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Join nowHello,
I have a real estate business that operates in different ways and niches. I would like to know if it's possible to track only some part of my business. Tracking rentals for example. All income and expenses related to sales of units aren't related to the rental operation.
So, is it possible to track, monitor, and report a specific niche of a business?
Imri
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Anything is possible with QuickBooks, @userimripersiado.
Can you clarify what QuickBooks version you're using? QuickBooks offers the Class Tracking feature, in which you can assign classes to transactions. Doing this allows you to get deeper insights into your sales, expenses, or profitability for each part of your business.
If you're using QuickBooks Online, follow these instructions to turn on this feature from the settings:
Then, you can set up your class list. Create classes that represent different parts of your business.
Once you’re all set up, you can start tracking your transactions by class.
Additionally, I've included some articles for additional info about this feature, as well as how to run reports to see your sales, costs, or profitability for a specific niche of your business:
On the other hand, if you're using QuickBooks Desktop, everything you need to about how class tracking works in QBDT can be found in the following articles:
Let me know if this helps you in keeping a close eye on each segment in your business. It's my priority that you find the success you need.
Anything is possible with QuickBooks, @userimripersiado.
Can you clarify what QuickBooks version you're using? QuickBooks offers the Class Tracking feature, in which you can assign classes to transactions. Doing this allows you to get deeper insights into your sales, expenses, or profitability for each part of your business.
If you're using QuickBooks Online, follow these instructions to turn on this feature from the settings:
Then, you can set up your class list. Create classes that represent different parts of your business.
Once you’re all set up, you can start tracking your transactions by class.
Additionally, I've included some articles for additional info about this feature, as well as how to run reports to see your sales, costs, or profitability for a specific niche of your business:
On the other hand, if you're using QuickBooks Desktop, everything you need to about how class tracking works in QBDT can be found in the following articles:
Let me know if this helps you in keeping a close eye on each segment in your business. It's my priority that you find the success you need.
As a longtime user, my advice on using classes to track business segments is: Think carefully how you want to use them and design them carefully with consideration to your chart of accounts and other methods of segmentation. In broad terms customer and vendor types can be used to categorize data for certain reports, not financials. Types are not changeable at the transaction level. COA (via distribution) and classes can be changed at the transaction level. In addition these show on your financial reports.
In my experience classes can add a second dimension to your financial reporting (eg, department, segment, or product) , but attempting mor than 1 usually ends up in a confusing mess. I inherited a system from my predecessor that is useless: p&l is divided between product level, sales channel with classes by department,channel and product line. It’s an implementation nightmare.
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