Quickbooks, Bookkeeping and Accounting Blog

QuickBooks classes enable you to classify all income and expense transactions. You can do so by department, location, type of business, partner or associate, or anything else that is useful and meaningful to you. You can then run reports in which you break your business down into the classes you have created. 

Example of Using QuickBooks Classes
Suppose you have a consulting business with offices in Dallas and Denver. You could create a class for each office and then assign every transaction to either Dallas or Denver. You could then run reports showing all income and expenses by office, so you could see exactly how profitable each office is.

Turning on Class Tracking

• From the Edit menu, select Preferences
• Select Accounting (on the left), and then Company Preferences tab
• Select Use Class Tracking
• OK

Adding Classes in QuickBooks

• From the Lists menu, select Class List
• Click On Class and then New
• Fill in the Class Name
• OK

Assign Classes to Transactions

• Simply remember to fill in the Class when entering transactions in QuickBooks.

See my previous blog titled QuickBooks Classes for more information about using classes in QuickBooks.