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How do you enter transactions for the Balance Sheet by Class report?

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

The Balance Sheet by Class report is an advanced report that differs from other QuickBooks reports. Specifically, QuickBooks calculates the class allocations for the report each time you run the report. Because of this, you must enter transactions in a very specific way. Follow these guidelines to ensure an accurate report. If you enter transactions differently, the report can produce unexpected results.

General guidelines

Follow these guidelines to avoid unexpected results on the Balance Sheet by Class report:

What are some unexpected results?

If you follow the general guidelines, you usually avoid these results:

  1. Amounts in the Unclassified column

    This means the Balance Sheet by Class report could not use or find a class for the transaction. This happens if:

    • You forgot to enter a class.

    • There was no field to enter the class.

    • You entered a class but the report doesn't support the transaction.

    Learn more about the unclassified amounts.

  2. Unbalanced Classes appears at bottom of report

    It's possible that the balance sheet for a specific class doesn't balance. This happens if:

    • You enter an "unbalanced" journal entry for an individual class.

    • You enter an unsupported transaction. There are a few entries that QuickBooks doesn't support for the report. Some of these transaction cause unbalanced classes.

    Learn more about the unbalanced classes. Note: The balance sheet always balances in total (across all classes).

  3. Net income for a class differs from net income on Profit & Loss by Class report

    For certain transactions, the Balance Sheet by Class report makes a calculation to balance a transaction's classes. In some cases, this causes the net income for a particular class on the Profit & Loss by Class report to differ from the net income for that same class on the Balance Sheet by Class report. Learn more about this.

Cash vs. accrual reports

You can run the Balance Sheet by Class report on either the cash or accrual basis. QuickBooks builds the report differently for each basis. Consequently, you might experience different errors depending on the report basis you choose. Learn more about unsupported transactions and their solutions.

See also

10/27/2016 1:57:02 AM
QYPPRDQBKSWS05 9138 Pro 2017 edac95