Does Moneydance allow for assigning 'classes' to transactions?

You are able to assign 'Classes' to transactions in Moneydance, however they are called 'tags', and you can apply multiple tags to each transaction.

In older versions of Moneydance, you can edit your list of available tags by clicking the Tools -->Edit Transaction Tags menu item. You can then select tags for transactions using the popup field in the transaction edit

In newer versions of Moneydance, the 'tags' option has been removed from the 'Tools' menu. You can enter tags by simply typing them into a transaction. You can enter multiple tags by separating each tag with a [,] comma.