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vytronaccounting
January 27, 2022
Solved

Correct Cash, AR, and AP Balance by Class

  • January 27, 2022
  • 1 reply
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Our company has two locations. We use the class function in QB to distinguish locations with every invoice and bill which hits our income and expense accounts, and gives us an accurate P&L by class so we can look at the performance of each location. I would like to do the same thing with the balance sheet, but am having issues related to cash, AR, and AP. I have found I can hit our AR or AP account with the class I want when I enter an invoice/bill, but I cannot reduce the balance with the class I want when recording payments we receive or make. Because of the inability to specify class when receiving or making payments, our balance sheet accounts by class are inaccurate for cash, AR, and AP. What are my options in QuickBooks Desktop to get accurate cash, AR, and AP balances by class? 

    Best answer by Tori B

    How do you assign classes to cash transactions?


    Hi there, @vytronaccounting.

     

    Thanks for taking the time to follow along with the thread and sharing your concerns here in the QuickBooks Community. 

     

    At this time, class can not be assigned to cash transactions in QuickBooks Desktop. I can see how beneficial this would be for you and your business, so I've gone ahead and sent this suggestion to our Product Development Team. This way, the feedback can be took into consideration for a future update. 

     

    Please let me know if you have any questions or concerns. I'm always here to lend a hand. Take care! 

     

    1 reply

    M
    mv32
    January 27, 2022

    Hi @vytronaccounting.

     

    I understand how you want to get accurate cash for AR and AP in a Balance Sheet by Class report. In the meantime, you can consider entering transactions in a specific way to ensure correctness. Besides, you can only use this advanced report if you want to see your balance sheet by fund, location, profit center, or other categories.

     

    I'm adding this article as your reference to learn more about pulling up a report and seeing it differently like a specified one: Customize reports in QuickBooks Desktop. This includes the links that cover basic information about your financial data in QuickBooks Desktop.

     

    Feel free to comment if you have additional questions or concerns about running your reports. I'm always around to help. Keep safe and more power to your business!

    V
    vytronaccountingAuthor
    January 27, 2022

    I use a 3rd party reporting application that takes care of all my financial reporting needs. I am more concerned with the ability to enter cash transactions (making and receiving payments) at the class level. Is there a way to designate the class you want to relate to a payment, on both the cash and the AR/AP side? So the JE's would look like this:

    Receiving -

    Cash  XXXX (Class A)

    AR                   XXXX (Class A)

    Payment - 

    AP      XXXX (Class B)

    Cash                 XXXX (Class B)

    Right now, the JE's I am booking do not include the class designation.

    MarsStephanieL
    MarsStephanieL
    January 28, 2022

    Hello there, @vytronaccounting. It's a great idea to do class tracking on your transactions to track segments you want to keep a close eye on.

     

    You can utilize class tracking when doing a Journal Entry or even creating an Invoice for a customer. 

     

    The layout you've shown has the same setup as the Journal Entry form in QuickBooks Desktop. I have here a sample screenshot for your reference: 

     

     

    To know more about managing classes, you can read through this article: Set up and use class tracking in QuickBooks Desktop.

     

    On the other hand, I have here an article about running and customizing reports in QBDT that you can use in the future: Understand reports. 

     

    Please let me know if you have any other questions about managing classes. I'll be right here to provide further assistance. Take care and have a good one!

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