Classes and properties are used to create user-defined data for different objects within the system.
For example you may have a part type "Electric Motor" and wish to save specific data for each motor under this type. Data you might want to save that is unique to each electric motor in your part library could be "Voltage", "Weight", "Manufacturer", etc.
To create these user-defined classes and properties, you need to select the Edit Classes and Propertiessub menu under the Administration main menu.
The contents of 1.2.3.3. Edit classes and properties