For example, expense classes for a photographer may include transportation, food and lodging, photography equipment, computer equipment, assistant, DVDs and prints, postage and marketing. Class: The data on the balance sheet is displayed by class, which is QuickBooks' way of categorizing your transactions.Previous Year Comparison: Compares the balance sheet for a specific date this year to a corresponding date one year earlier.For example, the summary report will show the accounts receivables balance as one lump sum rather than separated by the type of receivable. Summary: A brief report that just shows the ending balances for all types of accounts, rather than each individual account.Detail: Expands on the data on the Standard balance sheet by displaying beginning and ending balances for the month along with each transaction that took place during the time period.Utilize the automated account creation tool in the chart of accounts section to add your new account and take advantage of the check-writing function to create checks from your new account. Standard: A basic balance sheet that shows your assets, liabilities and equity for a specific date. When you set up a new checking account in QuickBooks, you're adding a new asset account to your business chart of accounts.
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