QB Issue Resolution:

The Balance Sheet feature includes the ability to show Location and Class summary columns, and will filter by Location and Class. There is no filtering by account on a Balance Sheet, since the report would not balance if certain accounts were excluded.

Filtering by Class
The Balance Sheet by Class report will not be correct, since the Accounts Receivable (Debtors, A/R) and Accounts Payable (Creditors, A/P) accounts will be wrong. In order for them to be correct, you would need to enter all related transactions as General Journal entries, specifying a Class on each line. Unless you’re an accountant, this probably isn’t the best way to proceed. Here’s why:

Every transaction (with the exception of journal entries) is separated into a header and a detail portion. For example:

On a Cheque, the bank account is the header and the account selected in the table is the detail.
On an Invoice, Debtors account (A/R) is the header and the income account linked to your product/service is the detail.

The type of transaction information pulled into a report depends on the type of report. For example:

The Profit & Loss (P&L) report pulls information from the detail of transactions, in which income and expense accounts are selected.
A Balance Sheet pulls in header portions of transactions, in which asset, liability and equity accounts are selected.

When Classes are used, they get attached to the detail portion of transactions. They do not get associated with the header accounts. Therefore, since a P&L pulls information from the transaction detail, it can be customised by Class and be correct. However, a Balance Sheet by Class report will never be correct, since it pulls data from headers. (Remember, the Class data does not get saved with the header-actually, nowhere can a bank account, loan account, etc., all headers, be linked to a Class.)

QBO assumes that all data pertains to just one company, so it will always provide just a single Balance Sheet, and not one split in Classes.

If you want to use one QBO company to run different businesses at different locations, you’ll want to create a Balance Sheet and P&L for each. When a Location is saved on a transaction, it gets saved on the header and the detail. This makes it possible to run a Balance Sheet by Location report and get correct results. You can also filter your report by location to see the appropriate column for that location.

Note: Accounts Payable and Accounts Receivable transactions may have amounts in “Unspecified ” because Bill Payment and Receive Payment transactions can’t be split by location.

If you have either Bill Payment or Receive Payment transactions that involve Bills or Invoices for multiple locations, the transaction will reflect “Unspecified” and will either need to be split into transactions that only involve one location or correct the location with a journal entry.

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Answer ID 3480
Products QuickBooks Online Plus (H)
Categories Using This Product
Date Created 10/15/2010 04:14 PM
Date Updated 01/23/2015 02:53 PM
Allow Crawling? Yes

Resolution for Issue 'Can I run a Balance Sheet by Class or Location?' available: Yes (Solved).
Source: Intuit Community forum.

Can I run a Balance Sheet by Class or Location?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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