Want to go beyond standard account-based tracking in QuickBooks? Expanding into class tracking provides you with a customizable way to track specific expenses, categorize shared expenses across multiple accounts and handle the accounting for one-off and occasional expenses that aren't necessarily associated with a particular account type. QuickBooks offers a user-friendly method for setting up class tracking, allowing you to get up and running quickly. Greater control over expense categorization is the primary benefit of class tracking, which makes sorting expenses easier.
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In 2016, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) No. 2016-14,.
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