16 Nov Class Tips & Tricks
QuickBooks Tips & Tricks – Classes
Once the class feature, an accounting preference has been turned “on” each check, invoice, bill, etc will have a place to record the appropriate class. If a class is not entered on a transaction for an income or expense amount, the balance will show in the unclassified column on the Profit & Loss.
It is recommended that a class be set up for overhead, General & Administrative Expense, corporate, or what ever makes sense for those entries that do not apply to a specific class. This will make it obvious that there has been a coding error if any amount appears in the unclassified column. If a transaction does not have a place for the class (for example discounts in version 2002 and prior) a journal entry with the debit and credit for the same amount and the same account with one line showing the correct class and the other being left blank.
With version 2003 in addition to adding the class field for bank reconciliation amounts and discounts, there is an added preference “to assign classes.”