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lewandpd
April 3, 2024
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Using classes for revenue and related expenses to view the relationship between them on a monthly and annual basis

  • April 3, 2024
  • 1 reply
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In one of my bookkeeping sessions I was told that I could view the interrelationship between revenue accounts/categories and the corresponding expense accounts/categories by using classes.  I have followed the "how-to" articles and do not see how to do this the way I am envisioning it working in a relatively smooth and seamless way which would be as follows:

1. Set up the classes to correspond to the desired accounts (NOTE: would be easier to just have account/category setup in the chart of accounts be able to indicate the relationship for an expense category/account to a given revenue/income account or at least indicate the class and/or tag).

2. For each transaction of a deposit and expense, indicate the class from the dropdown; this exists today.  NOTE: It would be easier if the classes were part of the account/category set up to autofill this field.  

3. Run a Profit/Loss report based on classes....the only one I see is a P&L by Tags, so it seems that classes will not give me this ability.

 

What the board has requested and I am trying to do is to show that if we took in a designated donation (we are a non-profit), we would like to see any expenses directly related to this income to know if we need to make adjustments/decisions if that segment has a negative balance.  Ideally, this would also help in the determination of budget adjustments and projections.

 

Am I missing something in QBO Advanced on how to do this?  Any help is greatly appreciated!

 

Thank you!

 

Paul

Best answer by Carneil_C

I appreciate you for laying out the details of your concern, @lewandpd.

 

I'll help you see the data you need about the interrelationship between the revenue and the corresponding expenses to seamlessly manage your business in QuickBooks Online.

 

We can run a Class Quick Report to get clearer insights into your income and expenses based on classes. Here's how:

 

  1. Go to the Settings menu and choose All Lists.
  2. Select Classes.
  3. Choose a Class and click Run Report.
  4. From there, you can modify the report by ticking Customize to see the details you need.

 

Also, we have a Profit and Loss by Class report to see your income, expenses, and net income by class. I'll show you how to do it.

 

  1. Go to the Reports menu.
  2. From the Search bar, enter Profit and Loss report by Class.
  3. Modify the Display columns and also the filters from the Customize section.
  4. Click Run Report to save the changes.

 

You'll want to review these great resources to help you modify your reports based on the information you need as well as how to save its current customization settings:

 

 

Keep me posted if you still have questions or QBO-related concerns. I'll be around for you. 

1 reply

C
Carneil_CAnswer
April 3, 2024

I appreciate you for laying out the details of your concern, @lewandpd.

 

I'll help you see the data you need about the interrelationship between the revenue and the corresponding expenses to seamlessly manage your business in QuickBooks Online.

 

We can run a Class Quick Report to get clearer insights into your income and expenses based on classes. Here's how:

 

  1. Go to the Settings menu and choose All Lists.
  2. Select Classes.
  3. Choose a Class and click Run Report.
  4. From there, you can modify the report by ticking Customize to see the details you need.

 

Also, we have a Profit and Loss by Class report to see your income, expenses, and net income by class. I'll show you how to do it.

 

  1. Go to the Reports menu.
  2. From the Search bar, enter Profit and Loss report by Class.
  3. Modify the Display columns and also the filters from the Customize section.
  4. Click Run Report to save the changes.

 

You'll want to review these great resources to help you modify your reports based on the information you need as well as how to save its current customization settings:

 

 

Keep me posted if you still have questions or QBO-related concerns. I'll be around for you. 

L
lewandpdAuthor
April 4, 2024

Thank you, Carneil_C.  Right now I  have not entered any transactions with class assignments and so I am guessing that is why I am not seeing an available report for P&L by Class listed in the Business Overview section, correct?

 

Next question: I have 3 main categories/accounts for our non-profit:  1.  Child Sponsorships, 2. Ministry Support and 3. Mission Trips.  Each has their own revenue and expense categories/subcategories.  For the report, I would need to just have the 3 classes and not split them by income and expense classes...correct?  (That way they would pull in anything will an income into one of our 3 revenue classes (as listed above), and the same with the expenses.  Would happen to have a sample report to attach for me to look at?

 

Thank you.

 

Paul

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