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Tracking Revenue and Expenses by Partner without Classes

A client of mine uses Quickbooks Desktop 2018. They want to track all revenue and expense items by partner so that they can essentially run a p&l by partner out of their QuickBooks.
They do not use invoicing, they simply make deposits, enter bills, and pay bills. They already use class tracking to classify revenue and expense items by case.
What is the best solution for this (I imagine adding a new custom field to deposits, if available)?
3 Comments
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Re: Tracking Revenue and Expenses by Partner without Classes

We don't need to add a customized field in the Make Deposit window, globetreader569.

 

We can change the Preferences setup so you can use Class as "partner" when creating the deposits. Here's how to do it:

  1. Click Edit at the top menu and select Preferences.
  2. In the Preferences window, click Accounting on the left menu.
  3. Select the Company Preferences tab and go to the CLASS section.
  4. Mark the following boxes:
    • Use class tracking for transactions
    • Prompt to assign classes
    • Assign classes to Accounts
  5. Click OK.

When you create the bank deposit, the CLASS column will appear and you should be able to setup the partners.

 

Let me know if you need more assistance with this.

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Re: Tracking Revenue and Expenses by Partner without Classes


@globetreader569 wrote:
A client of mine uses Quickbooks Desktop 2018. They want to track all revenue and expense items by partner so that they can essentially run a p&l by partner out of their QuickBooks.
They do not use invoicing, they simply make deposits, enter bills, and pay bills. They already use class tracking to classify revenue and expense items by case.
What is the best solution for this (I imagine adding a new custom field to deposits, if available)?

 

you can not add a custom field to the make deposits screen, it is not customizable

 

I'm not sure why they would want to see a P&L by partner, it has no bearing on filing taxes.  since they are not using QB to its fullest (no invoicing, no jobs, etc) reporting functions that would normally be used are not available.

 

Since you use classes for jobs, instead of the built in job function, there is really no way to add partner tracking.

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Re: Tracking Revenue and Expenses by Partner without Classes

I agree with Rustler; they are doing this Backwards.

 

"They do not use invoicing, they simply make deposits, enter bills, and pay bills. They already use class tracking to classify revenue and expense items by case."

 

By Case = Client is Customer and Case or matter is Job. Then, they are supposed to track everything using Customer and Job. If this is a Law Firm, they also are supposed to be tracking Advanced Costs by Name. They would be tracking Trust Funds by name.

 

What they are doing now has bypassed all of the Customer Center and Name-related functions. They are "doing some generic and vague banking" and using about 5% of the Functions that would give everything they need. The Job Tracking or Customer Name functions being overlooked like this is the problem. Using Class is supposed to then provide the Divisional Reporting they wanted.

 

They have this Backwards in Concept. Whoever set this up, clearly doesn't understand the most basic part of the relational database for using it with Names. It's not too late to Fix it, of course.

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