Using Class codes

Hello there, @PRP247.

I'll help you track account balances using different classes in QuickBooks Desktop.

You don't have to start over with a new Company file. You can actually start anytime. You can also begin using classes in the new year so you can start with the new financial year.

Here's how to turn on class tracking using Windows:

1. Open your company file.
2. Go to the Edit menu, then select Preferences.
3. Select Accounting, then go to the Company Preferences tab.>
4. Choose the Use class tracking for transactions checkbox.
5. If you want a reminder when you haven't assigned a class, tick the checkbox for the Prompt to assign classes.
6. Click OK.

Then, proceed with setting up class categories for expenses and accounts. Follow the steps below.

1. Go to the Lists menu, then select Class List.
2. From the Class ▼ drop-down menu, select New.
3. Enter the class name.
4. If it's a subclass, select the Subclass of checkbox and find the class it's under in.
5. Click OK to add it.

Here is an article about class tracking in QuickBooks Desktop: Set up and use class tracking in QuickBooks Desktop.

For future reference, you can run a report by classes. This way, you can check for transactions that are unclassified with classes. Refer to this article to manage unclassified transactions: Filter, sort or total reports by Class.

Don't hesitate to click the Reply button below if you have questions about class tracking. I'm always here to help. Have a great day.

You can start using the class feature with your existing company file. Make sure to secure a backup file beforehand. You will have options to start a new company file later.