In order to track your Expense and Income, Quickbooks is one of the most reliable tools. It also offers some advanced tracking system that can help you sometimes to go through your account details in a more precise way. The Quickbooks Class tracking feature is one of them that allows you to track the transactions in Quickbooks software in a more precise way. this feature allows you to categorize your transaction in an effective manner that can help you in tracking the cash flow in your business. the Quickbooks Class tracking feature is a very user-friendly tool of Quickbooks software. One can easily manage the on-going operations in the Quickbooks software using this tool.
Introduction of Quickbooks Class Tracking
The Class tracking tool in Quickbooks software comes with various amazing features that can avail users to easily track the expenses and revenue of the business. the feature allows users to create customized reports of the transactions that can help users to track expense in various aspects such as One-Off Accounting Scenario, Managed Shared expense among multiple Accounts, Occasional Expense, etc. the feature allows you to create specific classes for transactions to make them exclusive for you. with this tool, you can track the expenses of your business with the following categories that include Location, Business Office, Department, Your Properties, or any other means that is linked with your business. The Quickbooks Class tracking feature can be one of the effective tools that can help you in managing your business precisely.
Steps to Enable Quickbooks Class Tracking Feature
If you want to enable this feature in your Quickbooks account then you can follow these steps
- Start the Quickbooks software by double-clicking on it.
- Open the Edit menu and then choose the preferences option.
- After this click on the accounting icon and choose the company preferences.
- Mark the option to use “Class Tracking” and then click on the Ok option.
- After this, open the menu option and then choose the list you want to categorize.
- now choose the “class list” option to configure the categories in the list.
- Now choose the “New” option to create a new category for your expenses.
- Create the class and then enter the name in the name field to complete the process.
How to Use Classes in Quickbooks?
Once you have activated the Class tracking features in Quickbooks, now you can use the classes to characterize the transactions in your account.
- Open the Quickbooks software and create a blank invoice.
- After this, select a consumer from the list and choose the class from the drop-down list right-after the consumer name.
- If you want to list the complete invoice in same class then choose your desired class from the drop-down menu.
- You can also set different classes for each item on the list individually.
However, there are several invoices formats that don’t offer the classes feature. but you can still add classes in these formats with the following method:
- Open the Quickbooks software and select the transaction or invoice from the list you want to change.
- now click on the customize option from the toolbar and then click on add classes option from the customize window.
Along with all these features, the Quickbooks software allows users to generate two reports associated with the classes. Profit & Loss by class and Balance Sheet by Class are those two reports that users can generate.
- Open the Quickbooks software and go to the reports menu and find it under the “Company and Financial” option.
- You can also filter other reports according to the classes.
- the feature also allows you to create quickreport based on individual classes.
- Click on the list-menu and then choose the class list and then click on either report or Graph.
Different Types of Creating
The process of creates types is quite similar to create classes. you can follow these steps to create types.
- Open the Quickbooks software and go to the list option.
- Choose the Customer and Vendor list option and then choose the “Type” according to your requirement.
- Now follow the prompted instructions just like you did while creating classes.
- the types of documents are not generally visible on the transactions. these are created just to make it more clear for your and saved in the transactions only.
So this way you can manage your transactions more precisely in Quickbooks. However, if you are using Quickbooks in Mac then you must migrate to windows as Quickbooks for Mac Discontinued and there will be no services offered.
In case, you have any queries then feel free to contact Experts at Quickbooks. They have well-trained professionals who can provide you quality efficient solutions. You can contact them 24/7.