Set up and use class tracking in QuickBooks Desktop

 

Class tracking helps you track account balances by department, business office, and individual properties. It thus assists you towards the breakdown of your business. It also enables you to track segments that you want to observe. In QuickBooks, you can create classes allotted to the transactions. Setup and use class tracking in QuickBooks and QuickBooks online is possible via the 'Company Preferences' and 'Account and Settings' options, respectively.

 

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Steps to Set Up Class Tracking in QuickBooks?

You can set up class tracking in QuickBooks via the Company Preferences button. Click on the 'Edit' option in QuickBooks software and select the 'Preferences' tab. Navigate to Accounting to access the options for class tracking. Then proceed to 'Company Preferences' and click on the 'Use Class Tracking' option. Select 'OK.'

 

For setting up class tracking in QuickBooks, follow the steps mentioned below:

·         Click on the 'Edit' option in 'QuickBooks.'

·         Go to 'Preferences.'

·         For accessing the options of class tracking, choose 'Accounting.'

·         Proceed to the 'Company Preferences' option and click on 'Use Class Tracking.'

·         Select 'Ok'.

·         Select the option titled 'Lists.'

·         Click on 'Class List' for setting up the class categories for expenses and the accounts.

·         Click on the arrow associated with 'Class.'

·         Navigate to 'New' to create another class.

·         Type a name for the class.

·         If a subclass is required, checkmark the 'Sub-class' option.

·         Mention all the necessary details.

·         Note that class and the expense should be associated while entering the information.

·         The class tracking feature will turn on once the relevant details get filled.

 

Methods to Set Up Class Tracking in QuickBooks Desktop

Setting up class tracking in the QuickBooks Desktop is an easy step-by-step process. You can set class tracking on QBDT on both Windows and Mac OS. You have to turn on class tracking through the 'Edit' option for setting up on Windows. You can then set up expenses and accounts through class categories. On Mac, you need to access the 'Transactions' option to set up class tracking. 

The segment below apprises you elaborately with the steps for setting up class tracking in QB Desktop both on Windows and Mac.

 

Method 1: Setting up Class Tracking on Windows

·         To set up classes in QuickBooks Desktop on Windows and navigate to the 'Edit' option.

·         Subsequently, click on the 'Preferences' tab.

·         Click on the 'Accounting' button.

·         Then, click on the 'Accounting feature’.

·         'Select’ the 'Company Preferences' option and checkmark the box alongside 'Use Class Tracking for Transactions.'

·         Now, Run your QB Desktop company file.

·         Choose the 'Edit' option and click on the 'Preferences' option.

·         Proceed to the 'Accounting' option.

·         Click on 'Company Preferences.'

·         Checkmark 'Use Class Tracking for Transactions'.

·         Also, ensure that the 'Prompt to Assign Classes' box is tick marked.

·         Click on 'OK.'

Class tracking is 'turned on ' in the Windows system. To set up the class categories for the accounts and expenses, proceed with the steps mentioned below:

·         Head to 'Lists.'

·         Select the 'Class List' option.

·         From the drop-down of  'Class,' navigate to 'New.'

·         Enter the name of the class.

·         If the class is a 'Subclass,' tick mark the box beside 'Subclass of.'

·         Select the class.

·         To add the class, press the 'Ok.'

 

Method 2: Setting Class Tracking on Mac

·         The class tracking feature can be set up on Mac by using the 'Transactions' option.

·         Click on the 'Preferences' tab and navigate to the 'Workflow for turning on the class tracking' option. Click on the 'Transactions' option and put a checkmark beside the 'Use Class Tracking' option.

·         Close the window.

Go through the steps mentioned below very keenly to learn how to set up class tracking in QuickBooks on Mac:

·         Head for 'Preferences' in the 'QBDT' menu on Mac.

·         Navigate to the 'Workflow' section.

·         Choose the 'Transactions' option.

·         Checkmark 'Use Class Tracking'.

·         Close the window to save the changes made.

The class tracking feature will get turned on. To perform the setup of the account as well as expenses, follow the steps below:

·         Go to the 'Lists' option.

·         Select 'Classes'.

·         Click on the '+' sign for creating a new class.

·         Type 'Class Name' in the field provided.

·         Click on 'OK.'

 

Benefits of using Class Tracking

By using class tracking, a user can allocate a class to several transactions enlisted below:

·         Invoice

·         Sales receipt

·         Purchase order

·         Estimate

·         Statement charges

·         Refunds and credits

·         Check

·         Sales order

·         Credit card charges

·         Bill

·         Paycheck

 

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Class tracking makes it convenient for you to develop company reports. It is possible by using the filter, sort, or total reports by class. One of the main reasons for creating classes in QuickBooks is to make it easier to manage your business. You can easily track your transactions and other things by creating and enabling class tracking.

 

 This article earmarked several methods for setting up and using class tracking in QuickBooks Desktop. If you found these methods useful, do acknowledge the efforts of our QB Technical experts.