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Bookkeeping Services | How and Why to Use “Classes” in QuickBooks


Bookkeeping Services | How and Why to Use “Classes” in QuickBooks


Lynn-Wise-for-web.jpgLike most bookkeeping services professionals, I love QuickBooks. It’s one of the best accounting software options out there, used widely by small businesses, individuals and professionals in the bookkeeping services industry. This software offers a lot of tools for organizing and reviewing your finances. One of these tools is the “Classes” option, which is a must for businesses with multiple sources of profit.

Segregating transactions into different Classes will allow you to separate transactions according to pre-determined criteria. For example, if you run a Heating & Air Conditioning company, you can classify all Service Repair transactions under one Class and Installs under another. Another reason to use Classes is if your business has more than one location. By separating the transactions by location, you will be able to track how well each location performs.

Consult with your bookkeeping services professional about how best to organize your data to allow for better analysis.

Here’s how you can make use of this feature:

  1. In QuickBooks, go to the menu bar, select Edit, then Preferences.
  2. Once you’re in Preferences, click “Accounting preference.”
  3. From this menu, choose the “Company Preferences” tab.
  4. Click “Use Class Tracking for Transactions,” and then set up your different classes according to type of transaction or location of transaction.

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Lynn Wise


Lynn Wise

Legal and Tax Disclaimer

This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.