This is my first Blog, I will write about my favourite feature in QuickBooks – Class.
Technically, class in QuickBooks is the classification of accounts. To do it right is an art.
I did a consultation few years back for a small Law firm. They needed to track the income and expenses incurred by the individual partner (the lawyers). Besides, they also needed to track the break downs by Partners by Clients.
Due to the Budget constrain, they were looking for a solution that is below S$5,000.00.
After the first meeting, I did a mock-up for them. QuickBooks was an off the shelf software, it will not be able to meet 100% of their needs, but it does fulfilled more than their basic requirement.
I showed them two reports:
Income & Expense by Partners report
This report presents the income and expenses incurred by the partners. Besides, they did hide those sensitive data away from the report. From this report, the owner of the firm will be able to calculate the profit share for each individual partner.
Income & Expense for Individual Partner
This report provides the partners with an overview of where were their source of income and expenses that incurred for the client.
Hope you enjoy reading my Blog. I will show you more sample on how Class can be used in other industries such as School, Non-Profit organization, Mobile Sales team, and etc.