You are a life saver!! Thank you! The Balance Sheet was messed up and doesn't print the classes correctly so had to implement "location" so it would show correctly. Now I don't have to go transaction by transaction to correct the class to a location. I really have valued your videos. You do a great job explaining and teaching. Thank you!
Thank you this was very helpful. I'm new to Quickbooks and I have a new customer who wants me to set up their company and this video will help me for sure!
Absolutely amazing! Can't wait to implement these strategies. I will definitely be looking into the $25 hidden links purchase, I'm quite certain it will be well worth it!
Hector, Very useful video. We are new to QBO and are using the desktop app. I don't find a url bar in my version so am not sure if we are using Chrome or not. Would love to purchase your shortcuts but am not sure I can use it. Any ideas? Bob
So how can we reclassify the current month transactions? We are new to QB and the current year is greyed out... I have products and services set up with the classes but our transactions are still going into the non-specified list - so we are having to manually change them one by one...please help
Great work Hector, I have client who has shipping company with two terminals and he wants to assign expense and income by terminal. Should I used classes or location. Sometimes one payment to vendor is an expense for both terminals so on the surface it would seem better to use classes so that one can split the expense. What do you think? Thank you!
Hi Hector, could you use Project for balance sheet account? for real estate industry, they want to track cash for each project besides P/L by project. I don't see project field available in a GJE or cash transaction.
Generally Projects are for P&L reports. I have never used Projects from a BS perspective. But if you track deposits (deferred revenue) by Projects, it will track properly in BS.
@@HectorGarciaCPA thank you. I need to track the cash from investors by project too. I think I will use the class for property and customer for investors to track the cash by project and by investors.
Thanks Hector. We have several rental properties, and we've been NOT using classes. We have rent income set up with sub-accounts for each property . Then we have Rent Expense with each property being a sub account. Under each property (under Rent Exp) are sub accounts for the various expenses. This allows us to see all properties on one income statement and to compare months, qtrs, years side by side. Beautiful. If we switch to using Classes, I understand we could shrink the chart of accounts, but then i don't think we could see all properties together on one report which also compares months, qtrs, years. (The columns would become properties instead of time periods). Am I missing something? (QB Desktop Premier 2020).
This is great! Can I start a new "location" (I would call it a division) within an existing company? This shows how I can assign everything to the new division of the company, but how would I categorize everything that is already in the existing parent company? Thank you.
Hector if you need a semi paper trail in repurposing funds from one class to another would you still simply use the reclassify or would you add a step like a journal?
How do you use the class, location and departments without using classes as departments? They are being used for something else. Do you build the departments at the coa level if you want to create departmental budgets and track vs actuals?
I have a client with a purchase order of at least 100 line items at a time. How can I upload the purchase order directly into QB with the vendor attached?
If the PO from your vendor is in excel, you can use Transaction Pro Importer to bring that into QB. If is NOT in excel (and you have a PDF) you need special software like Dext or AutoEntry to try to recognize that.
Hola Hector, tengo una consulta. Si yo tengo un gasto de mercadeo para autos y quiero llevar el seguimiento de las ferias donde me presento el producto, cómo puedo hacer, usar clases y sub-clases? o campos personalizado porq imaginate que son varias ferias por año. Mil gracias
Thank you Hector! Always great content. Since you are in the know with Intuit is there any word of reporting with locations as rows? Currently to get my reporting the way I need it I'm having to add an account on my CoA for each location I have.
@@HectorGarciaCPA one more question and it's rather involved. I am looking for a 3rd party solution that can convert classes in a QBOA file, along with their historic underlying transactions, and convert them into projects. I am currently talking with Saasant about whether they can accommodate this. Do you have any thoughts on a solution? Thank you!
Hector - I keep getting an error stating "We can't apply those changes," then it goes on to say "One or more of those changes cannot be reclassified. It may be that you tried to change the account on certain transactions which is not allowed." I've tried one item, batches of items, different items, random items... All keep repeating this error. I'm attempting to make changes to a reconciled year to make our reporting more accurate. Synder, Stripe, and other automated feeds into my QBO don't seem to get the details for each transaction right, so I'm trying to adjust in bulk the items I know to need re-classification. I'm using a QBO Plus account with Classes turned on to help us track nonprofit fund accounting items. I bought your package, by the way, very useful bookmarks!
@@damascussoccer2972 if the accounts are tied to an ITEM in the transaction, then they cannot be reclassified, you would need to change the item itself on each transaction
HI sir. If we can do Profit and Loss by location and class, can we generate Balance Sheet by location or class as well? If not, why not? Many thanks in advance
thanks hector. I am asking you one question , i want to pay check expense and those expenses that i am paying came from different locations so how can i assign those expenses for different locations in one check expense? thanks teacher
Hi Hector, Hope all is well there. I have a question can you provide me a solution for this. "When we record receipts in Location Wise Set up of QBO, the invoices, so all locations invoices are reflecting for selection. I want to show me just the once location invoice so is that possible? Thanks.... Waiting for your response.
@99wyoung Hector, Categories have disappeared from Products and Services. QB says in Engineering software issue. Google has some saying Categories was programmed out without telling anyone. I followed your "Import/Export - Products and Services" and got my line items tied up in QB hell because importing updated list said I needed to set up Categories but they are gone. Any wisdom you can share? My "Inactive" deleting of my list to add categories has them frozen in inactive.
Hii, this was a very helpful video but i have a burning question, is there a custom report that can classify inventory valuation summary in quickbooks online by class and/or locations? especially in your custom shortcut?
@@HectorGarciaCPA Thank you for the response, I am having a very hard time choosing the best QuickBooks for multistore inventory management, that's why I was asking.
Hector, can you transfer funds between classes and how? The balances of the classes I am working with are not correct and I need to correct them by moving money from the general funds to the classes accounts, but the account/bank account stays the same. How do I do this? Thanks
I work for a non profit and we want to transfer funds between Classes. I’ve been using a wash account and a journal entry to do this. Most donations are put in a “General” Class and need to be distributed to other Program Classes to make the bottom line look better. Your videos are very helpful but I have not found anything anywhere what the correct way is to do this!
Hector I have QuickBooks enterprise I need help for the same issues. I have a food distribution company with different routes and also wholesale. can you please help me on organize Classes Location and categories?
For customerize invoice, can I use one class, but has many locations? I know I can use One location, with many classes. But I want One class under different location. Is that possible
I am looking for a quick books 101 type class. Anyone take the quick books online webinar class? I want to make sure I am getting what I need before I spend 580 bucks
@@HectorGarciaCPA I mean a client want to us class tracking feature for his personal expenses and income (from W2) , and his business under the same subscription account in QuickBooks. It is possible to do so?.
You are a life saver!! Thank you! The Balance Sheet was messed up and doesn't print the classes correctly so had to implement "location" so it would show correctly. Now I don't have to go transaction by transaction to correct the class to a location. I really have valued your videos. You do a great job explaining and teaching. Thank you!
Awesome
This video was posted 3yrs ago and you still solved my problems. Thank you
Nothing has changed in this category
OMG! Been wanting this for a long time. Thank you sir.
My pleasure!
Thank you this was very helpful. I'm new to Quickbooks and I have a new customer who wants me to set up their company and this video will help me for sure!
:)
Great video, as always, Hector. Perfect supplement to The Quickbooks Online ProAdvisor Advanced Training module on Classes. Thank you!
My pleasure!
As always Hector great video !.....
You're the man Hector! Why isn't QBO's support documentation as helpful as you are...
Long conversation….
Thank you so much! This was the answer I was looking for! Keep up the good work!!!
Great
Perfect. But Can you able to get Trial balance by location?
I have not been able to
Absolutely amazing! Can't wait to implement these strategies. I will definitely be looking into the $25 hidden links purchase, I'm quite certain it will be well worth it!
Click Accountant tools and the reclassify transactions to get to that screen
Thats only relevant to people with an accountant account which is under 10% of the users
Thank you... What about sub-classes?- Same?
Same
Hope this one would be answered. Can I split one expense into two locations? Thanks.
No
Do you reommend using locations for susidiary businesses?
This is very helpful. Thank you so much for sharing.
Glad it was helpful!
WOW! Super helpful and time saving! Thank you.
Hector, Very useful video. We are new to QBO and are using the desktop app. I don't find a url bar in my version so am not sure if we are using Chrome or not. Would love to purchase your shortcuts but am not sure I can use it. Any ideas?
Bob
You would need to use a browser, but dont purchase my shortcuts, you get them free with www.RightTool.app
So how can we reclassify the current month transactions? We are new to QB and the current year is greyed out... I have products and services set up with the classes but our transactions are still going into the non-specified list - so we are having to manually change them one by one...please help
I would need to see it. Cant tell from this angle what’s happened
Great Stuff. I have wondered if you can generate a report that uses both locations AND classes in the same report? Is that possible? Thanks so much
Not as a summary report.. but a detail report can show both
Muy claro , gracias
:)
Hi Hector, could I run trial balance by class or location?
This would be very helpful! I am getting an error when trying that URL “we can’t find the page you requested”. Ideas on what I am doing wrong?
@@loriwilliams8290 they removed access to it :(
Great work Hector, I have client who has shipping company with two terminals and he wants to assign expense and income by terminal. Should I used classes or location. Sometimes one payment to vendor is an expense for both terminals so on the surface it would seem better to use classes so that one can split the expense. What do you think? Thank you!
Classes: if a transaction needs to be split. Locations and Tags are only one per transaction.
How do I buy the short-cut links for for menus including the hidden ones? I don't see the link to buy it
Hi Hector, can i reclassify transaction after it was reconciled? Thanks
Yea
Hi, thanks for the info. Is there a way to show the P&L wit categories like Sales & marketingand,General & administrative . Thanks
If you setup the chart of accounts like that, yes.
Thanks
Hi Hector, could you use Project for balance sheet account? for real estate industry, they want to track cash for each project besides P/L by project. I don't see project field available in a GJE or cash transaction.
Generally Projects are for P&L reports. I have never used Projects from a BS perspective. But if you track deposits (deferred revenue) by Projects, it will track properly in BS.
@@HectorGarciaCPA thank you. I need to track the cash from investors by project too. I think I will use the class for property and customer for investors to track the cash by project and by investors.
Thanks Hector. We have several rental properties, and we've been NOT using classes. We have rent income set up with sub-accounts for each property . Then we have Rent Expense with each property being a sub account. Under each property (under Rent Exp) are sub accounts for the various expenses. This allows us to see all properties on one income statement and to compare months, qtrs, years side by side. Beautiful. If we switch to using Classes, I understand we could shrink the chart of accounts, but then i don't think we could see all properties together on one report which also compares months, qtrs, years. (The columns would become properties instead of time periods). Am I missing something? (QB Desktop Premier 2020).
You can still do the time comparison with the classes
This is great! Can I start a new "location" (I would call it a division) within an existing company? This shows how I can assign everything to the new division of the company, but how would I categorize everything that is already in the existing parent company? Thank you.
The video how the recategorization process
Is there a tool for reclassifying batches of transactions to a different class for QB Desktop?
Yes.. with QB Desktop accountant edition
Hector if you need a semi paper trail in repurposing funds from one class to another would you still simply use the reclassify or would you add a step like a journal?
Journal
Can this be done for qb enterprise?
Not Locations… classes only
Hey Hector, Thanks for the info. Are you aware of any OCR software that allows information to be posted to QBO with class identified?
No
Does this Reclassify tool work only in QuickBooks Online Accountant version, correct? Not in QBO for users?
It works for regular users if you have the direct link... it’s explained in the video
@@HectorGarciaCPA
Thanks Hector
Once I have the right class structure and I classify everything properly. Can I delete a Class that I no longer want to use?
@Hector Garcia CPA Does Quickbooks Desktop Accountant version have location (I know it has Classes) ?
No locations
Hi Hector, Do we have option available "Class" in Online QB for Journal entries? I dont see it in my Online QB
Yes, but you need to enable class at the line-item level
How do you use the class, location and departments without using classes as departments? They are being used for something else. Do you build the departments at the coa level if you want to create departmental budgets and track vs actuals?
You can only have Classes and Locations… there is no 3rd dimension like this… you coulf look at Tags, but there is not budgets for Tags
I have a client with a purchase order of at least 100 line items at a time. How can I upload the purchase order directly into QB with the vendor attached?
If the PO from your vendor is in excel, you can use Transaction Pro Importer to bring that into QB.
If is NOT in excel (and you have a PDF) you need special software like Dext or AutoEntry to try to recognize that.
Hola Hector, tengo una consulta. Si yo tengo un gasto de mercadeo para autos y quiero llevar el seguimiento de las ferias donde me presento el producto, cómo puedo hacer, usar clases y sub-clases? o campos personalizado porq imaginate que son varias ferias por año. Mil gracias
Classes o Tags
Initially class not activated in the middle it is not getting activate.
Go to settings to activate and use the “multiple classes per row” option
If you use subclass for Class, does it show up in the transaction screens?
Not sure what you mean
Here is interesting Question can you have bank account connected to each Class or Location in QBO
Bob Botts no, it’s not linked to a bank account; BUT you can use it for that purpose
Amazing!!
:)
Thank you Hector! Always great content. Since you are in the know with Intuit is there any word of reporting with locations as rows? Currently to get my reporting the way I need it I'm having to add an account on my CoA for each location I have.
I don’t think that will ever happen
@@HectorGarciaCPA why don't you think Intuit will allow locations by rows?
@@AllysonSawtelle-g8w because thats reserved for classes.
@@HectorGarciaCPA one more question and it's rather involved. I am looking for a 3rd party solution that can convert classes in a QBOA file, along with their historic underlying transactions, and convert them into projects. I am currently talking with Saasant about whether they can accommodate this. Do you have any thoughts on a solution? Thank you!
Hector - I keep getting an error stating "We can't apply those changes," then it goes on to say "One or more of those changes cannot be reclassified. It may be that you tried to change the account on certain transactions which is not allowed." I've tried one item, batches of items, different items, random items... All keep repeating this error. I'm attempting to make changes to a reconciled year to make our reporting more accurate. Synder, Stripe, and other automated feeds into my QBO don't seem to get the details for each transaction right, so I'm trying to adjust in bulk the items I know to need re-classification. I'm using a QBO Plus account with Classes turned on to help us track nonprofit fund accounting items. I bought your package, by the way, very useful bookmarks!
Would need to see it… dont know
@@HectorGarciaCPA Fair enough. Thank you. It seems the classes can be reclassified, but I can not reclassify accounts.
@@damascussoccer2972 if the accounts are tied to an ITEM in the transaction, then they cannot be reclassified, you would need to change the item itself on each transaction
HI sir. If we can do Profit and Loss by location and class, can we generate Balance Sheet by location or class as well? If not, why not? Many thanks in advance
Location yes.. no BS by class
@@HectorGarciaCPA thank u sir!
thanks hector. I am asking you one question , i want to pay check expense and those expenses that i am paying came from different locations so how can i assign those expenses for different locations in one check expense? thanks teacher
You cant… they would need to be different checks
Hi Hector, Hope all is well there. I have a question can you provide me a solution for this. "When we record receipts in Location Wise Set up of QBO, the invoices, so all locations invoices are reflecting for selection. I want to show me just the once location invoice so is that possible? Thanks.... Waiting for your response.
All the locations will show up so you can choose the right one.
Can I split a transaction into multiple "locations"?
Super, I am going through your videos.....didn't know anything and I feel like you have taught me so much....thank you for these videos Hector.
thank you sir for this great video. its very helpful :)
Thanks how can i use locations if i have multiple stores
Just like that.
@99wyoung Hector, Categories have disappeared from Products and Services. QB says in Engineering software issue. Google has some saying Categories was programmed out without telling anyone. I followed your "Import/Export - Products and Services" and got my line items tied up in QB hell because importing updated list said I needed to set up Categories but they are gone. Any wisdom you can share? My "Inactive" deleting of my list to add categories has them frozen in inactive.
They should still be there.. was probably a short term glitch
Hii, this was a very helpful video but i have a burning question, is there a custom report that can classify inventory valuation summary in quickbooks online by class and/or locations? especially in your custom shortcut?
Joe Auditors not possible really.
@@HectorGarciaCPA Thank you for the response, I am having a very hard time choosing the best QuickBooks for multistore inventory management, that's why I was asking.
Joe Auditors I understand. QuickBooks online by itself is not going to be good for that, you need at add a 3rd party software like TradeGecko
@@HectorGarciaCPA Thank you for that and thanks for taking your time to respond to me.
Hector, can you transfer funds between classes and how? The balances of the classes I am working with are not correct and I need to correct them by moving money from the general funds to the classes accounts, but the account/bank account stays the same. How do I do this? Thanks
Journal entry. Use the same account and debit/credit the amounts to different classes
I work for a non profit and we want to transfer funds between Classes. I’ve been using a wash account and a journal entry to do this. Most donations are put in a “General” Class and need to be distributed to other Program Classes to make the bottom line look better. Your videos are very helpful but I have not found anything anywhere what the correct way is to do this!
You do it via a Journal Entry.
I actually built a tool to make the process much faster ua-cam.com/video/21QVpbl3kjM/v-deo.htmlsi=n8URBR3HzAQpzxmL
@@HectorGarciaCPA Thank you for your replies. Not quite what I was looking for, but it is helpful information.
Hector I have QuickBooks enterprise I need help for the same issues. I have a food distribution company with different routes and also wholesale. can you please help me on organize Classes Location and categories?
There is no locations in enterprise… just classes
For customerize invoice, can I use one class, but has many locations? I know I can use One location, with many classes. But I want One class under different location. Is that possible
Not possible.... one location per transaction only
Great video, however your magnify glass make me headache.
Interesting.. most people like it
Hola Hector, queria saber si conoces a alguien que dicte cursos de Quickbook Online en español
Nosotros www.qbkaccounting.com/inico
I am looking for a quick books 101 type class. Anyone take the quick books online webinar class? I want to make sure I am getting what I need before I spend 580 bucks
Watch my 80 minute tutorial...
The link for the Reclassify Tool can be found under Accountant Tools at the top of the page in QuickBooks Online.
Hi Hector, can this be applicable to track personal expenses using class?
@@Jayson-y9m its a use case
@@HectorGarciaCPA I mean a client want to us class tracking feature for his personal expenses and income (from W2) , and his business under the same subscription account in QuickBooks. It is possible to do so?.