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G/L Sub-Classes FAQs |
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Q. When do I use sub-classes? When you want to subtotal similar general ledger accounts on a financial statement, assign them to a sub-class. "Current Assets" and "Fixed Assets" are a common example of sub-classes found on the Balance Sheet.  Q. Can I assign any account to a sub-class? Yes. In Clients & Profits any kind of general ledger account (i.e., assets, liabilities, equity, income, costs, and expenses) can be grouped into a sub-class. Good accounting requires the use of sub-classes on the balance sheet, but accounts on the Income Statement can also be subtotaled by sub-class. Each of the company's departments has its own set of expense accounts. Can I sub-total some accounts by department on Income Statements? Yes. You can set up sub-classes for the departments and assign the sub-classes to the general ledger expense accounts. The Income Statement will group the accounts together by sub-class then subtotal them. Q. The accounts on my Balance Sheet appear out of order. If some of the assets and/or liabilities have sub-classes and some don't, the program will group those without sub-classes together. If you print the Chart of Accounts under the Setup menu, you can analyze how the sub-classes are set up. If all but one of the assets have sub-classes, the asset without the sub-class will be listed by itself. Also, be sure that the accounts are grouped in the correct sub-class; assets with assets, for example. I've added additional accounts for my sub-classes, but I don't always need to have them on the statement. Can I roll up accounts into others to hide them? Yes, roll-up accounts are used to consolidate account balances. You can designate a general ledger account for an account to roll up into. The balance of the designated account will be the total of the two accounts. For example , all of the shipment expenses for each department can be shown as one shipment total on the Income Statement by setting up roll-up accounts.
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