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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
Solved! Go to Solution.
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
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
"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.
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'm having the same problem. Trying to reclassify balance sheet transactions by class - or assign a class so that the balance sheet report works. I've not found an answer and Quickbooks support did not have any answers.
Greetings, @83001,
Thanks for joining the conversation. I want to make sure you're able to accomplish your task.
You may want to run through the entire conversation first, our prestigious contributors: Rustler, Qbteachmt and Malcolm Ziman, have shared a great discussion about how to track classes in QuickBooks and how it works with your financial reports. They also provided helpful workarounds for you!
Currently, QBO, unlike the Desktop version, does not track the Balance Sheet by Class. You can follow Qbteachmt's advise to create a Parent account where you can track classes as subaccounts. You can also customize the report to get the information you need. Let me guide you how:
All this information should point you to the right track, @83001.
Please feel free to get in touch with the Community for all your QuickBooks questions. I'll be glad to lend a helping hand to you anytime. Have a good one!
I'm am on QB Premier for NonProfits. My problem is that someone prior to me, setup multiple classes so much so that a balance sheet report is 20+pages when run by class and I only use 4 classes. Since it wouldn't be practical to change all transactions that feed into the excessive historical use of classifications, is there a way to start new. Can I reclassify balance sheet accounts with the start of a new year?
You can Merge Classes.
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