To ensure that all transactions are assigned a class in QuickBooks, a balance sheet by class must be run in QBO for the period under review. Any transactions in the "NOT SPECIFIED" column will need to be assigned a class.
Classes are assigned to all transactions in your books using VRPlatform. Classes identify whether a revenue or expense transaction belongs to a property owner or the management company. Classes will be created for all of your properties, and a class will also be created for the property management company. To set up classes in QuickBooks, refer to the article, "Preparing your QuickBooks Online (QBO) company file." Classes will be mapped in VRPlatform when you configure your listings. Classes will also be assigned to expense transactions, and will be recorded differently whether you use the location method or the balance sheet method. A transaction without a class assigned will not make it to your owner statement.
Review QuickBooks Transactions Without a Class
Log in to QuickBooks and select "Reports" in the sidebar menu, and select the report "Balance Sheet."
Select the report period for the month under review, display columns by class, and run the report.
Drill down into any amount in the "NOT SPECIFIED" column to see the transactions in a specific account for the month that do not have classes assigned.
Select a transaction and assign a class to the transaction.
NOTE: If there are automated transactions (invoices, payments, journal entries, custom fees) coming through to QBO without a class assigned, please ensure that the specific listing has been assigned a class in your configurations. When adding a new listing, be sure to complete all steps to ensure all automated transactions are assigned a class. If there are beginning balances present in various accounts, there are transactions in previous months that were not assigned classes.