When it comes to tracking the income and expenses, QuickBooks plays a major role in this. However, you might think to go beyond the basic account tracking performance. This is why the QuickBooks class tracking feature is available for the users. Using this feature, you can set up classes in QuickBooks and track them easily. Those who have no idea how to get started with this, learn with us how to set up classes in QuickBooks Online.
In this curated guide, we will enlighten you about the QuickBooks class tracking feature and how to set up classes in QuickBooks 2015, 2016, & 2017.
What is Class Tracking in QuickBooks?
QuickBooks class tracking feature allows you to customize the way of tracking specific expenses, manage occasional expenses, handle the accounting for one-off scenarios, and categorize the expenses that have been shared across multiple accounts.
By using this class tracking feature in QuickBooks, you can create classes for specific transactions for which you think you need to group it. Doing so, the process will help you with account balance tracking by the business office, location, department, and separate properties that you own or other deeper insights into your business.
Besides the class setup, you can put your class to work and create types for QuickBooks class tracking. All in all, you can manage the whole business in an efficient manner. Let’s know further about how to set up class tracking in QuickBooks Online.
How to Set Up Classes in QuickBooks Online 2015?
If you are concerned about how do I set up classes in QuickBooks Online then don’t worry. Here, we will show you easy ways to get the job done.
To turn on the class tracking in your QuickBooks, you are required to follow the steps mentioned below.
- To begin with, the first step, go to the Preferences section. It is located in the Edit menu.
- Next to this, you can click on the Accounting option.
- After this, you can select Company Preferences.
- Now you can check the box that says Use Class Tracking.
- After clicking on the Ok button, navigate to the Menu option.
- At this point, you need to select the lists as per your preferences.
- Thereafter, you can click on the Class List option to set up the categories for your expenses.
- In the next step, click on the New option in order to create a new class.
- Now, you can create a class for the desired expenses.
- In the end, you are required to fill in the name related to the class and complete the procedure.
These are the steps for how to set up classes in quickbooks 2016/2017. After following these steps, your class would be set up. Now, you can easily track transactions by using this class. Continue reading to know more.
How to Assign Work to Classes for Transactions?
Since you have created the class so now you can utilize this class for the transactions. In the following steps, you will know how to put classes to work.
- First of all, you will have to open a blank invoice and then select a customer.
- After that, the class section will be moved to the right side next to the customer name.
- If the whole invoice is allocated to the same class then you can click on the drop-down list. Then, you can select any of the invoices.
- Besides that, you can assign separate classes to each line item individually.
This is how you can put these created classes to work. All you have to do is pick a blank invoice, choose a customer, and assign classes to each item.
Things to Remember for Invoice Templates
In case you are using invoice templates, you need to make sure that not all the invoice templates involve a column for classes. However, you can add templates. Let us know what all things you need to keep into consideration.
- To add templates, you can click on the invoice form (which you want to change).
- Then select the Customize option which is located in the toolbar.
- Now you can add classes under the section named columns.
You can do this when the customization data layout window opens up. After making sure these ideas about invoice templates, you can continue setting up the class tracking.
How to Set Up Class Tracking in QuickBooks?
After creating a class and assigning tasks to these classes, you can now start tracking in QuickBooks. Learn how to set up a class in QuickBooks.
To track classes, QuickBooks provides two reports to its users. These reports have been designed to track class-based transactions. The name of these reports is as follows.
- Profit & Loss by Class
- Balance Sheet by Class
How do you set up classes in QuickBooks? To get your answer, pursue the following instructions.
- To find both the reports (Profit & Loss by Class and Balance Sheet by Class), you can go to the Report menu. It is located under the Company & Financial option.
- In addition to it, you can use filters for other reports to incorporate the class column.
- Besides that, you can create QuickReports for individual classes.
- For QuickReports, you can go to the Lists section and then click on the Class List.
- Then, you can select Graph or Report to get the job done.
These are the steps for how to set up class tracking in QuickBooks using these two reports (Profit & Loss by Class and Balance Sheet by Class).
How to Create Types in Classes?
Types in classes play an important role too. The process of creating types while class setup is simple. For that, you can look for the steps mentioned below.
- As the first step, you can go to the Lists menu and can click on the Customer & Vendor Profile Lists option.
- Then, you can select the Type as per your requirement.
- Next to this, you are supposed to follow the same instructions as you followed while creating classes.
Note: ‘Types’ do not show on any transactions. They are saved in your documents. Moreover, Types have been created for your personal use.
This user-friendly QuickBooks class tracking method is super beneficial as you obtain good control over expenses in an effective manner.
In this guide, we have taught how to set up classes in QuickBooks 2017/2016. Apart from creating classes in QuickBooks, you can also track class-based transactions using reports. If you want to create class types, you can also do that if required.
Do you want more helpful guides on QuickBooks? If yes, go through the following links to read more: