Using Classes in QuickBooks
Do you need a better way to determine profitiablity within a department, region, property, etc. in QuickBooks? Classing does just that. When used properly, you can generate a separate P&L by Class, while maintaning the integrity of your company-wide P&L. This is a powerful management tool, as it will allow you to see Income/COGS/Expenses and net income for each Class within your company.
First, turn classing on under preferences. Next, set up your Classes under "Lists." Now, each time you receive an invoice, pay a vendor, or pay an employee under a specific Class, simply choose the correct one by clicking the drop arrow uner "Class."Now you can run a report called "P&L by Class." Monitor these as frequently as you do your company-wide P&L and you are on your way to running a tight ship.
Please let me know if you have any questions. We are here to help balance your business so you can balance your life.
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