QuickBooks Class Tracking Revealed

Many small businesses have chosen to use QuickBooks as their bookkeeping solution because of its ease of use, comprehensive application, and user friendly management tools. QuickBooks class tracking is one of the tools that small businesses find most beneficial to their financial success. Utilizing classes is also an excellent method for grouping transactions together by a defined, shared relationship. 
QuickBooks class tracking can be established to track:

• service types
• types of clients
• individual divisions of a single business
• different partners that work together in a single service firm
• sources of income
• activity at separate office locations

Once you establish QuickBooks class tracking you’ll want to:

• analyze your business’ individual needs before creating and establishing any classes
• consistently use class tracking for all transactions to produce reliable and accurate reports
• generate Profit & Loss statements for each class by assigning classes for both expenses and income
• consider using “other” if the transaction doesn’t easily fit into a defined class
• establish a class of “unclassified” for transactions that have not yet been categorized

Since QuickBooks is a comprehensive program for your small business’ bookkeeping needs, there are many features that are highly useful but may be overlooked. When you consider your business’ current bookkeeping status, how would using class tracking improve the information you’re receiving from QuickBooks?