QuickBooks is one of the most used accounting packages for small businesses around the country. It is a very affordable program with many special features you can use to track financial data for your business.
To track income and expenses by any significant segment of your business, you may want to use the class tracking feature in QuickBooks. You can use class tracking for non-profits to track grants and restricted and unrestricted funds. You can also use class tracking to tracking multiple locations or divisions of a company. If you are doing business with the government, you could use class tracking to track fixed priced jobs vs. cost plus jobs, vs. overhead. To turn on class tracking:
- Go to the Edit menu and click on preferences, then “Accounting” preference.
- Click on the company preference tab, the select the Use Class Tracking box.
- Click OK
If you are using QuickBooks payroll, you can assign a class code to each employee when you set up the employee. If it is important to assign employee time to multiple classes, you will need to change a preference: drrt-bourgogne.