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Learn how to set up and use class tracking in QuickBooks Desktop:

QuickBooks accounting software offers a wide features and functionalities, one of which is QuickBooks class tracking. This feature allows the user to print reports which offer expenses and income by class. QuickBooks class tracking is a user-friendly method for setting up class tracking that enables the user to attain greater control over expense categorization in a very time-effective way. Setting up and using class tracking in QuickBooks involves a couple of steps, which we will be discussing later in this article. Thus, if you are interested in knowing the process to set up and use class tracking in QuickBooks desktop, reading this piece of information till the end is recommended.

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Brief into QuickBooks class tracking

Class tracking provides the user 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. The user can create classes for certain transactions that the user needs to feel the need to group exclusively. This also enables the user to track account balances by the business office, location, department, separate properties owned or any other breakdown of the business. The user can set up and use class tracking in QuickBooks desktop, by carrying out certain steps, discussed later.

Steps to set up and use class tracking in QuickBooks Desktop

The user can carry out the steps below in order to set up and use class tracking in QuickBooks desktop. Let us explore each of the steps one by one:

Firstly, the user needs to turn on class tracking

Important tips

  • The user will only have to set up the withholding tax account and item once. And later the user will have to charge off withholding tax account and item once. Later the user will have to charge off withholding tax, simply by using the existing withholding tax item
  • After that, the user should set up classes based on the type of reporting that has to be done and then consider the way the business segments are to be seen on reports
  • The user can set up an “other” class to classify transactions that don’t fit any class defined

Windows

  • At first, the user needs to open the company file
  • And then, move to the edit menu and also choose preferences
Preferences - Screenshot
  • The next step is to select accounting and then move to the company preferences tab
  • Also, choose the use class tracking for transactions checkbox
use class tracking for transactions checkbox - Screenshot
  • If needed, a reminder can be set when the user hasn’t assigned a class, by selecting the prompt to assign classes checkbox
  • The last step is to select OK tab

Mac

  • For this, the user should move to the QuickBooks menu and then select preferences
  • After that, select transactions in the workflow section
  • The next step is to select the use class tracking checkbox, and then close the transactions window to save the changes

Also Read: Create and Manage Roles in QuickBooks Enterprise

Setting up class categories for expenses and accounts

It should be noted that the user has to use classes for one category only. This means that if you are using classing for department, then it is recommended not to use classes for store locations. The user can use the sample classes by industry for guidance.

Windows

  • Initially, the user needs to move to the lists menu and then choose class list
Class List - Screenshot
  • After that, from the class drop-down menu, choose new
Setting up class categories for expenses and accounts - Screenshot
  • The next step is to enter the class name
Enter the class name - Screenshot
  • And in case it is a subclass, then selecting the subclass of checkbox and finding the class it’s under in
  • The last step is to select OK to add it

Mac

  • In this step, the user needs to move to the lists menu and then select classes
  • After that, choose plus icon + to create a new class
  • And then, enter the preferred class name
  • Also, note that for creating a subclass, selecting the checkbox and the class it’s under is recommended
  • Towards the end, select ok for create a class

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Using class tracking

The user can assign a class to the following transactions:

  • Invoice
  • Sales receipt
  • Estimate
  • Sales order
  • Statement charges
  • Refunds and credits
  • Check
  • Credit card charges
  • Bill
  • Purchase order
  • Paycheck

Class tracking can be used in most transactions, which makes it easy for the user to generate reports to compare the balance across multiple classes, departments, or locations.

Sample classes by industry

Business typeSample segments
Accounting firmsPartners or clients Locations, if more than one location Types of work, such as tax, audit, consulting work, and so on
Advertising and public relations firmProjects Locations, if more than one location Lines of business, if involves several main types of work such as advertising and public relations
Architectural firmsProjects Locations, if more than one location
Construction companies or contractorsConstruction divisions then subclass like Rough and Finish Project supervisors, if more than one supervisors
Consulting firmsConsultants Locations, if more than one location
Graphic design, writing, photography, and printing firmsBilling partners Locations, if more than one location Lines of business, if involves several main types of work such as printing and design
Legal officesLocations, if more than one location Partners or associates Area of specialization, such as real estate or corporate law Fee methods, such as fixed fee, contingency, hourly, or a combination
Medical officesPartners Locations, if more than one location
Membership organizations or user groupsSpecial interest groups (SIG)
Real estate brokersLocations, if more than one location Areas of business, if involves several main types of work such as property sales and property management Title company
Restaurant and barsLocations, if more than one location Profit centers, such as restaurants and bakery Types of business, such as restaurant and catering
Retail storesStores, if more than one stores Product lines or departments, such as garden, hardware, and tools
WholesaleDistribution centers Product lines or departments, such as garden, hardware, and tools
Sales representativeProduct lines Manufacturers being represented
Services (that bill weekly/monthly)Services being offered Partners Locations, if more than one location

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Conclusion!

Towards the end of this post, we believe that the information shared in above might work in setting up and using class tracking in QuickBooks desktop.

For any sort of assistance or in case you need our support at any point of time, then in that case, feel free to call us at our QuickBooks toll-free customer support number i.e. 1(844)521-0490, and leave the rest on our team. Our experts and professionals will ensure to provide you with immediate support services.

 

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