The Balance Sheet by Class report is only available in QuickBooks Premier and &qb_enterprise_solutions;.
The Balance Sheet by Class report makes calculations to balance transactions. Sometimes these calculations cause small rounding errors on the report.
Here's an example:
You create an invoice with 3 line items:
QuickBooks allocates $100 to the income and accounts receivable account for each class.
Step 2-Partial Customer Payment
The customer makes a partial payment of $200. Here's the problem. QuickBooks must apply the $200 equally to the 3 classes:
Payment amount (200) X Allocation from original invoice (1/3) = Amount applied to class (66.67).
QuickBooks applies $66.67 to each class. However, $66.67 X 3 is $200.01. This creates a .01 rounding error on the report:
The total of $100 for Accounts Receivable does not equal the sum of the individual class amounts ($99.99). The same is true for Undeposited Funds ($200.00 and $200.01, respectively).
Note: The Total column on the report is correct. The rounding errors only affect the individual classes.