You can perform account-based tracking in any accounting software. QuickBooks Online Class Tracking feature lets you track and categorize your expenses. It will offer better control over your business expenses. You can also assign these classes to the transactions. It lets you track your account balances by location, business office, department, and other factors.
QuickBooks Online Class Tracking takes a couple of minutes to set up. You will get an excellent overview of your company’s expenses. It allows you to generate reports to see how your money is spent. QuickBooks Online makes it easier to get budget reports. The blog includes steps to manage class tracking in QuickBooks Online. Follow the steps given below to turn on class tracking in QuickBooks Online.
What Is QuickBooks Online Class Tracking?
The classes represent the meaningful parts of the company. It provides deeper insights. You can also assign classes to the transactions. The QuickBooks Online class tracking feature can track profits, expenses, and income. It is available in QuickBooks Online Advanced & Plus accounting software. You can also use the Quickbooks classes to track the transactions by any segments like product lines, departments, etc. QuickBooks also allows you to set a budget goal for each class.
Create & Manage Classes In QuickBooks Online
You can add a new class, delete a class, and restore a deleted class in QuickBooks Online accounting software. We are here to help you manage classes. Only admins can create classes. You can use this feature in QuickBooks Advanced & Plus. Follow these steps to manage QuickBooks Online Class Tracking.
QuickBooks Online Class Tracking- Add A New Class
Here are the steps to add a new class:
- Firstly, launch the Setting window of the QuickBooks app.
- Select the All Lists option to proceed further.
- Click on the Classes option.
- Tap the New option to create a new class.
- Then, enter your class name in the text field.
- Finally, tap Save to add a new class.
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Class Tracking In QuickBooks Online- Delete Or Inactive The Class
You can delete the class whenever you do not need them. Follow these steps to delete a class:
- First of all, click on the Setting icon.
- Choose the All Lists tab and select Classes from the list.
- Locate the class that you want to delete.
- Tap on the arrow icon next to the Run tab.
- Then, choose the Make Inactive option from the drop-down window.
- Finally, confirm your actions to inactive or delete a class.
QuickBooks Online Class Tracking- Restore A Deleted Class
Go through the instructions given below to restore a deleted class:
- Firstly, open the Settings menu.
- Choose the All Lists option.
- After that, click on the Classes tab.
- Locate the Print icon and tap the Settings option beside it.
- Then, select the Include Inactive option.
- Locate the class that you want to restore.
- Finally, click on the Make Active option to confirm your actions.
How To Turn On Class Tracking In QuickBooks Online?
Here are the steps to turn on QuickBooks Online class tracking:
- First of all, go to the Settings option.
- After that, choose the Account & Settings tab.
- Then, click on the Advanced tab to proceed further.
- Go to the Categories tab and locate the Track Classes option.
- Go to the Assign Classes section.
- Then, tap the option between each row in the transaction or the entire transaction.
- Finally, tap Save and confirm your action by tapping the Done tab.
Turn On Class Tracking In QuickBooks Online Payroll
Here are the steps to turn on QuickBooks online class tracking in the payroll app:
- Firstly, open the Setting menu.
- Choose the Payroll Settings option.
- After that, navigate to the Accounting section.
- Locate and tap the Edit tab
- Then, go to the Class Tracking section.
- Select the Edit option to turn it on.
- Choose the method to track classes.
- Tap Continue to proceed further.
- Finally, click Done to turn on the class tracking in QuickBooks payroll.
How To Use Class Tracking In QuickBooks Online?
You can use QuickBooks Online class tracking by these methods:
QuickBooks Online Class Tracking- Track Transactions By Class
You will have to tag a class to a transaction. After that, you can track transactions by class. Follow these steps to tag a class to each item or row in any transaction.
- First of all, click on the New option.
- Select the Transaction Type that you want to record.
- After that, enter your transaction details.
- Click on the Class drop-down to assign the class for the entire receipt or invoice.
- Add Class in the Class column to assign it to each item or row.
- Finally, save the Transactions from tagging a class to your transactions.
QuickBooks Online Class Tracking- Run Reports By Class
Here are the steps to run reports by class:
- First of all, click on the Business Overview option and choose Reports.
- Select the Standard option and go to the Sales and Customers group.
- Run the sales report by Class Details and Summary.
- Click on the Expenses and Vendors group of reports
- Finally, select the Profit and Loss by Class to see your business spending.
QuickBooks Online Class Tracking- Create A Budget For Each Class
You need to review your profit & loss first to create a budget for each class. After that, you can create the base for your budgets.
Here are the steps to check profits and losses by class:
- First of all, go to the Business Overview section.
- Select the Reports tab to proceed further.
- After that, click on the Standard tab.
- Locate and tap the Profit and Loss by Class option.
- Then, navigate to the top of your report.
- Click on the Report Period dropdown icon.
- Choose the Last Fiscal Year or Last Year option to proceed.
- Finally, click Run Report to review the profit and loss by class.
Here are the steps to create a budget:
- First of all, go to the Setting menu.
- Select the Budgeting option.
- After that, choose the Import Budget option.
- Tap the Sample.csv link and save the template.
- Then, open the .csv budget template in sheets or excel.
- Format the template format and enter the budget amount.
- After that, add them to the chart of accounts.
- Go to the Settings menu and tap Budgeting.
- Then, click on the Import Budget option.
- Choose Browse and select your template.
- Finally, tap Save to save the budget.
You can easily associate the QuickBooks Online Class Tracking in any entry. However, it is more useful for your payroll costs and bills. Call our experts to fix any QuickBooks issue. Wire-it Solutions offer software support for QuickBooks, TurboTax, Quicken, Xero, Sage, Tally ERP 9, TurboCASH, etc.
Frequently Asked Questions
Follow these steps to turn on class tracking:
- First of all, go to the Settings menu and open Account & Settings.
- Select the Advanced option and choose Track Classes under the Categories tab.
- Tap One to each row in a transaction or One to Entire Transaction to proceed.
- Then, click Save and tap Done to save the changes.
QuickBooks Online class tracking is a tool to track your transactions. You can also generate insights. It can track and categorize expenses. It is not associated with any particular account type.
Here are the steps to use QuickBooks Online Class tracking:
- First of all, choose what you want to track and your insights.
- Turn on the class tracking in QuickBooks Online.
- Set up your class list and track the transaction by class.
- Then, run your reports by class.
- Finally, create a budget for each class and track them.
QuickBooks Online class tracking is included in QuickBooks Online Advanced & Plus versions. You will get specific insights. It allows you to track transactions and expenses by product lines, departments, and other segments.