Classes are transaction entities that allow you to track and view reports for that entity. BillQuick supports the assignment of user-defined classes for all transactions, including time and expense entries.
Whether you are tracking multiple business entities, locations or various cost centers, using classes in BillQuick allows you to track project income or performance by partner, location or any other parameter at the project level. For instance, if you keep data from multiple locations in one company file, you may assign a ‘class’ to each location to facilitate pulling together similar items for reporting. Another example is tracking revenues and expenses by partner or service type. Each of these ‘classes’ would be assigned to a project that is owned by a partner or is the scope of work for a service type. You can run a Profit & Loss by Class report to see the income associated with different classes. You can also run your Balance Sheet and other financial reports by class.
The Class List screen allows you to create and manage all the classes in BillQuick. You can then assign these classes to activity and expense items, projects, time and expense entries, invoices, etc. The relationship between a class and a project is one-to-one (a project can be assigned to one class only). If classes are assigned to projects, the related time and expense entries are also assigned the same class. However, you can overwrite them at the next level. Payments inherit the same class as that of the invoices.
A class can also be used when the BillQuick data is synced to your accounting software, say QuickBooks. If you are already using classes in QuickBooks, no need to re-enter them in BillQuick because you can easily sync the list between the two programs. Then you can assign a class in the Integration Settings screen to each transaction item that you want to track. Just remember to assign a class to BillQuick items before creating invoices and prior to the synchronization. Else, your class fields will remain blank there and won’t show up on reports.
Also note that, if you have assigned classes to projects as well as activities and expenses (or their groups), a project class gets precedence over an item class.
Classes can be a very useful tool in accounting and general business management if created properly and used effectively. So stay classy, friends!
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