Have a good one!
