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Transaction journal for classes

The Balance Sheet by Class report is only available in QuickBooks Premier and &qb_enterprise_solutions;.

You can run the Transaction Journal report to see the debits and credits for a QuickBooks transaction.

If you use classes, the Transaction Journal report:

  • Shows the specific classes for profit & loss accounts.

  • Doesn't show the specific classes for balance sheet accounts. The Balance Sheet by Class report only calculates the class when you run the report itself. The debits and credits by class don't exist as part of the transaction's journal entry.

This makes it more difficult to see a transaction's effect on the Balance Sheet by Class report.

Here's an example of a typical invoice:

typical invoice

Press CTRL + Y to see the Transaction Journal for a transaction. Here's the Transaction Journal report for the invoice:

Transaction Journal report

The yellow area shows how QuickBooks allocates the classes to the income account. The green area shows that QuickBooks does not allocate any class to the Accounts Receivable account. However, when you run the Balance Sheet by Class report, QuickBooks calculates the class allocation for the Accounts Receivable account.

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