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In: Accounting

Assume you are an accounting manager for a chain of discount tire stores across the US....

Assume you are an accounting manager for a chain of discount tire stores across the US. How would you use the class feature and/or the location feature of QuickBooks to better inform your owners of their business operations?

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Expert Solution

QuickBooks is an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly towards small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.

Class feature/ Location feature of Quick Books to better inform about the owners of their business operations:-

Location Tracking and Class Tracking lets you track your income and expenses. You can use either one of them individually or both of them together.

  • Class tracking specifies a different class for each detail line of a transaction
  • Location tracking allows you to assign a location to an entire transaction
  • Job Costing: QuickBooks Online does not have a specific feature for this but we show you a work around using the Budgeting feature with Classes or Locations

Turning Classes and Locations On

Under Cogs Company Preferences > Company Settings > Company > Categories > Choose to switch on Classes and Locations or only one.

Features of Quick Books

1.Multi-Currency Capabilities – Client’s will now be able to convert foreign currency into their “home currency” simplifying the accounting in international business.

2. Intuit QuickBooks Time Tracker – Improved time tracking of billable and non-billable hours.

3. QuickBooks Instant Messenger – Now employees can communicate right within the QuickBooks file with all who are signed in.

4. Improved Bank Reconciliation – New data sorting capabilities. You can now sort by check date, amount, payee, and other column headers.

5. Improved Online Banking – Improvements in functionality, setup, and now “re-naming logic” enables easy transition from transitioning online transactions to payee info in QuickBooks.

6. Improved Multi-user Functionality – Perform backups in multi-user mode.

7. Company Snapshot – New feature that brings in most widely utilized financial information in one central window.

ekkarill92 answered 1 year ago
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