An Introduction to Class Tracking in Quickbooks

Grade tracking is a characteristic in Quickbooks Desktop that allows yous to segment account balances for tracking purposes. While non required, many businesses — as well as accountants — apply it. With course tracking, you tin can create "classes" for your accounts that are independently tracked. Y'all can then view the transactions and balances associated with those classes rather than the whole accounts with which they are associated. For a better agreement of form tracking and how information technology works, go along reading.

The Basics of Class Tracking

In Quickbooks, course tracking is used to segment account balances for tracking purposes. In other words, you lot set up classes to track specific segments of ane or more accounts. A common example is a retail store with multiple locations. Instead of using a single account, you tin segment the account into multiple classes. Grade tracking allows you to create a class for each location. Quickbooks volition so compile the data for each account, allowing you to meet the revenues generated by each location. This is just one of many ways to use class tracking in Quickbooks. You tin use it to track any account segment.

How to Prepare Upward Grade Tracking

To go started with class tracking, open up your Quickbooks company file and choose "Preferences" under the "Edit" bill of fare. Next, select "Accounting," followed by "Company Preferences." You should then see a box labeled "Employ form tracking for transactions." Click this box to place a checkmark in it. When finished, click the "OK" button.

With class tracking enabled, you can now set up classes for your accounts. This is done by clicking the "Lists" bill of fare and selecting "Class List." Next, click the "Form" drop-down card and choose "New." Quickbooks will then prompt yous to enter a name for the class. Since it's used for tracking purposes, you should give it a relevant name that's easy to remember. Afterwards entering a name, click the "OK" push.

Assigning Classes: What Yous Should Know

Assuming you lot've followed these steps, yous should now exist able to assign the newly created grade. Quickbooks supports the employ of classes for many different types of transactions. You tin can assign them to invoices, estimates, bills, buy orders, sales orders, sales receipts, paychecks, credit card charges and more. Once assigned, yous can run reports for the various classes to view and compare their corresponding balances.

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