Recently, I have heard several times that users are not able to create the Balance Sheet by Classes in QuickBooks Online. The great news for these people is… YES you can!
The bigger question might be why would you want to? There can actually be several reasons; for example, Not for Profit Organizations, and other 'fund' tracking organizations, may need to reflect their assets by class including inventory, or even liabilities like deposits or down payments which must be tracked on a class by class basis.
What might get messy are the number of Balance Sheet accounts which require no Class at all, including loan payments, bank accounts or shareholder distributions. All non-classed transactions will appear on the Balance Sheet by Classes in a column labeled Non-Specified.
If you are one of the many who do need a Balance Sheet by Class Report here are the steps:
- Within QBO start at the Navigation Bar
- Choose the Report Center
- Select the Balance Sheet Report
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- Now you can specify Display Columns by Class
- You can do the normal filtering by going to Customize and narrowing the information needed and even save customizations
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If you are unsure how to turn on classes here are a few steps to get you started:
- Company Gear Icon
- Accounts and Settings
- Advanced
- Turn on Classes
Next, you can use the Company Gear Icon to view All Lists select Classes and add and edit as needed. Remember can also add classes to payroll by going into the payroll setting.
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Classes are extremely helpful for dividing departments for comparison. Although most of us only need use them for the Profit and Loss there are others who require Balance Sheet Class visibility and those individuals will be thrilled to learn this if they don’t know it already.