We’re not big fans of using class tracking on balance sheet accounts. If it’s not supported, then you’d be better off to void the transfer, and use a general journal entry, which does support classes. Why wouldn’t you simply put a class on the transfer? That’s supported in QB 2014, and it’s been a while since we’ve had to open QB 2011, so perhaps its not supported. Therefore, you’re best served by editing your current classes to match your needs as closely as possible and to use sub-classes to refine what you have if necessary. Beyond reporting in the middle of the year, changing classes will complicate reporting over several years, because the class used in an earlier year will now be inactive. If the classes are currently inactive, that means you’ll need to re-activate them to report on them. On the ramifications of changing classes in the middle of your FY, when you report on any program, you’ll have to be sure to select all of the classes that apply. If you’re going to have a lot of classes, make use of a structure so that you don’t make transaction entry overly complicated. We’d discourage an extensive active class list.įirst, you can rename or merge classes if the current names don’t fit, and that will only interrupt your current FY reporting if you merge classes, because you’ll lose the details of the separate classes.Ĭlasses are hierarchical in that you can have parent and child classes. To manage your classes, click on the Lists->Class List menu selection. create an “unclassified” class for transactions not yet classified – QuickBooks reporting won’t allow you to filter for transactions that have no class assigned.consistently assign a class to all transactions so that your class-level reports are accurate.create a “miscellaneous” or “other” class to classify transactions that don’t fit another, more specific class.assign classes to both income and expenses.carefully consider your reporting requirements before you use class tracking.If you use class tracking, you’ll want to: QuickBooks supports sub-classes, or nested classes, up to 5 levels deep. Since classes can be applied to both income and expense transactions, class tracking enables producing a Profit & Loss statement for each class. funds for a public sector or non-profit enterprise.
Transfer transaction from one quickbooks company to another 2014 for mac professional#
partners in a professional services firm.Proper use of classes depends largely on your business reporting needs. Keep in mind that class tracking is a single purpose tool – it can’t be used to track unrelated aspects of your business.
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