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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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aQC6neqiqr4yUOacwZ5xHE

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New Member

01/16/12 12:53pm PST
Viewed by asker 02/10/12 2:23pm PST

Using CLASSES

US QuickBooks Pro for Windows : 2011

We buy and sell property. Our first property just sold and all has been entered into QBs and QBs is all zeroed out. I am now ready to begin bookkeeping for our next property. How do I keep it separate from Property #1? Classes - so I went into Edit and clicked Use Class Tracking but don't know what to do now. Also, there are a few expenses I put into Property #1 that really should belong to the Corp itself such as office supplies - can I backtrack and give those items their own class?

I love Live Community - Pennylane and LCBayer are a HUGE help to me.

Thanks!

Randi

2 Replies

Accountant Community AllStar

Intuit Moderator

Allstar, Accountant Community AllStar

01/31/12 9:43pm PST

Class doesn't really work well for this, as the development is not Income and Expense activity, it is balance sheet activity.

If you used an Other Asset account for Prop #1, then make a new account for Prop #2. But, if you also track by Customer Name as the Property, then everything can be referenced by this name and there is no need to do anything new or different in the accounts. Just start job tracking the new project.

If this post answers your question, please give a "thumbs up" or mark this Solved to let others know about it.

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Allstar

02/07/12 12:30pm PST

Latest post

It will help if you use Job and Class as the same time. This will give you more flexibility in reporting.

Author of books "Manage Flip Properties with QuickBooks" series
www.FastTracConsulting.com resources, links and more - NEW BLOG

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