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McDuff627
January 16, 2024
Question

Quickbooks Online - Sales Receipts classes not carrying through to undeposited funds / checking account.

  • January 16, 2024
  • 2 replies
  • 0 views

I just recently migrated to Quickbooks Online from Quickbooks Desktop.  Although I used them just fine in Desktop, QBO won't carry the class assignment for Sales Receipt line items.  Once I enter a sales receipt, with a class, and save it, it shows up as non-identified on the Balance Sheet by Class in the Undeposited Funds line.  Of course when the deposit is processed, the checking account then reflects the non-identified amount.  I have line item class assignment turned on.  I should also say that the class assignment works just fine for writing checks, just not for sales receipts.  Am I missing something?  This feels like a bug to me, but I can't imagine I'm the only one.

 

2 replies

Mark_AG
January 16, 2024

Let me assist you with your concern about assigning classes to your sales receipts, @McDuff627. I can see that you're assigning classes to your line items from your Sales Receipt transaction. In this case, the line item classification will depend on the accounts assigned to them. However, if you've classified the transaction, all items under that transaction will be assigned to the same class.

 

The Balance Sheet shows Assets, Liabilities, and Equity. Therefore, it won't display your products/services income. Undeposited funds is an asset account. If you classify the Sales Receipt transaction itself, it will show in the class report.

 

Here's how to assign a class for the entire transaction:

 

  1. Go to Settings, and select Accounts and Settings.
  2. Select the Advanced tab.
  3. Go to the Categories section, and under the Assign classes dropdown, choose One to entire transaction.
  4. Click Save.

 

Furthermore, you can learn how to customize your reports in QuickBooks Online and memorize them to access them easily in the future.

 

Let me know if you have further concerns about class assignments in QuickBooks Online. I'm always available to assist you.

McDuff627Author
January 18, 2024

Thank you, Mark, for the response.  

 

I need to have classification at the line level, not at the entire transaction level, and I have that set appropriately in settings. 

 

I've played around some more trying to figure out the issue - the misclassification only happens on the balance sheet side of the transaction - for example, assigning Program A to a donation (sales receipt), is booked as Not Specified in Undeposited Funds, or, Checking Account, on the balance sheet.  However, the account on the Income Statement does reflect the appropriate classification. 

 

So far, I have verified that this happens with sales receipts as well as checks.  Income statement classification is fine, but balance sheet classification simply does not work.

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