QuickBooks is powerful for financial reporting, but by using advanced features of QuickBooks, such as transaction classes, you can get more value out of your QuickBooks reporting insights. In this episode, Bernard Roesch will talk about the use cases for transaction classes and how to implement them briefly within QuickBooks. For more information, visit www.MissionBusinessPodcast.com.
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Why Use Transaction Classes?
QuickBooks produces reports based on standardized accounting data. In certain situations, you may want to do reports at a more granular level.
- You may want to report on your wholesale revenue versus retail revenue.
- Another example is to report on the financials of your brick and mortar business compared to your online business.
- Finally, you may also want to run a profit and loss of each of your store locations. In all of these cases, QuickBooks transactions classes can help you accomplish your reporting needs.
How to Configure QuickBooks Transaction Classes
- First, determine one use case for your QuickBooks transaction classes, such as reporting based on store locations. It’s best not to have multiple use cases for transactions classes as that can make reporting more complex.
- Configure the list of transaction classes within QuickBooks so that they can then be applied to transactions.
- Once that’s complete, you can enter transactions when entering QuickBooks data. For example, when invoicing a client, you can classify it. When entering an expense, you can classify it or you can do this at the line item level on invoices.
Need Help Configuring Transaction Classes?
Having transaction classes will give you more insight from reporting, but configuring them can be a bit cumbersome. If you need help configuring your transaction classes and QuickBooks reporting process, contact Bernard today.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.