How to Set Up Class Tracking in Quickbooks

website-ranking-01One of the perks of using Quickbooks for your small business accounting needs is the ability to track data using custom fields. Known as “class tracking,” this opens the doors to a whole new world of accounting possibilities. For instance, you can create a class to specifically track a particular item or group of items sold by your company. Neither Quickbooks nor any other software is going to offer tracking for your exact product, but you can use classes to achieve this goal.

If you are interested in setting up class tracking, you’ll first need to load the class menu. This is done by logging into your Quickbooks account and selecting Edit > Preferences > Accounting. This should bring up the accounting menu, in which you’ll see options for class tracking.

Next, choose your list at the top of the screen within the menu bar and click “Class List.” This will begin the setup process for your class categories and expenses. After doing this step, click the arrow alongside the Class button (found at the bottom of the page), followed by “New” to create a new class. Keep in mind that you can create a class for virtually anything, including bank account numbers, client groups, business-related expenses, taxes, travel and more. If there’s an expense or group of expenses related to your business, you can create a class for it within Quickbooks.

You’ll want to create a new for your new class, preferably something that’s relevant to its class. If you are creating a class for travel expenses, for instance, it’s probably a good idea to name it just that: travel expenses. Quickbooks doesn’t require you to use an exact name such as this, but doing so will almost certainly make your life easier by allowing you to find the appropriate classes more easily.

After giving your class a name, you’ll need to connect with a specific expense associate with your Quickbooks account. This is done by choosing the expense on the form when you fill out the class information. Congratulations, you’ve just set up a custom class!

Did this tutorial work for you? Let us know in the comments section below!

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