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.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.

Enable intuit quickbooks pro 2014