Class and Location Tracking Flashcards

A client wants to split a single expense across two departments on different lines of the same bill. Which class setting must be selected?

Answer: One to each row in transaction

Choosing 'One to each row in transaction' lets each line of a transaction carry its own class.

How is a location assigned on a QuickBooks Online transaction?

Answer: Once per transaction, at the header level

QBO allows only one location per transaction, unlike classes which can be assigned per line.

Which label is NOT one of the built-in options for renaming the Location field in QBO?

Answer: Segment

QBO offers labels such as Business, Department, Division, Location, Property, Store, and Territory, but not Segment.

On a Profit and Loss by Class report, where do transactions without an assigned class appear?

Answer: In a column labeled 'Not specified'

Unclassified amounts are grouped under a 'Not specified' column so totals still reconcile.

Which setting helps prevent users from saving transactions without a class?

Answer: Turn on 'Warn me when a transaction isn't assigned a class'

The warning option prompts users when they try to save a transaction lacking a class.

A ProAdvisor wants to automatically tag recurring bank feed transactions from a specific vendor with a class and location. What is the most efficient tool?

Answer: Bank rules

Bank rules can set the category, payee, class, and location for matching downloaded transactions.

What happens to historical transactions when a class is deleted (made inactive) in QBO?

Answer: They keep their amounts but no longer show the class, appearing as unclassified

Inactivating a class leaves the transactions intact but removes the class reference so they report as 'Not specified'.