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How to Add Classes to Finance Charges in QuickBooks
Published 02/08/2010 | 
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!
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.
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!
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.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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