QuickBooks Online Class Tracking
Class tracking is one of the many features that comes with the QuickBooks Pro Plus package. Class tracking allows you to have a closer insight at different areas of your business. If you currently have QuickBooks online essentials, you can give us a call on (01) 6120821 to upgrade to a Pro Plus package for a small additional fee.
There are many ways to utilize your class tracking feature. Some examples of class tracking being put to use are:
- Project feature – If you are for instance a construction company, you can track each project individually. Separating out your job costs and income for each project can be a great way to see which projects are more profitable to your business.
- Grouping into categories – For IT companies, grouping plays a big part. Your accounts department can separate invoices, purchases, and sales into different categories to monitor the cash flow of the business. The categories can include Software, Hardware, Consulting. This provides a good organization tool for management.
- Location tracking – This is a more specific way of tracking your sales, purchases and profitability. If your business has multiple locations, class tracking is the perfect way to keep up to date on how each location is doing financially. An example of this would be a real estate company. Being able to break down costs and income into different apartment blocks and then down to each individual apartment makes company decisions so much easier as every area is broken down.