How to Turn on Class Tracking in QuickBooks Online Plus and Advanced?

It is imperative to set up classes in QuickBooks Online for bookkeeping and accounting. Classes comprise a freeform list that […]

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It is imperative to set up classes in QuickBooks Online for bookkeeping and accounting. Classes comprise a freeform list that you can access in order to tag your particular transactions in QuickBooks Online. Learn How to Turn on Class Tracking in QuickBooks Online Plus and Advanced.

Once you set up the Chart of Accounts and the Products and Services you must analyze whether possessing the capability to monitor sales transactions independently will be helpful to you or not.

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When classes are set up in QuickBooks, it enables the user to run a profit and loss report easily. There are several uses for the classes and the sub-classes. Some company owners use classes to separate income and expenses by place, category, job type, source, etc.

A user can select to assign classes one time in a complete transaction or he can assign line-by-line, like for every sales item line. In case a user wants to use classes, it must be made sure that not a single transaction should be left unclassified.

What are Classes and Location Tracking? Why one Should use it?

Class and location tracking are actually classification mechanisms that allow reporting by an extra layer of categorization. The basic way to categorize transactions in an accounting system is to allocate them to particular accounts like computer equipment, sales, purchases, meals, travel, office expenditure, etc. This is known as the Chart of Accounts.

There exists an extra layer to classify your transaction in QuickBooks Online that is useful on the top of the chart of accounts enabling every transaction to be grouped in a wider category. This is especially helpful for businesses that have individual locations where they may wish to view their results grouped together for advanced analysis and a complete understanding of the business performance.

What is the Primary Distinction Between Class and Location Tracking?

Although both the features are the same, there is crucial difference between the two:

  • Class tracking is only used to monitor profit-loss accounts whereas location tracking is used for both balance sheet and profit-loss accounts
  • The location-tracking feature is related to full transactions while classes are applicable to every line item on the particular transactions or they can be applied to a complete transaction. It means you will have poor flexibility when allocating locations.

Now when you know in detail about class tracking in QuickBooks, let us learn how to turn it on. Read on to learn how to turn it on in QuickBooks.

How to Turn on Class Tracking in Your Particular QuickBooks Online Plus and QuickBooks Advanced

Here is how you can turn on class tracking in QuickBooks, so you can begin organizing your transaction by class. If you want to allocate classes to your particular employees, here is how you do it:

Method 1: Turn on Class Tracking

Step 1: Navigate to Settings and then choose Account and Settings.

Step 2: Choose Advanced and then choose the Categories section to change.

Step 3: Choose Track Classes.

Step 4: Select Warn me when a transaction is not allocated to a class. This is optional, however, it is wise to turn it on so that when the reports are viewed, everything is classified.

Step 4: In the Assign Classes, choose One for entire transaction or One for every row in the transaction.

Step 5: Choose Save and then click Done.

Important: Choose One to Entire transaction if you do not wish to enter a class for every product sold to customers. It is possible to save time and allocate one class to the total sales receipt or invoice instead. This adds a particular class column or field on the forms so you can allocate transactions a class.

Method 2: Fix Your Class List

It is possible to set up the class list. Prepare classes that show several parts of your particular business. When classes are simple, they are easy to comprehend.

How to Add Classes in QuickBooks?

Here are the steps to add Classes in QuickBooks:

Step 1: Press the icon.

Step 2: In the Lists section, press All Lists and choose Classes.

Step 3: Name the Class and press Save.

Step 4: Make a second Class and press Save.

Step 6: Add a date for the first of the following month.

Step 7: Choose the right payment account along with the Payment method, Class, and Expense details.

Step 8: Press the Save option and click the new drop-down and choose Save and Close.

How to Assign Classes to a Particular Expense Transaction

Here are the steps to assign classes to a particular Expense Transaction:

Step 1: Press the sign.

Step 2: Choose Expense.

Step 3: Add the date as the first for the following month.

Step 4: Choose the right payment account along with the Expense Detail, Payment Method, and Class.

Step 5: Press the Save option and click New drop-down and choose Save and Close.

How to Assign Classes to a Particular Sales Receipt Transaction

Here are the steps to assign classes to a particular Sales Receipt Transaction:

Step 1: Press the sign.

Step 2: Since the customer paid during the sale, you are not needed to make an invoice. Rather make a Sales Receipt.

Step 3: Add the date as the first for the following month.

Step 4: Choose the right payment account along with the Expense Detail, Payment Method, and Class.

Step 5: Press the Save and Close.

How to Assign Classes to a Particular Check Transaction

Here are the steps to assign classes to a particular Check Transaction:

Step 1: Press the sign.

Step 2: Choose Check and add the date as the first for the following month.

Step 3: Add the payment and payee account.

Step 4: Choose the account details including class assigning.

Step 5: Choose Save and Close.

How to Run a Report that is Based on Classes

Step 1: Press the Reports tab.

Step 2: Look for Profit and Loss by Class.

Step 3: Press the icon.

Step 4: Edit the Date Range to show Next Month.

How to Turn Class Tracking on in QuickBooks Online Payroll?

If you wish to set up classes in order to track payroll, then it is crucial you turn on class tracking for the payroll transaction. Then you can locate a single class to all the employees or allocate different classes to various other employees.

Step 1: Navigate to Settings⚙ and choose Payroll Settings.

Step 2: In the particular Accounting section, choose Edit.

Step 3: In the particular Class Tracking segment, choose Edit and then turn it on. Then determine how you wish to monitor classes.

Step 4: Choose Continue and then press Done.

Note: In case the Class Tracking segment is not getting displayed in the Accounting Preferences, make sure that the particular class tracking is on. If, however, the classes are turned off, then it is recommended to turn or and redo the steps mentioned above. If the classes are turned on, then turn or on, sign out and then sign back in and then turn the classes back on.

Step 5: Add class to every employee.

Step 6: In order to save the choices, choose Continue and Done.

We hope that this article is clear to you. We have mentioned every single point concerning turning on class tracking in QuickBooks. You need to make sure that you follow them in the given order.

Still, if you are stuck anywhere or need professional guidance on this issue, you can connect with our Dancing Numbers team of experts via LIVE CHAT.

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Frequently Asked Questions (Faqs)

What are the Instances of Classes/Locations?

Here are some examples of Classes/Locations:

• Businesses with an individual division like Products and Services, Wholesale, or Retail
• Businesses that promise an alternate service line or the product lines
• Businesses that need to monitor the transaction by various sales rep
• Businesses with separate locations like cities or countries
• Property management businesses with individual rental units
• Charities or non-profit organizations that require to monitor different fund allocations or funds

What is the Basic Difference Between Type and Class in QuickBooks Desktop?

Here is the basic difference between type and class in QuickBooks Desktop:

• In transactions, classes are used
• Vendors, jobs, and individuals are assigned Types

What are the Benefits of using Classes in QuickBooks Online?

Here are the steps of using Classes in QuickBooks Online:

• Classes are freeform lists that are used for maximum flexibility
• Classes are added to the entity level or the Sales Item Line level
• You can receive extra insights from your financials

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Customization

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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