QuickBooks is one of the leading and most reliable software for accounting, as it supports advanced tracking features. The facility of account tracking can benefit you in planning future processes, company policies, growth monitoring, etc. Thus, it becomes essential for you to be aware of the QuickBooks class tracking feature.
We suggest you do so because the class tracking facility is the need of the hour for modern businesses. Through this facility, you can achieve greater control over expense categorization. Hence, you must be aware of its installation and optimization mechanism, whose details we will cover in the given guide. Thus, stay with the blog to raise your understanding of the advanced QuickBooks feature. Else, you can also get in touch with our QuickBooks Enterprise Support at +1-844-734-9204 to know more about your concern.
(For Mac Users)
(For Mac Users)
What Is Class Tracking In QuickBooks Desktop?
QuickBooks class tracking is an added feature that allows you to:- Track specific expenses
- Manage accounts
- Monitor frequent expenses
- And categorize shared expenses
User-Friendliness
Class tracking is a user-friendly feature. It allows you to share group invoices or expense reports under the following heads:- Location
- Business office or property
- Project
- Or any meaningful segment of the business
- Estimates
- Invoices
- Sale orders
- Sale receipts
- Statement charges
- Credit card charges
- Refund
- Billing
Flexibility
The next benefit of our anvil about class tracking feature is its flexibility. It lets users monitor the expenditure in specific windows. This framework finds its utility due to its flexible mechanism. Thus, you should also deploy it for your account tracking purpose.Overview Projection
Nothing can beat QB’s class tracking feature’s potential for effectively running and organizing your balance sheets. You can effectively project an overview of your business expenditure with this tool.
Important Facts For Consideration
- The withholding and establishing of tax accounts are once to do the process.
- Second, show the business segments on the reports.
- Lastly, classify transactions based on their relevance to your business
Read Also: Check Here Some Amazing Facts About QuickBooks Error Support
How To Establish Classes And Class Tracking In QuickBooks?
Now, it is time to learn about the class establishment and tracking process of QuickBooks. For this, you can proceed with the following steps:Step 1: Activate Class Tracking Feature
(For Windows Users)- First, open the company file
- Afterwards, navigate to the “edit” menu
- Then, opt for the “Preferences” option from the edit menu
- After completing this, select the “use class tracking” option from the transaction’s checkbox
- Moreover, click on the prompt wizard to assign the dedicated classes
- Lastly, hit the “ok” tab and exit from the main screen
(For Mac Users)
- First, open the QB menu and opt for the preferences option
- Afterwards, opt for the transactions from the workflow section
- Then, click on the utilize class tracking checkbox
- Lastly, shut the preferences page to save changes
Step 2: Establish The Categories For Expenses And Accounts
In this step, you can create class categories for expenses and accounts. Moreover, you should ensure that the opted classes should not fall under the multiple categories option. (For Windows Users)- First, navigate to the “Lists” menu
- Afterwards, select the “class” list
- Then, opt for the “new option” from the drop-down menu
- Followed by this, submit the name of the class
- In the case of the subclass, opt for the sub-class of the checkbox
- Subsequently, look for the category it is available in
- Lastly, add it and simultaneously hit the “enter” tab
(For Mac Users)
- First, go through the lists menu
- After this, opt for the “Classes” tab
- At this point, enter the details of the specific class
- Moreover, select the sub-class of the checkbox and discover the category where it is present
- Finally, hit the “ok” key to add a title to the newly created class
- to your dashboard
How To Use Class Tracking Feature In QuickBooks Desktop?
Class tracking in QuickBooks is a user-friendly interface and time-efficient tool. It can help you in generating expense-specific categories for better control purposes. Here are some class-assigned transactions regarding the following purposes:- Sales receipt
- Budget estimation
- Order categorization
- Statement charges
- Refund and credit management
- Card charges
- Invoice generation
- Purchase categorization
- Paycheck regulation
- Invoice transfer
Conclusion
After reaching this point, we hope you have learnt about the QuickBooks class tracking feature. We know that this is a good feature from the user’s perspective. However, it can feel tricky if you are unfamiliar with its functionality. Thus, you should save this guide for future reference. Furthermore, you can connect with our QuickBooks ProAdvisors to seek guidance on the accounting tool’s features. We are available to you via the call @+1-844-734-9204 as well as the live chat facility.Frequently Asked Questions
What Is QuickBooks Class Tracking, And How Does It Work?
QuickBooks class tracking is an added feature that lets users categorically track expenses. It provides greater control over expense categorization. Thus, it makes it simple for users to monitor and analyze financial data.How do I set up class tracking in QuickBooks Desktop?
You can set up class tracking in QuickBooks Desktop in the following steps:- First, go to the “Lists” menu
- Then, opt for the “Class” list
- Lastly, add classes and assign them to respective transactions
Can I use class tracking in QuickBooks Online, and if so, how do I set it up?
Yes, QuickBooks Online comes with a class tracking feature. You can set it up in the following steps:- First, click on the “Gear” icon
- Afterwards, select the “Account and Settings” option
- Then, click on the “Advanced” option
- At this point, turn on the class tracking
- Lastly, add classes to this section
