![]() QuickBooks 2011 will also allow you to pull a balance sheet by class or department, but earlier versions will not. By assigning classes to your transactions it will allow you to pull reports by class and thus see your income and expense by departments. A new column will now appear on your function windows such as the check window, journal window and deposit window. Using the “Class List” you can then add classes and subclasses for each department or class you are looking to track. Once the class tracking is turned on a new option will appear under the lists menu. Under the accounting preferences for the company you need to click the check box “use class tracking”. To turn on the class tracking function in QuickBooks you need to go to the preferences option under the edit drop down menu. The screenshot below shows you the five steps. Using classes would allow you to see the income and expenses for each segment of this business. Check these three boxes: Show Items table on expense and purchase forms, Track expenses and items by customer, Make expenses and items billable. Another example would be if you are construction company that needs to track your caretaking profits separate from your construction profit. You can record bills one at a time, or record multiple bills for multiple vendors at once. If you plan to pay for the expense in the future, enter it as a bill. Entering your income and expenses gives a more complete picture of your business and profit. For example if you are a non-profit with an education budget, administration budget, and programs budget you may want to see each of those as a separate income statement and not want so have three accounts for postage, three accounts for salary and three accounts for everything else. In addition to tracking sales, QuickBooks Online makes it easy to record business expenses. This allows you to see the independent income and expenses of these segments of your business. Below are some of the features of QuickBooks responsible for its immense popularity among Businesses and Finance Professionals. This function allows the classification of transactions into “classes” or “departments”. QuickBooks also helps individuals to track and manage their income and expenses, scan receipt images, and connect banking information. Do you need to sometimes see them together and apart? If so you may need to use classes in QuickBooks. What are your major revenue centers? Do they have their own independent income and expense. ![]()
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