New from QuickBooks Premier - Balance Sheet by Class

One of the new features in QuickBooks Premier is the ability to print Balance Sheets by Class.  If you are tracking Income and Expenses by class you may want to think about preparing a Balance Sheet by Class.  Who would want to use this new feature?  Companies with more than one profit center, departments, store locations, and Real Estate owners or managers (track your Balance Sheet by property).  Below is a sample of a Balance Sheet by Class. 

If you would like to test anything with QuickBooks without endangering your company file - do the following.  When you purchased your QuickBooks and loaded the program you also loaded some sample companies.  To access these sample companies open your QuickBooks program and click on “File” in the upper left corner of your window and select “Close Company File”.

The screen that you now see has a list of company files that you have opened in the past.  Across the bottom portion are three boxes, click on the third box “Open Sample Company”.  Next pick one of the sample companies (you will be warned that this is a sample company and not to use it for your transactions).  Here you can do anything you want and not worry about messing up your company file.  When you are done “playing” simply click on “File” at the top left of your window, select “Open Previous Company” and select your company.

If you have already been using classes for your Income and Expenses then you have already turned on the preference to use Classes (go to “Edit” at the top of your screen and select “Preferences”, “Accounting”, “Company tab” and “Use Classes”).  Now when you enter “Bills” or “Deposits” be sure to use the “Class” field not only for Income and Expense accounts but also for Balance Sheet accounts.

Note:  If you have an ongoing business and have been using QuickBooks, you will need to identify the beginning balance of each Balance Sheet account by Class and create an adjustment to enter the detail.  And then edit each Balance Sheet transaction from the beginning of the year to present and add the class.  Get assistance from your QuickBooks advisor and/or accountant.

Contact me by e-mail john@johnwessells.com, by phone 302-540-0429 or visit my web site www.johnwessells.com.