Class Tracking in QuickBooks

Think you classes may not be available in your version of QuickBooks? Fear not…this is the Q&A for you.

Q: I use QuickBooks to manage a rental properties company. I don’t see class list in my QuickBooks. Did I buy a wrong one? What I should do if I don’t use this function?

A: Don’t worry! You did not purchase the wrong version of QuickBooks. The Class field is available for all versions of QuickBooks except for Simple Start and QuickBooks allows you to customize all settings for your needs.

Classes give you a way to classify your transactions. You can use classes to classify your income and expenses by any meaningful breakdown. We suggest adding property owners as a Class and properties as a Subclass. If you don’t see it, you just need to turn on class tracking.

To do so, open the Edit menu and click Preferences.

Click Accounting in the list to the left. Then, click the Company Preferences tab and check the Use class tracking box.

When the class tracking feature is on, a message will appear if you try to close a form without assigning a Class to the transaction. For example, if you enter a rent transaction and do not specify the property or property owner in the Class field, QuickBooks will prompt you to assign a Class to the line items.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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