Feature Overview

Classes are the easiest way to keep track of multiple assets/properties in one QuickBooks account. Using classes helps create a more manageable—and more easily navigated—Chart of Accounts (COA). In QuickBooks, not only can you track your expenses, but you can also use classes to easily identify the type of expenses incurred for each asset. This, in turn, helps you prepare more accurate financial statements that reflect the true financial position of your business.

Mapping Chart of Accounts in STRATAFOLIO

Before you begin mapping the classes, it is important to first map all of the General Ledger/Chart of Accounts for each QuickBooks account that is integrated. This will ensure that your mapping process is smooth and accurate. By taking this step, you can avoid any confusion or errors that may arise later in the process. Once you have mapped the Chart of Accounts, you can then move on to mapping the classes with confidence. Please refer to the article for more information on how to map the COA: How to Map a New Account in STRATAFOLIO That Was Created in QuickBooks.

Mapping Classes

On the main Organization page, select the Integration tab. The table shows the Entities in STRATAFOLIO that are integrated with the QuickBooks accounts. Click on the “i” next to the integration corresponding to the QuickBooks file that has the classes in need of updating. 

If this QuickBooks account utilizes classes, a tab will appear under the integration displaying Class and the number of classes currently registered. Please keep in mind that the system may display all classes, including the deleted ones. Select the class that requires mapping. Select Map to STRATAFOLIO Hierarchy.

Mapping Hierarchy for Classes

When you see a pop-up window, you will need to add the required fields. Specifically, you will need to select between the following options. It’s important to carefully consider your choices and choose the option that is best suited for your needs. Once you have made your selection, simply follow the prompts to proceed.

• Ignored – STRATAFOLIO will “ignore” all these transactions, and they will not appear on the dashboard or Operating Expense Reconciliation Reports. This does not delete or modify the transaction in QuickBooks. They are only ignored in STRATAFOLIO.
• Entity – STRATAFOLIO will allocate these transactions throughout the entire Entity.
• Asset – STRATAFOLIO will allocate these transactions across the entire selected Asset.
• Building – STRATAFOLIO will allocate these transactions only to the selected Building.
• Unit – STRATAFOLIO will allocate these transactions 100% to this one Unit.

The drop-down will update with what you have entered in STRATAFOLIO per type if you select anything other than ignored. Select the proper Entity, Asset, Building, or Unit. Click Save Changes. 

To begin with, please map all classes created according to the aforementioned directions. Once you have completed mapping a class, move on to the next one until you have mapped all classes and sub-classes.

If QuickBooks accounts have new Assets, the user needs to create a new Class in QuickBooks and then update the Class in STRATAFOLIO. Please remember that allocating all the transactions to the correct Entity/Asset/Building/Unit will ensure their accuracy and proper classification.