Class tracking in QuickBooks is an inbuilt feature in QuickBooks that helps you to track the expenses and classify shared expenses beyond multiple accounts. By using QuickBooks Online class tracking, you can establish the classes for certain transactions that can be important for the group. This helps in tracking account balances by the location, department, business office or any other breakdown of your business.
What is the use of class tracking in QuickBooks
You can use QuickBooks class tracking to track your income and expenses through location, department, property or project. By class tracking, you will be able to keep a profit and loss reports as well as filter reports.
Points to remember while using Classes in QuickBooks are as follows:
- To arrange everything into a definite class, it becomes necessary to allot a class to every posting transaction.
- Check whether all the transactions have been assigned or not before making reporting. It is advised for you to access a Profit and Loss unclassified reports.
- Maintain the balance sheets in QuickBooks version 2011 or later according to the class.
- If you want to prevent your file reports and previous transactions, then you need to turn on “Turning on the Class tracking” in QuickBooks. The steps of doing so are given as follows:
Following are the steps to turn on class tracking in QuickBooks:
- In the Edit menu, go to the
- Select “Accounting”.
- Click on Company Preferences.
- Check the Use Class Tracking box and select
- Menu > Class list > Categorize the expenses.
- Select “New” for creating a new class.
- Give a new name to a new class.
5. Your classes should not be identical with the charts of Accounts.
How to put classes to work
Follow the steps written below to apply the classes to your transactions.
- Firstly, choose a customer in the black invoice.
- Select the Class field which is located at the next of the customer.
- If whole invoice is labelled to the same class then, go to the list > choose invoice.
- Lastly, you need to assign separate classes to each of the items.
We expect that the above blog helped you regarding QuickBooks Class Tracking. If you are facing any issues regarding the same and want any assistance, then immediately talk to our QuickBooks Experts at Accountant Squad Number on 1-888-502-0363. Our Technicians will give you the solutions of all your queries.