QuickBooksQuickBooks Class Tracking | How to set up and use Class Tracking in QB

September 3, 2019by J.Smith0

QuickBooks plays a very effective and important role when it comes to tracking your expenses. Nevertheless, at times you may require to move beyond the standard account-based tracking performance. In this case, the QuickBooks Class Tracking becomes useful. QuickBooks Online Class Tracking is a user-friendly approach. It allows you to set up class tracking that permits you to gain more control over expense categorization in a very time-efficient way because it can help you to save your valuable time. You can also seek help from our certified QuickBooks ProAdvisor by dialing our toll-free QuickBooks support number.

How to use class tracking in QuickBooks?

In QuickBooks, you can create classes for those transactions for which you consider grouping as an important and exclusive task. It allows you to track the account balance due to department, business office or location, various assets you own, or any other significant breakdown of your business.

But many business proprietors have specific segments of their business that they require to hold a close eye on. So in order to determine these segments and track your individual account balances on invoices, bills, and other documents type, the class tracking feature is considered to be the best option.

For instance, if you have a good restaurant with three locations, you can create an Uptown, a Midtown, and a Downtown square for tracking account balances with respect to their locations. A farmer can build a class for each enterprise – for instance, corn, hog, and soybeans, etc. At the end of an accounting session, the restaurant can create separate reports for each location. Likewise, the farmer can produce separate reports for each enterprise.

Class tracking takes some time to fix up, but it pays off for a long term basis. You get an attractive overview of your company’s expenses and income that can allow you to understand how your money is spent.

What is QuickBooks Class Tracking?

The class tracking in QuickBooks Online provides you with a customizable system to track specific expenses, handle accounting for one-off situations, manage expenses infrequently and classify shared expenses across multiple accounts and does not fundamentally have to be connected with an appropriate account type. You can create classes for some transactions that you observe the requirement to group exclusively. By executing this you can track the account balance by individual assets for business office, location, department, by you or any other meaningful dismissal of your business. It supports you to maintain your business in the most effective method. 

How to Turn on class tracking and location tracking in setting

As soon as this feature is turned on, classes or place drop-down menus will resemble your forms. Like that:

  • Move to Settings and select Account and Settings.
  • Elect Advanced from the left menu.
  • On the Categories segment, choose the Pencil Categories icon.
  • Choose the category you need to allow, then Pick the settings for that category.
  • Choose the Save option.

Create Classes and Location Categories in Quickbooks

Follow these steps to create classes in QuickBooks:-

  • Load the main page of the QuickBooks application.
  • The class tracking choice is now accessible on your company profile.
  • After that, select your lists from the menu bar from the head portion of the screen. Tap on “Class List” to set class sections for your expenses and accounts.
  • Agree on the arrow, next to the “square” button at the bottom of the site page. Click “New” to build a new class. The type of design by you may be responsible for several expenses, such as outsourcing costs, technology solutions, travel costs, and other frequent payments.
  • Enter the name connected with the class. If this class is capable of being divided into different sub-classes, put a check in the box next to “Sub-class” and hit enter. After that fill the knowledgable information in the provided text fields.
  • After that, select on the Expense input form and connect the class with the particular expenditure. Classes can be connected with any entry you execute in QuickBooks, but it is individually useful for your bills and payroll costs.

Location Categories

Now that you have changed classes or locations, you can create categories for them.

  • Move to Settings and choose All Lists.
  • Choose a class or location option.
  • Select New, then enter all the required information knowledge.
  • Select the Save option.

Note:- Alternatively, you can also add a new class or location to your forms by choosing Add New from the Classes or Location drop-down menu option. This will only enable you to add names. If you need individual form information for this location, you must edit or fix it from the location list.

Edit/Redirect a class and location

After initiating classes or locations you can edit/redirect a class or location.

  • Move to Settings and choose All Lists.
  • Elect a class or location.
  • Following the Action column, choose the small arrow Action icon next to the Run Report.
  • Choose Edit/Redirect and make the required changes.
  • After the task is finished, select the Save option.

Delete/Remove a square or location

After initiating classes or locations, you can also delete or remove the class or location.

  • Move to Settings and Choose All Lists.
  • Select a class or location.
  • Below the Action column, choose the small arrow Action icon next to the Run Report.
  • Select Deactivate, and then select Yes.

Modify inactive rank for class or location

You can create an inactive class or space active.

  • Move to Settings and Choose All Lists.
  • Elect a class or location.
  • Select the icon overhead the action column, then select Include Idle.
  • Choose Activate to Modify the status.

So, in this blog, we have discussed how class tracking works in QuickBooks. It helps you to analyze your transactions smartly and according to all the departments to which they belong. We hope that this article has provided you the information about QuickBooks class tracking. Contact our QuickBooks Online support for further information on this topic.

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