Last installment of our 11-part series on the Balance Sheet by Class Report, we'll discuss how you cannot use the Funds Transfer window to transfer funds between classes - instead you will have to make a journal entry to transfer funds between classes. Continue reading
Currently there is a "bug" that effects the Profit & Loss by Class report when it displays the final vendor payments, which then also adversely affects the Balance Sheet by Class Report. Continue reading
The QuickBooks Help file says that the Balance Sheet by Class Report doesn't support multiple currencies, and that you shouldn't attempt to run or use this report if you use multicurrency in QuickBooks. Continue reading
Paying and taking an early payment discount for a vendor bill that has multiple classes causes a difference in net income between the Balance Sheet by Class and the Profit & Loss by Class reports because only a single class can be assigned to the discount. Continue reading
A net income difference between the Balance Sheet by Class and the Profit & Loss by Class reports occurs when the customer pays you and you use the Receive Payments window to record an early payment discount, because you can only assign a single class to the discount. Continue reading
There is some good news about Receiving Customer Prepayments, and that is -- this problem corrects itself; when you create and apply an invoice to the payment at a later date; because the invoice will have a class assigned to it. Continue reading
A Sales Tax Liability check, causes the amount of the payment to display in the Unclassified column of the Balance Sheet by Class Report - a Journal Entry is required to correct it. Continue reading
Another limitation of the Balance Sheet by Class report that I was disappointed in is that payroll liability payments to classes are not automatically allocated and must be manually done by the user. Continue reading
In this article, we'll discuss one of the limitations of the Balance Sheet by Class Report that I was most disappointed in - and that is being unable to assign multiple classes in timesheets and then ultimately in paychecks. Continue reading
The first limitation that we will discuss is Journal entries with “unbalanced” classes. This limitation will affect CPA's and other accounting professionals; and will require that they change the manner in which they create journal entries in client files. Continue reading
