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Departmentalized accounting

Departmentalized accounting

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I would like to departmentalize a restaurant business between one class for restaurant sales and banquet sales.

I would like to obtain a P/L report with each class showing current period/YTD/prior period/prior year to date as well as the same for the combined P/L. Is this possible?

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Reply to
djs2153
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"djs2153" wrote

Yes, you can use Class Tracking for restaurant and banquet revenues and expenses. Each item would have to be allocated between one or the other class, which gets tricky for shared expenses like utilities and advertising. Things like that come down to guesses. There will be more work on your end during input to get the revenues and expenses allocated correctly.

Reports filtered by class could generate one report for each class, show each class in separate columns with a total, or don't filter by class and have only the company total showing.

Reply to
paulthomascpa

Randy-I beg to differ! QB DOES provide TRUE P&L by classes! (True on the Balance sheet side of your comment) No need for 2 companies! Original poster only wanted P&L! I do not want to seem "catty" - but are you sure you are a true QB Pro Advisor??

N Owen

Reply to
N Owen

You are correct. QB provides profit and loss by class reports. This was not available in earlier versions of QB. My mistake. Thank you for the correction.

Just which version are you talking about? Class reporting was available in QB 1999 and earlier. Just when it came out I can't remember. Why have classes if you can't use them on reports?

Randy Morris QuickBooks Pro Advisor

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Reply to
Haskel LaPort

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