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Keep track of payroll expenses by class

What happens when you track payroll expenses by class

  • QuickBooks automatically assigns classes to wages and company-paid taxes.

  • You can determine which additional payroll items and company contribution payroll items to track by class. (See step 4 below)

  • QuickBooks applies class tracking to new transactions only. It does not apply it to previously affected transactions.

To do this task

  1. Turn on class tracking in the accounting preferences.

  2. Turn on the payroll preference for tracking payroll expenses for job costing and class.

  3. Choose between the payroll preferences to either always assign a single class to an entire paycheck or to assign different classes to different earnings items on individual paychecks.

    Which preference should I choose?

    QuickBooks displays this option if you have class tracking turned on.

    Determines if QuickBooks assigns one class to an entire paycheck, or a separate class to each payroll item that appears in the Earnings section of a paycheck.

    Entire paycheck: Click this option to have QuickBooks assign a class you specify to all payroll expenses, including company-paid taxes, on the paycheck.

    Earnings item: Click this option to have QuickBooks add a Class column to the Earnings section of the Preview Paycheck window, which gives you the ability to assign a separate class to each payroll item listed in the Earnings section.

    If you select this option, QuickBooks also assigns classes to any additions or company contributions on employee paychecks, based on the classes assigned to earnings items. If the earnings items are assigned to more than one class, QuickBooks prorates the class assignments of the additions and company contributions based on the prorations of the earnings items.

    Where to find this preference:

    Open the payroll and employees preferences.

    1. Go to the Edit menu and click Preferences.

    2. In the Preferences window, click Payroll & Employees in the list on the left.

    3. Click the Company Preferences tab.

  4. Decide which addition payroll items or company contribution payroll items you want to track by class. Then open each of those payroll items, and select the checkbox for Track Expenses by Job.

    Note: The Track Expenses by Job checkbox only appears when you have class tracking turned on.

See also

7/31/2015 12:17:27 AM
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