Balance Sheet by Class

Software: QuickBooks 2012 Premier (Canadian version)

One of the reasons why you should consider QuickBooks Premier instead of QuickBooks Pro is that QuickBooks Premier allows you to print Balance Sheet report by Class (if Classification feature is part of the reasons why you buy QuickBooks).

“Class” is a powerful feature in QuickBooks. Usually, we use Class as an Income/Cost center to break down our Income and Expenditures (Profit and Loss report by Class).

Law firm can use the Class feature to break down the Income and Expense of an individual lawyer. Wholesaler who had a fleet of vans selling disposable plates, bowl and plastic bag to the hawker and seller at the wet market can use Class to track the Income/Expenses of the individual van (revenue from the mobile salesperson). Class can be used for project, tracking of income and expenses of a property launch, an exhibition, and a revenue source from local sales or exporting of goods.

Now, besides using Class feature to track the income and expenses (Profit and Loss by Class report), you can use class in Balance Sheet report too (Balance Sheet by Class report).

Assuming we have an income of 10,000.00 and Accounts Receivable of 10,000.00 in Class A; and we have an Expense and Accounts Payable of 3,000.00 in Class B.

When printing Balance Sheet by Class report, Class A will clearly shows the Accounts Receivable of 10,000 and a Net Income of 10,000.00. Under Class B, Accounts Payable shows 3,000.00 and a Net Loss of 3,000.00. Hence, the Total will shows the consolidated Accounts Receivable of 10,000.00 less the Accounts Payable of 3,000.00, and it balanced off with a Net Income of 7,000.00.

Click here to find out more about QuickBooks Premier 2012.

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