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

The Balance Sheet by Class Report has specific requirements for entering Vendor Bills which are assigned to different/multiple classes, then entering a Bill Credit with a different proportion of the same classes created unbalanced classes on a Cash Basis Report and creates Account Payable misclassifications on accrual basis reports. 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.

As of 9/29/2010 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.

I have submitted this “bug” to Intuit and will come back and complete this article when the problem has been fixed.

Previous articles about the QuickBooks 2011 – New Balance Sheet by Class Report  articles include:

• Part 1, we touched briefly on the fact that transactions will have to be entered in a very specific manner and there are many data entry transactions that are not supported by the Balance Sheet by Class Report
• Part 2, we discussed how accounting professionals and end users would need to change their procedures when creating journal entries so that they were balanced
• Part 3, we discussed how users and accounting professionals would no longer be able to assign multiple classes to a single paycheck.
• Part 4, we discussed how you would need to classify Payroll Liability Payments in order for them to be appropriately recognized on the final report.
• Part 5, we discussed how you need to classify Sales Tax Liability Payments using a Journal Entry AFTER you actually make the payment.
• Part 6, we discussed the effect of handling customer prepayments when using the Receive Payments window.
• Part 7 – we talked about invoices with multiple classes and how offering customer discounts in the Receive Payments window would cause discrepancies between the Profit & Loss by Class and the Balance Sheet by Class reports.
• Part 8 – we discussed entering a single Vendor bill with multiple classes and taking advantage of vendor discounts in the Pay Bills window causes discrepancies between the Profit & Loss by Class and the Balance Sheet by Class reports and how to correct this.
• Part 9 – we discussed how the Balance Sheet by Class does not support the use of multiple currencies.

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