Money: How to Use Classifications to Track Expenses

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Classifications give you another way to assign income and expenses.

If you own rental property, run a charity, or have separate projects, you might want to organize your records by more than just income and expense categories. Classifications let you do this.

You can create up to two classifications. Each classification can contain both items and subitems, a structure similar to categories and subcategories.

For example, if you own rental property, you might set up a Property classification with:

• Rental Property 1 as an item, and Apartments A, B, and C as subitems.
• Rental Property 2 as another item, and Apartments 1, 2, 3, and 4 as subitems.

You can also use classifications as keywords to help organize your records based on particular events, or for specialized reports.

For example, you could create a classification called "Vacations" for tracking all your vacation-related expenses.

NOTE: When you create a new classification, an extra line for entering classification items and subitems is added to every transaction.

Classification information can be printed out by customizing the Transaction, Summary, or Tax Reports.