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  #1  
Old 05-13-2015, 09:16 AM
baseball75 baseball75 is offline
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Join Date: May 2015
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Help setting up - opening balance for classes?

Hi, I have used quick books in past, but have never set it up. Using QB for a baseball org, which has one back account (the parent/main/only bank account), but has 8 teams that I would like to track the income/expenses for separately (all using the parnet bank account). I have set up each team as a class. When I entered a bill, I often need to split it multiple ways. I did this by enetering the expense account, assigning a $ amount, and a class. It all looks good, I ran a PnL by class and can see each class with the expense. Great. What I feel is missing is the opening balance for each class. Starting the year each team had a balance (some were -'ve, some +'ve). Is there a way to set up opening balance for each class. I did attempt to do a split on my opening bank account balance.... it appears correct, but on report.... ony showing the expense that has come out. Or do I need to be looking at a different report.

Any help is appreciated.
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  #2  
Old 05-13-2015, 09:54 AM
uniz uniz is offline
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Quote:
Originally Posted by baseball75 View Post
Hi, I have used quick books in past, but have never set it up. Using QB for a baseball org, which has one back account (the parent/main/only bank account), but has 8 teams that I would like to track the income/expenses for separately (all using the parnet bank account). I have set up each team as a class. When I entered a bill, I often need to split it multiple ways. I did this by enetering the expense account, assigning a $ amount, and a class. It all looks good, I ran a PnL by class and can see each class with the expense. Great. What I feel is missing is the opening balance for each class. Starting the year each team had a balance (some were -'ve, some +'ve). Is there a way to set up opening balance for each class. I did attempt to do a split on my opening bank account balance.... it appears correct, but on report.... ony showing the expense that has come out. Or do I need to be looking at a different report.

Any help is appreciated.
I don't think Class is a good choice of classification. Instead, you can use Vendor Name or Customer Name for each team. It's much easier to separate the activities of each team.
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  #3  
Old 05-14-2015, 05:54 AM
Rustler Rustler is offline
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Location: Texas - The Republic
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Class track transactions, and there is no way to track an opening balance

back up the file from the file menu before trying this

double click on the bank account to bring up the register, delete the first entry in the register after writing down the total amount and date.

scroll down to the new entry line at the end, make a new entry as a deposit for the total amount, use the original date, select opening balance equity as the account

then click the split button, list each account as OBE, enter the amount for the team, and select the team class. One split line per team, all using the same opening balance equity account, and the amount per team with the class

save and run your report and see if that helps

if not restore from back up
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  #4  
Old 05-14-2015, 10:11 AM
uniz uniz is offline
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Join Date: Oct 2013
Posts: 143
Quote:
Originally Posted by baseball75 View Post
Hi, I have used quick books in past, but have never set it up. Using QB for a baseball org, which has one back account (the parent/main/only bank account), but has 8 teams that I would like to track the income/expenses for separately (all using the parnet bank account). I have set up each team as a class. When I entered a bill, I often need to split it multiple ways. I did this by enetering the expense account, assigning a $ amount, and a class. It all looks good, I ran a PnL by class and can see each class with the expense. Great. What I feel is missing is the opening balance for each class. Starting the year each team had a balance (some were -'ve, some +'ve). Is there a way to set up opening balance for each class. I did attempt to do a split on my opening bank account balance.... it appears correct, but on report.... ony showing the expense that has come out. Or do I need to be looking at a different report.

Any help is appreciated.
from a database perspective, Class is not a list record, therefore, it doesn't have a balance.
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  #5  
Old 05-14-2015, 12:40 PM
baseball75 baseball75 is offline
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Join Date: May 2015
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I will try this.

Would setting up each team as a sub bank account of the main account be a better option?

When I recieve an invoice that needs to be divided up by three teams.... could that be done. Where each team would have a portion of the expense? and in some cases income?
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  #6  
Old 06-24-2015, 12:41 AM
StuartCrawford StuartCrawford is offline
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Quote:
Originally Posted by uniz View Post
I don't think Class is a good choice of classification. Instead, you can use Vendor Name or Customer Name for each team. It's much easier to separate the activities of each team.
Uniz is right, use vender name or customer name for each team.
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