How to Track Payroll Expenses by Class
QuickBooks accounting software seamlessly integrates with payroll subscriptions tailored by Intuit to gear up small and medium-sized businesses. QuickBooks Payroll by Class makes the user track each single payroll item including department, expenses, location & others.
The payroll subscriptions are designed according to the needs of different industries. The payroll software results in effective business performance. The potential features of the software help in quick and accurate management of payroll activities.
For the software to go beyond standard account-based tracking in QuickBooks you need to expand into tracking by class. It accords a customizable way to track specific expenses, categorize shared expenses across multiple accounts and manage the accounting for the specific type of account.
QuickBooks offers a simple and easy method to set up class tracking for QuickBooks payroll. Class tracking allows running QuickBooks quickly and having better control over expense categorization and makes sorting expenses easier. If going to set up first-time classes contact QuickBooks Payroll Customer Service for help.
The benefit of Class Tracking in Intuit Payroll Software
In QuickBooks, you get the benefit to classify your transactions. The QuickBooks classes can be used to classify income and expenses department-wise, business office or location, separate properties you own, or any other meaningful breakdown of the business you do.
When classes are created in QuickBooks they appear in the Class list. The Use class tracking preference in the Accounting Preferences window supplements a Class field to windows where you enter invoices, checks, bills, credit card charges, or other transactions.
Steps to follow while you are setting up a class for tracking payroll
- Go to QuickBooks’ main page. Click the Edit -> Choose Preferences -> Select the Accounting preferences and access class tracking options.
- Select the Company Preferences -> Select Use Class Tracking.
- Click OK to set up class tracking for your QuickBooks Online account or via a desktop application.
- Select your lists from the top of the menu bar.
- Click Class List to set up class categories for your expenses and accounts.
- Select the arrow next to the Class at the bottom of the page.
- Click New to create a new class.
- The new classes created can account for a variety of expenses like outsourcing costs, technology solutions, travel costs, and other common payments.
- Enter the name associated with the class. In case the class breaks further, insert an in the box next to Sub-class -> mention the information in its text fields.
- Link the class with a specific expense by selecting it on the expense input form while mentioning the information.
Help For QB Payroll Class tracking Issue, Problem
QuickBooks Classes can be linked with any entry made but it is very much beneficial for your bills and payroll costs. QuickBooks Payroll Class tracking involves time to set up but proves very much beneficial in the future.
You get to know a detailed report of your company expenses and can see how your money is being spent. This info also helps to stay on top of your business budget.
How do assign a class to an employee?
💠 In your QuickBooks account
💠 Go to the Gear like icon
💠 Then click on the Payroll Settings option
💠 After that, choose the Accounting option
💠 Now in the section of Classes
💠 Select the option I use different classes for different employees
💠 Then click on the OK button
💠 In the Preferences, click on the section Employee Classes
💠 Again, click on the OK button.
What are the steps for track class in QuickBooks Desktop?
💠 Open the QuickBooks then open the company file in it
💠 Click on the Edit menu option
💠 From further options click on the Preferences
💠 Click on the Accounting
💠 Then select the tab name Company Preferences
💠 Select the checkbox Use Class Tracking
💠 If you want to get notified when you dont assign the class
💠 Then tickmark the assign class
💠 After that, click on the OK button.