How To Simply Use QuickBooks Class Tracking?

  • Posted by: fyber
  • QuickBooks

QuickBooks accounting software performs the most important role when it just comes to tracking your expenses and income. However, there are times when you might simply need to go beyond the best and standard account-based tracking performance. This is where amazing QuickBooks class tracking just comes into play.

QuickBooks online class tracking is a very user-friendly method for simply setting up class tracking. And which allows you to easily achieve greater control over expense categorization in a very time effective and the best way.

And here in this guide, we are discussing everything about this (QuickBooks class tracking). So don’t waste your valuable time and just come with us….

QuickBooks Class Tracking: Definition

The feature of class tracking in QuickBooks online always gives you a customizable and most easy way to simply track expenses in QuickBooks. With this, they also provide you with the easiest way, manage specific expenses, easily handle the accounting for one-off scenarios and simply categorize shared expenses over multiple accounts and that aren’t significantly associated with a particular account type.

You can also easily create classes for some transactions that you feel the need to group only. Doing so allows you to easily track account balances by the business office, department, location, separate properties you own, or any other significant breakdown of your business. QuickBooks class tracking always helps you in easily managing your business in the most efficient and the best manner.

How To Turn on Class Tracking in QuickBooks?

  • In the first step, simply load the main page of the QuickBooks accounting software. And then just click the “Edit” menu and simply choose “Preferences.” Then just select the “Accounting” preferences sub-category in this menu to simply access the QuickBooks class tracking options.
  • After that, simply click on the “Company Preferences” tab and then just select “Use Class Tracking.” Then click on the “OK” button to simply enable class tracking for your QuickBooks Online account. And now the class tracking option is now simply available on your company profile.
  • In this step, simply choose your lists from the menu bar at the top of the system screen. And then just click on the “Class List” to easily set up class categories for your accounts and expenses.
  • And then simply click the arrow next to the “Class” button at the bottom of the page. Now just click on the “New” to simply create a new class. And the class types in which you just create an account for a lot of expenses, such as outsourcing costs, travel costs, technology solutions, and other common payments.
  • Now simply input the name which is simply associated with the class. And if this class can be just broken down further, in that case, simply put a check in the box next to “Sub-class”. Then simply enter the complete information in its text fields.
  • And finally, simply associate the class with a particular expense by just choosing it on the expense input form when you simply enter the complete information. In such type of case, classes can be simply associated with an entry that you make in QuickBooks software, but it’s especially useful for your bills and also your payroll costs.

Simply Putting Classes to Work

Now, you can completely and simply utilize the classes when it just comes to your transactions.

  • Firstly, you will have to just open up a blank invoice and then simply choose a customer.
  • After that, the class just field will be placed right next to the name of the client or customer.
  • And in this step, if the whole invoice is simply assigned to the same class. In that case, you will have to simply click the drop-down list. And then just select whatever invoice is of interest to you.
  • With this, also you can simply allocate separate classes to each of the line items only.

Simply make a note of the fact that not all invoice templates just add a column for classes.

  • However, you can simply include the templates by just selecting the invoice form that you would like to simply change. And then just click on the ‘Customize’ option which is just located in the toolbar.
  • And after you have just performed the previous step, you can simply include classes under the columns part/section, once the window for simply customization data layout opens up.

QuickBooks software simply provides its users with two best reports. And that is specially designed for easily tracking class-based transactions. These two amazing reports are the simple balance sheet by class and also the Profit & Loss by class.

  • Both of the wonderful reports can be simply found in the reports menu. And which is simply located under the ‘Company & Financial’ section.
  • Moreover, you can easily filter other best reports in order to include a class column.
  • And with this, you can also easily create a quick report for individual classes.
  • Finally, you must just navigate to the ‘Lists’ sections. And then the ‘Class List’ section and then simply choose a report or graph.

Creating Types

The easy and the best process of creating types is almost like creating classes. And here are the steps to creating types. The steps are as follows:-

  • In the first step, simply navigate to the lists section. And then the client, customer, and vendor profile lists, and simply choose the ‘type’ that you want.
  • After that, you will have to just follow the same instructions here as you simply did when you just created classes.
  • Furthermore, ‘types’ do not show on any of the transactions. They have been particularly and simply created for your own personal usage. And they are simply saved in your documents.

Note:- So if you do very well those steps which are given above, in that case, your class tracking procedure much more smooth!!

In Conclusion

That is complete information about QuickBooks class tracking. And one important thing is that the class tracking in QuickBooks always and simply helps you group your transactions in the best and smart manner and just according to the departments in which the transactions belong.

So we hope that this easy guide or article provided you with the information that you were simply looking for regarding QuickBooks class tracking.

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