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R
Regal CSI
October 1, 2023
Question

Classes

  • October 1, 2023
  • 1 reply
  • 0 views

I am a Home Builder. I use classes for each line of a transaction to dedicate the cost to various trades (ex. cabinets, tile, paint, etc). Clients have allowances and sometimes authorize Change Orders for a number of finishes - same examples as noted. Can I record one line of a transaction to multiple classes, say Cabinets and "Extras" or should I use a Location or ...??? What's the best way to track this? Additional Categories within COGS?? Simple...looking for clean and simple but detailed enough to track the $$. Thanks in advance!

1 reply

E
Erika_KQuickBooks Team
QuickBooks Team
October 2, 2023

Welcome to the Community space, @Regal CSI. 

 

I understand it's convenient to record one line of a transaction to multiple classes. Tracking multiple classes this way isn't available in QuickBooks Online (QBO). However, we can still create classes to each row in transactions. 

 

I recommend you keep classes simple, as too many classes sometimes become time-consuming to work with. The more straightforward your classes, the easier it is to understand your reports. 

 

Beforehand, let's turn on the Class tracking feature. This feature will enable us to track your transactions by class. This way, when we run reports you'll have a clearer understanding of your business's financial health. 

 

To create classes in QBO, peform the following:

  1. Go to Settings and select All Lists.
  2. Choose Classes.
  3. Select New, then give this class a name.
  4. If you want to add it as a sub-class, tick the box.  
  5. Click Save.

 

For more information on managing your classes in QBO, please refer to this article: Create and manage classes in QuickBooks Online.

 

Additionally, you can read this article to learn more about running reports by class: Run reports by class in QuickBooks Online.

 

Please do let me know if you have more questions. We're always here to help. Stay safe always! 

R
Regal CSIAuthor
October 2, 2023

Erika, thank you. I agree with keeping it simple. However, I still need to address the recording, in some manner, the cost/charges that are above the allowance budget or that are the result of approved change orders. Can you give me your thoughts?

 

I can create sub classes for each trade...but this is getting more and more complicated, so to speak. Should I create a category that is "extra charges" and make notes in each transaction? Again, what has worked for others in similar situations...and I appreciate your help!

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