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Setting Up & Using Class Lists in Quickbooks

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Anyone familiar with Class Lists in Quickbooks?

 

I have turned on the class list function and set up one class name. I want to show two divisions within my company. Where in the process do I indicate which class I'm referencing? When I do a journal entry I'm not seeing a prompt to select a class? What step(s) have I missed?

 

Thanks in advance,

 

~Ruth

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I used to use classes for a client to distinguish between Retail Sales, Exempt Sales and Real Property. I did need to customize the form I was working with and add the field "Class" to the invoice. Do you have "1-line view" chosen in the Journal Entry?

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I'm using 2007. I have 2009 but didn't put it on the computer yet. When I create an invoice I do see the Class List drop down tab. Making some progress here. . . .

 

Should I be seeing a place to select a Class in the Transactions screen? This is where I enter my receipt debits. I need to distinguish the expenses between the two classes.

 

~Ruth

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Ruth,

 

I love using classes! My accountant recommended we do that as we have 4 different businesses and money comes out from similar places. Classes works for us! You can run all kinds of reports too at month end for each business we have. The reason we did this was to make life easier for the accountant. Now she can divide office expenses between all 4 companies year end, etc.

 

Any questions, just ask!

 


vainsiders.jpg

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Ruth,

 

I love using classes! My accountant recommended we do that as we have 4 different businesses and money comes out from similar places. Classes works for us! You can run all kinds of reports too at month end for each business we have. The reason we did this was to make life easier for the accountant. Now she can divide office expenses between all 4 companies year end, etc.

 

Any questions, just ask!

 

Yes! This is exactly what I'm attempting to set up for the exact same purposes. I have turned on the Class List and created one class. There will be two total so do I need to set up the other one or will the unnamed class just be one? Are there more steps to this set up process or is that it.

 

When I enter a transaction I do not see a place to indicate which class this applies to.

 

~Ruth

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Ruth, call me tomorrow afternoon and I'll walk you through it... it's easier by phone to troubleshoot it. No charge, of course. I'll be in the office after 11:30 Central.

 

 

Appreciate the offer. I'll be in touch later today.

 

Thanks,

 

~Ruth

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Ruth:

 

If you want two classes, I would go ahead and have the two classes in your Class List. That way, when you're entering a check, bill or invoice, you will choose Class A or Class B .... simple, right?

 

Your reports will also be better if both classes are listed (and used!). I would also set the preference that forces you to assign classes to your transactions (Edit > Preferences > Accounting: Company > Prompt to assign classes), since nothing is worse than running your Profit-&-Loss by Class report and finding a bunch of transactions over in the "Unclassified" column!

 

The purpose of classes is to take your Profit-&-Loss report and divide it between departments, such as Service #1 and Service #2, or Direct and Subcontracting. Classes don't affect the balance sheet, however, so you're only splitting up your revenue and expense accounts, not your asset & liability accounts.

 

If you have any other questions, don't hesitate to ask!

 

Deb

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Your reports will also be better if both classes are listed (and used!). I would also set the preference that forces you to assign classes to your transactions (Edit > Preferences > Accounting: Company > Prompt to assign classes), since nothing is worse than running your Profit-&-Loss by Class report and finding a bunch of transactions over in the "Unclassified" column!

 

Thanks, Deb. This is the step I thought I may have overlooked. Now the picture is becoming clearer. When my CPA said to set things up this way she didn't review the exact steps but said I'd see everything. (Bless her heart I think she forgets sometimes that I don't do bookkeeping and the obvious isn't always obvious when you don't work in it often.)

 

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There is also a setting somewhere (not sure where now as I couldn't find it) that you check off to make sure you choose a class when entering an expense or invoice, etc. If you don't, a warning will come up to make you choose one. I have that set up so I don't forget. If you start forgetting to put the classes in, it can become a real mess year end as this happened to me once. I had to go through every entry and make sure the class was chosen.


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She's taken care of. She was using the check register, not the journal entry screen.

 

For the record, you just click on the "split" button to see the class there. BUT you should, technically, be using the "write checks" and "make deposits" function.

 

But, ya know... do as I say, not as I do, right? :)

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Thanks everyone. I have everything set up and it seems to be working.

 

~Ruth

 

PS: What can I say, I don't offer bookkeeping services for a reason. :whistlin: All of the end data is where it needs to be when I take it to the CPA at the end of the year but she probably doesn't realize how I make entries either. :naughty:

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