Quickbooks “Classes”
I spent the afternoon with a client this afternoon engaged in Quickbooks training. A useful program, and fairly easy to use if you have some bookkeeping experience.
One of the functions that I use extensively is the Class designation. By signifying a Class to an income or expense transaction, I can track several different “Projects” in the same file. I put Projects in parenthesis because some designations aren’t actually “Projects,” but they do want to be tracked separately. For example, Classes may include:
– Consulting (Business #1)
– Writing (Business #2)
– Personal
– Household (joint with partner)
Why wouldn’t I just assign different expense/income categories to the transactions in each of the above categories? Say you have a printing expense. Rather than creating 2 expense items:
Printing-Consulting
Printing-Writing
I just have one expense, “Printing” and then I assign the expense to the appropriate Class (Consulting or Writing) It is then grouped with all other expenses and income of that Class.
At the end of the month, I print out a Profit & Loss report with a different Class in each column! It’s like several P/L reports all printing on the same page.
