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). When Financial Statements are prepared in QuickBooks, using classes is an easy way to see what kind of expenses were paid for each asset.
Mapping Chart of Accounts in STRATAFOLIO
Map all of the Chart of Accounts for each integration before starting with the classes. For more information on how to map the COA, please refer to the article: How to Map a New Account in STRATAFOLIO That Was Created in QuickBooks.
Mapping Classes
On the main Organization page, select the Integration tab. Under this tab will be a list of the classes connected to 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 note that all accounts, even those deleted, will be shown. Select the class that requires mapping. Select Map to STRATAFOLIO Hierarchy.
A pop-up window will appear. Select between the following:
- Ignored – all of these transactions will be “ignored” and will not display on the dashboard or Operating Expense Reconciliation Reports in STRATAFOLIO. This does not delete or modify the transaction in QuickBooks, it is only ignored in STRATAFOLIO.
- Entity – these transactions will be allocated across the entire Entity.
- Asset – these transactions will be allocated across the entire Asset only.
- Building – these transactions will be allocated across the Building only.
- Unit – these transactions will be allocated only to this one Unit.
The drop-down will update with what has been entered in STRATAFOLIO per type. Select the proper Entity, Asset, Building, or Unit. Click Save Changes.
If there are sub-classes created, map those with the directions above until all classes have been mapped.
If there are new Assets added to the QuickBooks accounts, create a new Class in QuickBooks and then update the Class in STRATAFOLIO. This will allow all of the transactions to be allocated to the correct Entity/Asset/Building/Unit.