QBO Report

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#1
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8152
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4-Mar-2018 9:03pm
Location:
The Office
I have a partnership client that owns and operates over a dozen rental properties. Flips and real estate agent activity also occur in this partnership (i.e. page 1 of the 1065).

For tax prep, the client provides a P&L by class and a balance sheet, among a few other reports.

We then cobble together a trial balance by class for import into Caseware. This is a time intensive process and I'd like to cut it out by leaning on the software. As expensive as QBO has become, there has to be a solution...I hope.

It doesn't appear that QBO is able to generate a trial balance with a class column added. Does anyone know if it's possible to generate a summary report in QBO that would provide the following columns:

1) Class
2) Account number
3) Account description
4) Account Balance (as of 12/31)
 

#2
Posts:
2887
Joined:
21-May-2018 7:50am
Location:
Northern MI and Coastal SC
The issue is Quickbooks sucks at pulling job or class information when it is a mix of income statement and balance sheet accounts, such as a trial balance or complete general ledger. I utilize QBO for Trust accounting for property management utilizing classes and vendors. There are incredibly few reports I can successfully generate by filtering for specific vendors or classes.
 

#3
Posts:
222
Joined:
23-Apr-2014 8:17pm
Location:
FL
QBO really can't handle this. Go back to Desktop. I've got several clients that do what you describe. I wouldn't dream of attempting it in QBO
 


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