Getting the Most out of QuickBooks

I’d like to think the Top 5 is like your favorite pair of jeans: never out of style! As I looked through the Community I saw some questions about class tracking. So why not put the Top 5 spin on it, and give you the questions (and answers) you’re all asking in the Community. Let’s get to it!

1. How do I set up class tracking in QuickBooks Online?

It’s quick and easy to set up class tracking. Head over to your settings and follow along:

1. Click the Gear icon.
2. Select Account and Settings.
3. Go to the Advanced tab.
4. Click on the Edit button for Categories. 
5. Check the Track classes box.
6. Click on Save.

To add new classes:

1. Go back to that Gear icon.
2. Select All Lists.
3. Click on Classes. 
4. Then choose New. 
5. Enter the class Name.
6. Click on Save.

2. How to assign class to payroll expenses? 

While a class can’t be assigned directly to payroll, you can assign classes to individual employees.

1. Click on the Gear icon.
2. Select Payroll Settings.
3. Choose Accounting.
4. In the Classes section, select ‘I use different classes for different employees.’
5. Click on OK.
6. In the Preferences, assign a class for each employee. 
7. Click on OK.

3. How do I delete/deactivate a class in QBO?

Call us clingy, but we don’t like the word “delete” in QuickBooks. For us, keeping records is important to having accurate information. With that being said, any unwanted items can be made inactive. 

1. Choose the Gear icon.
2. Click All Lists under List.
3. Select Classes.
4. Go to Report drop-down arrow under Action column.
5. Select Make inactive.
6. Choose Yes.

Oh no! Did you accidentally make a class inactive that you need? Never fear, that’s why we do what we do. You can easily retrieve them.

Just go to the Gear Icon on the classes page.

Check the box to Include inactive to see all of those classes. Then simply click on Make Active.

4. How do I run reports by class?

Let me first start off by giving you a list of specific reports in QuickBooks Online made especially for classes:

• Class List
• Profit and Loss by Class
• Purchases by Class Detail
• Sales by Class Detail
• Sales by Class Summary

You can also customize your reports to show classes as well! Once you click on Customize on your report, scroll down to Filter and click to expand. Then, click on Classes and lastly Run Report.

5. Can I create classes with opening balances?

Opening balances are unique to accounts made in the Chart of Accounts, but there is a way to include classes. There’s a field in the opening balance (and any transactions) listed in the register. Follow me below. 

Go to Accounting>> Chart of Accounts and click View register on the right of the account you need to edit. 

Then, you click on the transaction to expand and add the class.

Hope you loved this week's Top 5. Not sure if classes are right for you? Check out our article that breaks it down and helps you decide: Get started with class tracking in QuickBooks Online.