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Posted by JM on November 10, 2006, 9:33 am
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Andrew wrote:
> JM wrote:
> > [snip]
> >> When I wanted to keep track of maintenance of each
> >> car, I would put them under a subcategory of the subcategory, i.e.
> >> Transportation:Maintenance:Dodge and have all the cars listed under
> >> Maintenance. What would I gain by using
> >> Transportation:Maintenance/dodge, Transportation:Maintenance/Ford,
> >> etc? [snip]
> >
> > Tracking vehicle expenses is a very good example of where it can be
> > advantages to use classes. Using a class for each vehicle may let you
> > greatly reduce the number of categories in you list. Say you have
> > three vehicles; you can track maintence, fuel and registration fees
> > with just three categories [or subcategories] and three classes.
> > [snip]
>
> JM - very interesting - that puts a different slant on classes than I've
> been using for a while. And you're right, I have a lot of the
> category:subcategory lists for family members and specific autos. I think
> indeed I'll change to your methodology.
>
> One question - I HAVE been using classes as a means of excluding
> transactions in reports that don't affect me personally. For example, if I
> deposit cash in my checking account that I collected on behalf of a charity
> event, then write a check to the charity for the total sum of the charity
> deposits, I have a 'class' defined as 'charity' to exclude, since those
> transactions aren't really mine, and shouldn't be counted in reports such as
> cash flows, etc. I have many of these in fact. Different charities,
> hobbies, holding onto the money that kids collect for fundraisers, etc.
>
> So I'm think of renaming all of the to 'xSomething', like 'xCharity' (as in
> 'exclude') to still give me flexibility to do this, as well as having
> classes set up for the family members and autos above for my tranactions
> that are mine.
>
> Does this methodology make sense to you to use classes in this manner (both
> to categorize real expenses and excludable expenses)? Do you do such a
> thing? I'd be interested in hearing opinions from others before I go
> wholesale crazy this weekend!
>
>
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew
This is an interesting use of classes - had not occurred to me but then
do not have your requirement.
I do have other uses of classes including:
I tracked both pre-tax and after-tax contributions to a 401k by
assigning a class '/PT' or '/AT' to the transfer from checking.
Track '_IntInc' from individual FI's by assigning classes. This makes
it easier to match up with year-end tax documents and enter info into
TTax.
Owned multiple rental properties - use of classes essential here for
preparation of Sched E for each property. This function is integrated
very well with TTax.
Have done some consulting work and use a unique class for each employer
- provides good breakdown of Sched C info for tax prep.
Have used classes to provide breakdown of costs for extensive home
remodeling projects; e.g., used classes for electricl, plumbing,
contract labor, doors & windows, etc.
The list goes on - might say the use of categories/classes is limited
only by your imagination :<).
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