QB Issue Resolution:

I don’t use Class at all. That is a redundant additional cross-reference to Jobs.

 

You want to read my handout.

 

Customer (Jobs) allow you to make an Estimate for the scope. It allows you to list Functional aspects, such as Subcontractor labor of various types, doors and Windows and Landscape and Permits and Engineering and even Debt Service that is WIP, not Expense. Items allow you to use Quantity. The Job reporting relies on your use of Items.

 

Class is a Financial Cross-reference. I would use Customer Type and Job Type before I use Class Tracking, for instance, but you might need to use Class tracking because you have two Divisions, such as Remodel (where all items are expense-income activities) and Spec (where the set of items are all WIP). Customer Type might be Multi-Unit vs Single-Family. Because the Type is Descriptive but the Class is Financial, that’s why it would matter. But the Items control the data flow, as well.

 

Please read the handout. I explain it pretty thoroughly, there. I include set up instructions, images, how to make the custom reports, etc.

Resolution for Issue 'Flipping Real Estate – Handling expenses and equity accounts' available: Yes (Solved).
Source: Intuit Community forum.

Flipping Real Estate – Handling expenses and equity accounts: 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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