Class tracking is one of the best kept secrets in QuickBooks. It's QuickBooks term for Departments. Once you figure out how to use Class Tracking you unlock a whole new level and power of use with QuickBooks. Classes allow you to track data by different offices, major product lines, fund raising events or any other way you may need to break down data. By using Class Tracking you unlock power and fast reporting capabilities.
To see how to use the Class Tracking, go to VENDORS - ENTER BILLS. There is now a column to enter a Class. This column will show up in Invoicing, Journal Entries, Budgeting, Write checks, Estimates and more.
Once Class Tracking is turned on and you figure out what your Classes are going to be, you need to create your Class List.
Go to LISTS - CLASE LIST. At the bottom of the screen CLASS - NEW enter the name of the class or enter subclass simular to subaccounts in the Account list. Then click ok.
Run a Profit & Loss Report by Class. Go to Reports - Company & Financial - Profit & Loss by Class. Feel free to collapse and change dates or filter to what ever classes you want to see. This creates what I like to call three dimensional income statement. This is the power to quickly and easily get the data you need to run your business not just what you for reporting and regulatory requirements.
Turn on Class Tracking. Most people do not know about this feature, because it is defaulted to not turned on when the program is installed. Go to EDIT - PREFERANCES - ACCOUNTING - COMPANY PREFERENCES.
Check mark - Use Class Tracking. If you want a class entered for every transaction, check mark - Prompt to assign classes. Then click OK.
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