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A
Apc9
November 24, 2022
Question

How do you assign Cash Receipts (aka Customer Payments) and "Bank Transfers" by class?

  • November 24, 2022
  • 1 reply
  • 0 views
I always assumed that if you book a sale to a specific class, the other side of hte journal entry (AR account) is automatically also booked to the same class and that when the cash is received for that sale, the transaction to Debit Cash and Credit AR automatically is booked to that same class as the underlying sale as well, but somehow it doesnt and goes to an unspecified class which is terrible. Same with bank transfers, if I transfer cash from one account to another, it's always unspecified class and no way it seems to assign a class. Please help, this is really critical for our company to also have a Balance Sheet by class, not being able to do this really defeats the whole purpose of having Classes at all if you cant get a full set of financial statements.

1 reply

A
Alex M
November 24, 2022

Hi there amor_cadmakers.c,

 

It's vital that all your transactions are entered correctly for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of expenses and sales by class in order to get a better look at your profitability. I can provide some information about classes.

 

By design, classes are meant to be used on sales and expenses transactions to help you manage your profitability, so that's why it's only applicable on certain transactions, as well as certain parts of those transactions. This can be seen at the top of the Class tracking overview article. I can see how having the ability to use class tracking to keep track of the balance sheet could also be useful to help divide your company into other sections. I recommend you leave your feedback in the system by clicking on the Gear Icon, then Feedback. The comments made in that section are taken into consideration when designing new features for the program.

 

If you have any other questions, feel free to reach out here.

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