Jun 30 2008

QuickBooks Training: Using QuickBooks Classes

I spent all day today cleaning up a client’s QuickBooks information because they have 3 locations but didn’t do anything to separate them in QuickBooks. So there was no way to pull up a useful profit & loss report, which is what they needed.

In QuickBooks, you uses “classes” to provide a breakdown of income and expenses by location, department, property, or any other criteria that is meaningful in your particular business. You assign a class to each transaction. This allows you to report on each class separately. The built-in “Profit & Loss By Class” report is great as it shows one column for each class, then the grand total. Class is also available as a filter so you can modify other reports to only show transactions from certain classes.

Here’s a quick video tutorial I just put together to demonstrate how to use classes in QuickBooks. I kind of messed up recording the audio so I had to go back and render the whole video over again, which made a pretty large file for some reason. I didn’t go back to fix it so please be patient if it takes a while to load – I promise I’ll do better next time!

Video Length:7:07

Click here to watch the video

1 Comments on this post

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  1. Tim said:

    So,

    Registered to leave comments here.
    Super tutorial – keep up the good work. You’re a great communicator on these technical topics.

    A scenario:
    Moving from Peachtree to QB. Nice. That’s what I have to say ;-)

    We were incorrectly using Jobs in the PT system and are now utilizing the slick Classes feature in QB. What would you recommend for handling the balance forward for Jobs. The way we did handle this in PT was to close each job annually and reopen as a new job the following year. Don’t ask me why… it’s what was inherited.

    Now, moving into QB we have classes as you demonstrate above. Initially each class has a “0″ balance. It would be extremely helpful to see each class with the balance that showed as the end of year job balance. Suggestions on how to accomplish this? Is it a feasible approach?

    As a non-profit the classes represent various project funds. Each project has income and expenses related to it. All of our projects carry over a balance each year and monthly reports are generated to view what expense and income relate to each project – and the resulting positive or negative balance. (Most of these projects also have related budgets that are submitted/approved/revised periodically as well.)

    Thoughts?

    Thanks again ;-) I’ve passed this tutorial on to a couple others in our boat.

    April 7th, 2009 at 8:13 pm

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