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Setting up and Using the Class Tracking in QuickBooks Desktop
Thanks in advance for any help you can give me. I recently took on the job of setting up the accounting system for a not-for-profit organization in our small town. I believe the best was to do this is using Class designations by General Ledger account. I have set up the classes by project, but I can't set up the project's accounts by Class. On the screen where you set up the gl account the line where you assign the class is not there.
Can you tell me how to get this line activated? Let's review your QuickBooks preferences so you'll be able to assign classes to general ledger accounts. Just a heads-up, the ability to assign classes to accounts is only available to QuickBooks Enterprise. You can read through this blog for more detailed information: How to use class tracking in QuickBooks.
Meanwhile, if you're using QuickBooks Desktop Pro and Premier, you can assign classes to the following transactions:. From here, you can run and customize the Transaction Detail by Account report. This will allow you to view lists individual transactions, subtotaled by each account on your chart of accounts.
You can also compare the balances across multiple classes, departments, or locations. You can check this article for more detailed information: Filter, sort or total reports by Class. Creating new accounts, however, I can't see the option to assign a class when creating a new account in the ledger. Hi there, InterlakenGolf. Thanks for joining the thread.
QuickBooks Desktop Enterprise is the most powerful type of plan in QuickBooks Desktop that is designed to help you manage your accounting and business needs efficiently and with ease. If you'd want to have employees in specialized roles and functions, have inventory as a core part of your business, or have multiple locations that need to be tracked and managed, QuickBooks Desktop Enterprise is great for you.
Also, in all types of plan, only QuickBooks Desktop Enterprise has the option to assign classes to accounts, as mentioned by my colleague IamjuViel.
If you have any follow up questions about this, let me know by commenting below. I'm more than happy to answer it for you. Have a nice day. You can track account balances by department, office or location, separate properties, or any other significant division of your organization using class tracking.
This allows you to keep track of the segments you wish to keep an eye on. Here's how:. For more information on how to handle classes, check this out: Set up and use class tracking in QuickBooks Desktop. Keep us updated by leaving a comment below. We're here to help if you have additional concerns with this or QuickBooks. Have a nice day! What does assigning classes to a Ledger Account do?
Because in my client's QB Enterprise Non-profit edition, it does not seem to do anything. If I assign a class to a Income account, for instance, and then post a invoice item related to that classed GL account but leave the Class field empty on this line item , then run your recommended General Ledger report with customizing to add a column for Class, then that transaction will not have a class.
It won't have a Class until I add a Class to the line with the item, in the Invoice. It seems like the only thing that would class a transaction would be to assign the class at the transaction level. Am I right? Created an invoice using the Item created in 2 but no class for the invoice above field and no class for the Item line class field beside the Item field in the lines of the invoice. That Item in the invoice is linked to an account that is classed "Operational".
After I save and close the invoice, the run the PnL report, the transaction shows up only in the class column "Unclassified".
Shouldn't all transactions going to the classed Income account be assigned a class, regardless if I used a class at the item level? If that is not the case, then what purpose does assigning a class at the Ledger Account level serve?
I can't seem to find a guide or solution on how to use this feature. However, there seems to be no materials on this Assign Class to Accounts feature works. Yes, you're right. You can assign a class at the transaction level. See the following transactions below:.
Since class tracking can be used in most transactions, you can generate reports to compare the balances across multiple classes, departments, or locations by filtering, sorting, or totaling reports by class in QBDT.
You also want to check this link to learn more about setting up and using class tracking in QuickBooks Desktop. But that doesn't answer my main question, what's the main purpose of Assigning Class to Ledger Accounts? And how do you use it? You can use them to get deeper insights into your sales, expenses, or profitability for each part of your business. Hence, the target of classes is transactions, not accounts.
Then, you can use this info to set a budget goal for each class. You can find more information about classes through this link: Set up and use class tracking in QuickBooks Desktop.
Stay in touch with me if you have follow-up questions by commenting below. I'll be around to provide the information that you need about the class tracking feature.
I can see the advantage of being able to assign a class to multiple General Ledger accounts. Currently, QuickBooks Online users can assign classes to customer and vendor transactions.
It isn't possible to assign a class to the General Ledger account. I recommend sending your product suggestion to QuickBooks. Your suggestion will be forwarded and reviewed by our Product Development team for future product improvement. You can read the following articles to learn how to manage your classes and customize reports in QuickBooks Online:. I'm always here if you have any other concerns about managing your accounts.
Keep safe and have a wonderful day! By clicking "Continue", you will leave the community and be taken to that site instead. Enter a search word. Turn off suggestions. Enter a user name or rank. Turn on suggestions. Showing results for. Search instead for. Did you mean:. Connect with and learn from others in the QuickBooks Community. Join now. Level 1. Labels: QuickBooks Desktop. Reply Join the conversation. QuickBooks Team. Here's how: Go to the Edit menu. Choose Preferences.
Select Accounting. From the Company Preferences tab, go to the Class section. Mark the Use class tracking for transactions option. Put a checkmark on the Assign classes to tick box. Pick Accounts from the drop-down menu. Click Ok. Leave a post below if you have other questions. I'm always here to help. If there's anything else you need to help us with, please let us know so we can assist you. Assigning Classes to General Ledger Accounts what is quickbooks enterprise?
I can't seem to find a how to use class reporting for Ledger Accounts assigned with a Class. Here's how: Open the Reports menu. Click on General Ledger. Select the Customize Report button. Under Search Columns , check Class.
Once done, click on OK. Let me put it in another way Let me show you an example, hopefully I can post multiple screen shots. Income account is assigned a Class in the Chart of Accounts 2.
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