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QuickBooks Tip: How to Add Classes to Finance Charges

by Ruth Perryman 8. February 2010 14:35

Question: My client has the following question regarding classes & finance charges. As far as I can see the class doesn't get assigned on finance charges. A question has come up for our class or "division" codes. We assign a class to every invoice/credit memo. Quickbooks automatically generates finance charge invoices. The customer that it is generating the finance charge to may have several invoices outstanding that pertain to multiple class codes. How does Quickbooks know what class code to use?" Thanks for your insights!

Answer:
There's a finance charge invoice in Items > Templates. Click on the Templates button and choose Find in Transactions to get a list of invoices you can modify or just click on your finance charge revenue account on your Profit & Loss report. If you have multiple classes on the same invoice, You'll need to modify the template to add a column for classes. Open the template, select Additional Customization, select the Columns tab and check the Screen button next to Class. I like this option better than entering a journal entry to correct it because I teach my clients to use a class on all transactions so they can use the Profit & Loss Unclassified report to quickly see the transactions that don't have classes assigned. For instance, QuickBooks merchant account fees also download without classes.

Follow-up Question: Do you, by any chance, have an idea of how to get a summary report of the classes that the outstanding invoices would have posted to originally? So as to post the finance charges to the correct class. I have not looked for a way to do this report but thought you may have already invented it!

Answer:
Try creating a Custom Transaction Detail report (in the Reports menu). Select the Filters tab, choose Income and Other Income for Accounts, Invoice for Transaction Type, and Open for Paid Status.

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Ruth Perryman - QuickBooks Specialist Written by Ruth Perryman, CMA, CFE, CFM, MBA, DPA (ABD)

Ruth is the president of The QB Specialists, an Intuit Solutions Provider that has helped thousands of businesses throughout the United States, Canada and even the Caribbean get the most out of QuickBooks since 1996. Ruth has over 20 years of industry experience, including 5 years as a Chief Financial Officer. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and Enterprise.

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