Charlie LiuGlobal Chief Customer Happiness Officer | CEO Founder, FCFO & CFO Tech Advisory, MCC Inc. · Founder CEO & CFO Advisory at MCC Inc - FP&A Experts & Top Tier Vena Partner | Driving Financial Excellence | Chief Happiness Officer

Accounting Efficiency in QuickBooks with Classes

9 Apr 2024 · 0 min

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0:24

In this brief segment, the presenter explains that modern accounting platforms—including Xero, NetSuite, and especially QuickBooks—offer a feature called “classes” (along with custom fields) that provides a secondary dimension for transactions. This secondary dimensionality lets users categorize and segment financial data without having to create duplicate accounts for each context, thereby improving efficiency and reducing redundancy across accounting systems.

And this is something that's available across all accounting systems, whether it's Xero, NetSuite. For today, we are looking at QuickBooks because they are one of the most widely used systems, especially in North America, right? They call them class. They also have additional things like custom fields, right? But the whole idea is just introduce a secondary dimensionality so that you don't have to copy those accounts and duplicate them over and over again.