QuickBooks plays a very ancillary role when it comes to tracking your income and expenses. However, there are times when you might need to go beyond the standard account-based tracking performance. This is where QuickBooks class tracking in comes into play. QuickBooks online class tracking is a user-friendly method for setting up class tracking which enables you to attain greater control over expense categorization in a very time-effective manner.
The feature of class tracking in QuickBooks online provides you with a customizable way to track specific expenses, handle the accounting for one-off scenarios, manage occasional expenses and categorize shared expenses across multiple accounts and that isn’t necessarily associated with a particular account type. You can create classes for certain transactions that you feel the need to group exclusively. Doing so enables you to track account balances by the business office, location, department, separate properties you own or any other meaningful breakdown of your business. It assists you in managing your business in the most efficient manner.
Now, you can fully utilize the classes when it comes to your transactions.
Make a note of the fact that not all invoice templates include a column for classes.
QuickBooks provides its users with two reports that are specifically designed for tracking class-based transactions. These two reports are the Balance Sheet by Class and the Profit & Loss by Class.
The process of creating types is almost identical to creating classes. The steps to creating types are as follows:
Doing so will make your class tracking procedure much more streamlined!
Class tracking in QuickBooks helps you group your transactions in a smart manner and according to the departments in which the transactions belong.
We hope that this article provided you with the information that you were looking for regarding QuickBooks class tracking. If you have any further queries regarding the blog, feel free to contact our ProAdvisors at QuickBooks Online Support Number 1-877-263-2742 for instant resolution.
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