Monitoring of expenses and income can be done with the Use of Location and Class Tracking in QuickBooks. This feature enables users from various locations and for different segments to run report.
The class and location tracking can be used separately or together based on the your requirements. This article will provide you with the instructions on
How to Setup & Use Location And Class Tracking in QuickBooks?.
- Open your QuickBooks file and go to Lists on the top bar menu.
- From the drop own menu of the List select ‘Class List’.
- It will open a new window that will show the multiple locations of your business.
- If you want to add a new location, click on the Class button on the bottom of the page and click on ‘New’ that appears on the list.
- A new page will open where enter the new location name in the box beside ‘Class Name’ and hit OK.
- To see what the result is go back to the main QuickBooks Page and click on ‘Reports’. From the drop down menu click on ‘Company & Financials’ and from there click on ‘Profit & Loss Standards’
- It will open another page that will give you an itemized wise report of Profit and Loss of your company. Now to see the report of the business from multiple locations, click on ‘Customized Report’ on top of the page.
- It will open a new window with the name ‘Modify Report Profit & Loss’.
- Go to the ‘Display columns by’ in the window and in the box beside it change it to ‘Class’ as generally it is likely to be ‘Total only’.
- When this is done click on OK and it will open your company page’s Profit & Loss but this time it will show with multiple columns. Each column representing each location with the itemized profit and loss.
- Among the columns there can a column that is stated as ‘Unclassified’. This column represents transactions that your bookkeeper has put in but has not tagged it to any locations.
- To tag the unclassified transaction to a location you need to take the cursor and click on top of the transaction.
- This will open a new window showing the amount’s Transaction Details by Account.
- Click on the amount again and it will open another window for Invoice. You need to treat the amount as creating a new invoice.
- On the top you will see the box beside the ‘Class’ is empty and there is a drop down icon.
- Click on the drop down icon and you will see the locations on the menu.
- Select the location under which you want to enter the transaction and then click on ‘Save & Close’.
- This will give a prompt asking whether if you want to change the transaction details, click on Yes.
- Once you close the ledger, you will see the transaction amount that was under ‘Unclassified’ column has gone under the location you have selected and the ‘Unclassified’ column is no longer there.
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QuickBooks accounting solution is one of the most used software but there are circumstances when you need assistance from a technical expert in certain situations. How Setup & Use Location And Class Tracking in QuickBooks These situations arise when you encounter some or functional issues while you are working on the software. It is advised that you reach out to experts like BigXperts who are available 24*7 to provide their expertise. They are a consultancy that provides for various accounting software like QuickBooks, etc. below are the means through which you can contact them.
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