A standard variance report in most accounting software has columns for YTD, Budget, Variance and Budget for Year. For a company with classes a Variance Report by Class does not exist in QuickBooks or in any add-on program I have tried. This is the most important report I use to monitor and control a company. What is odd is that the template is available in [Reports][Budgets & Forecasts][Profit and Loss Budget Performance][Account by Month]. But, the [Profit and Loss Budget Performance] does not have the option for [Account by Class] in its report layout, however it is available with [Reports][Budgets & Forecasts][Budget vs Actual]. Feel free to edit my comment in any way, if you would like to use it in your QuickBooks Tips and Tricks, or any other area. I’ve asked QuickBooks suppor, and they just shrug their shoulders (or that is what it sounds like on the telephone).
You can filter the Profit & Loss Budget Performance report to show data for just one class (Modify Report > Filters > Class) but you’ll have to create a separate report for each class. I recommend memorizing them in a group, so you can process them in a batch each month (Reports > Process Multiple Reports).
Get free QuickBooks support and training!
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman
Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
Visit our webstore for great deals on QuickBooks and QuickBooks POS!