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ALPOST6FINANCE
April 6, 2024
Solved

Tags versus Classes Versus Projects for Nonprofit

  • April 6, 2024
  • 2 replies
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I am part of a non-profit org that rents out our Venue. I am trying to find a way to track all income and expenses for reporting purposes. I tried using projects but information only shows up in "Transactions". Our deposits made to not show up in the reports.  I tried using Tags but found that you cannot Tag Journal vouchers which we do when we move money from Current Liabilities (Deposits Held) to Realized Revenue. I tried to add classes but was not able to do it on individual transactions. I am currently trying to use  Category/SubCategory but I cannot get it to work either. In Chart of Accounts we use "Returnable Sec Deposits", "Venue Manager Fee", "Deposits Held", "Marketing",  "Janitorial Contract" etc to enter our deposits/expenses. What is a easy way to identify and report Venue Rental Income/Expenses. 

Best answer by JanbonN

Let's work together to find the easiest way to get an overview of your Venue Rental income and expenses, @ALPOST6FINANCE.

 

First, let's differentiate between Tags, Classes, and Projects.

 

Tags are customizable labels that let you track transactions according to your preferences. You can tag invoices, expenses, and bills. They do not impact your books but enable your team to monitor crucial information.

 

Classes are used to represent departments or segments of your business. It's useful for reporting purposes, as it allows you to compare the performance of one division within the company to others. 

 

Projects are features similar to job costing. Using projects enables you to incorporate transactions and time in generating reports to track the progress of your project.

 

Since you're using journal vouchers to move the transaction, you can utilize the class feature. This time, choose the assign classes to each row in a transaction to add classes per line in your journal entries for better tracking of the report.

 

Here's how: 

 

  1. Go to the Gear icon and choose Account and settings.
  2. Click Advanced.
  3. In the Categories section, click the Pencil icon.
  4. Toggle Track classes. In the Assign classes dropdown, choose One to each row in transaction.
  5. Hit Save, then Done.

 

You can then run and customize the Statement of Activity report to get the data for your Venue Rental.

 

Additionally, you can also print, email, and export your reports in QuickBooks.

 

Let me know if you need further assistance tracking your income and expenses in the program. I'll be here to help you in any way I can.

2 replies

J
JanbonNAnswer
April 6, 2024

Let's work together to find the easiest way to get an overview of your Venue Rental income and expenses, @ALPOST6FINANCE.

 

First, let's differentiate between Tags, Classes, and Projects.

 

Tags are customizable labels that let you track transactions according to your preferences. You can tag invoices, expenses, and bills. They do not impact your books but enable your team to monitor crucial information.

 

Classes are used to represent departments or segments of your business. It's useful for reporting purposes, as it allows you to compare the performance of one division within the company to others. 

 

Projects are features similar to job costing. Using projects enables you to incorporate transactions and time in generating reports to track the progress of your project.

 

Since you're using journal vouchers to move the transaction, you can utilize the class feature. This time, choose the assign classes to each row in a transaction to add classes per line in your journal entries for better tracking of the report.

 

Here's how: 

 

  1. Go to the Gear icon and choose Account and settings.
  2. Click Advanced.
  3. In the Categories section, click the Pencil icon.
  4. Toggle Track classes. In the Assign classes dropdown, choose One to each row in transaction.
  5. Hit Save, then Done.

 

You can then run and customize the Statement of Activity report to get the data for your Venue Rental.

 

Additionally, you can also print, email, and export your reports in QuickBooks.

 

Let me know if you need further assistance tracking your income and expenses in the program. I'll be here to help you in any way I can.

A
ALPOST6FINANCEAuthor
April 8, 2024

Thank you very much for the info. The Classes function works great and gives me the visibility/reports that I needed. I appreciate it.

I
Irene R
April 8, 2024

Hi there, @ALPOST6FINANCE.

 

I'm glad to hear that my colleague, JanBonN, was able to assist in finding the solution to getting an overview of your Venue Rental income and expenses in your QuickBooks Online (QBO) account.

 

Don't hesitate to contact us if you need help tracking your income and expenses through generating reports or any QBO-related inquiries. I'll be here to assist you at any time.

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