What is QuickBooks Class tracking?
Class tracking is a feature in QuickBooks that enables you to keep track of your transaction data by creating classes to categorize them.
What is a class?
Classes are assigned to transactions that relate to one another by category. For instance, many clients have a need to track income and expenses by categories such as, department, business segment, location, etc.
This feature is the best way for a business to separate any significant segments of the business without having to add additional income and expense accounts to the general ledger.
- For profit companies may want to track multiple locations or divisions of the company.
- Not-for-profit companies may need to track grants and restricted and unrestricted funds.
- Any company doing business with a governmental entity can use classes to track fixed priced jobs versus cost plus jobs versus overhead.