How to Setup & Use QuickBooks Class Tracking?

QuickBooks Class Tracking
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QuickBooks users can avail the feature “QuickBooks Class Tracking”. The users who use this feature will be able to print reports which offer expenses and income by class. Classes generally show divisions within a company. QuickBooks class tracking is a useful feature. To know more about class tracking, go through the following blog. The steps to set up and use QuickBooks online class tracking have been explained in detail.

First, we are going to explain the meaning of class tracking.

What is QuickBooks Class Tracking?

QuickBooks class tracking in QuickBooks online helps you in tracking specific expenses and categorizing shared expenses beyond multiple accounts. Through QuickBooks Online class tracking, you can organize the classes for certain transactions that you feel are essential to the group. By doing so, you will be able to track account balances by the location, department, business office, or any other breakdown of your business.

You need to consider the following points while using QuickBooks Online Class Tracking:

  1. It is essential to assign a class to every posting transaction. So, you can effortlessly arrange everything into a definite class.
  2. Before creating reports, make sure that all your transactions have been assigned. You are recommended to run Profit and Loss unclassified reports.
  3. You can also maintain a Balance sheet by class in QuickBooks version 2011 or later.
  4. In QB, you will also get a feature “Turning on the Class tracking”. You should turn on this feature without worrying since it will not affect your file reports and previous transactions.

How to set up QuickBooks Online Class Tracking?

Follow the steps written below in order to set up QuickBooks class tracking:

Stage 1: Turn on class tracking

For Windows
  1. First of all, you need to launch the company file.
  2. In the Edit menu, you need to select Preferences.
  3. After that, choose the Accounting > Company Preferences tab.
  4. Click on the Use class following for the transactions checkbox.
  5. On the off chance that you need an update when you haven’t allocated a class, choose the Prompt to allot classes checkbox.
  6. At last, click on OK.
For Mac
  1. Launch the QuickBooks menu and click on Preferences.
  2. Choose Transactions in the Workflow section.
  3. Then, you have to choose the Use class following the checkbox and close the Preferences page to save the recent changes.

Stage 2: Set up class classifications for accounts and expenses

Note: You can utilize classes only for one category. For instance, on the off chance that you use classes for division, don’t utilize classes for store locations.

For Windows
  1. In the Lists menu, you have to choose the Class List.
  2. Now, click on New from the Class drop-down menu.
  3. You have to add the class name.
  4. On the off chance that it’s a subclass, choose the Subclass of checkbox and discover the class it’s under.
  5. Click on OK to include it.
For Mac
  1. Choose Classes from the Lists menu.
  2. Click on Create (+).
  3. Now, you need to add the class name.
  4. On the off chance that it’s a subclass, choose the Subclass and discover the class it’s under in.
  5. Choose OK to include it.

How to use QuickBooks Class Tracking?

You can allocate a class to the following transactions:
  1. Check
  2. Sales order
  3. Credit card charges
  4. Estimate
  5. Purchase order
  6. Bill
  7. Paycheck
  8. Sales receipt
  9. Invoice
  10. Statement charges
  11. Refunds and credits

Since you can use QuickBooks class tracking in many transactions, you can easily make reports to check the balances over different classes, divisions, or locations.

How to Put Classes to Work?

Following are the steps that will help you to utilize the classes for your transactions.
  • Open the Black invoice and select a customer.
  • Choose the Class field that is located just next to the name of the customer.
  • If the whole invoice is designated to the same class, then drop down the list and select the invoice as you want.
  • You can also assign separate classes to each of the items independently.

In Conclusion:

Expectantly, the aforementioned blog helped you in setting up “QuickBooks Class Tracking”. You can avail of this feature instantly after purchasing QuickBooks. Class tracking in QB makes your accounting easier and saves your time. In case, you are unable to perform any step on your own or want to know more about class tracking, then feel free to get in touch with us at our QuickBooks 24/7 Support Phone Number 1-855-857-0824. We are here to resolve your all queries related to the same or you can also get assistance to set up class tracking in QB Online.

Summary
Article Name
How to Setup & Use QuickBooks Class Tracking?
Description
QuickBooks class tracking helps to track specific expenses beyond multiple accounts. Read the blog to know steps to set up QB class tracking.
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Accountantsquad
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