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classes

QuickBooks 2011 – New Balance Sheet by Class Report – Part 10

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 9

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 8

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 6

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 5

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 4

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 3

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 2

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. 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.
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QuickBooks 2011 – New Balance Sheet by Class Report – Part 1

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. A Balance Sheet by Class Report has been requested by many QuickBooks users and the accounting professionals, it is not without limitations and drawbacks, making this a report that will be able to be used by some companies and in some instances but not all.
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About Your Host:

Nancy Smyth, Certified QuickBooks ProAdvisor

Nancy Smyth, Sunburst Software Solutions, Inc.
QuickBooks Construction & Payroll Expert


I've been using and supporting QuickBooks products since the early 1990's. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.


QuickBooks is a powerful product, but learning how to use it in your construction business can be difficult. I hope you find resources available here to be helpful.

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