Welcome to the latest update on QuickBooks Online for the spring of 2024! As one of the leading accounting software solutions for small businesses, QuickBooks Online is constantly evolving to meet the ever-changing needs of its users. In this article, we’ll explore the newest features and enhancements that have been introduced to QuickBooks Online, helping you stay up-to-date with the latest tools and functionality to streamline your accounting processes and boost your business’s efficiency.
Commerce
- Using the Product and Services tab in Plus and Advanced, get better visibility of all products and variants, including stock levels and cost details.
- Get notifications when inventories are low, and quickly create purchase orders to restock.
- Track new orders from multiple sales channels—and get insights on top-performing products and cross-channel sales trends.
Learn more here.
Bank Statements
From the Reconcile screen, just select the Chase bank account and then View statements.
Learn more here.
QuickBooks Advanced Workflows
Workflows in QuickBooks Online Advanced recently expanded to include multiple conditions. Now, you can include multiple sequential approvers for bills that meet particular conditions.
Custom Roles
Custom roles now include these three
options:
- Control access to more types of transactions such as invoices, estimates, bills, expenses, purchase orders, and checks.
- More control of what team members can do with transactions like view-only, create, edit, and delete.
- More specific access to task areas, including bank feeds, reconciliation, registers, chart of accounts, journal entries, and online bill pay.
Learn more here.
Revenue Recognition
- More flexibility: QuickBooks automatically calculates a revenue recognition schedule, but to suit different scenarios, you can edit a schedule after saving an invoice. Project-based customers will benefit the most.
- Simplified editing and deleting: You can now add products or delete product line items on an invoice or sales receipt, or void an invoice or sales receipt for any reason after the fact.
- Adjustable pricing and dates: You can now adjust the price of a revenue
recognition item. Before the schedule begins to post, you can also revise the service date of a line item.
Learn more here.
Forecasting
To use this new feature, select Financial planning from the left menu, then Forecasts.
- You can build a P&L forecast from either a prior year’s actuals or an average of the actuals from the prior 3, 6, 9, or 12 months.
- After creating your forecast, you can convert it into their new budget.
- You can even create rules to forecast specific accounts by a percentage.
Learn more here.
Payroll Batch Add/Edit
QuickBooks Payroll now allows you to quickly create and assign payroll items
to multiple employees. Instead of making updates to employee information from their individual profiles, you can select Edit Payroll Items on the Employees tab to do more in fewer steps:
See all pay types, deductions, and contributions assigned to employees.
Learn more here.
Payroll Keyboard Shortcuts
Use Ctrl + Alt/Option + “u” to start the workflow for running payroll
Allstate Health Solutions
QuickBooks Payroll subscribers can now easily access a variety of affordable, flexible healthcare packages through the Benefits tab. Allstate Health Solutions offers 200+ health insurance carriers, both nationwide and local. You can also enhance coverage by adding vision and dental plans at no additional cost.
After you choose a package, QuickBooks will seamlessly integrate and manage payroll deductions.
Payroll Share Documents
Workforce on the web but not the mobile app.
Learn more here.
Payroll Bank Feeds: DD Matching
Starting in March 2024 in the United States, QuickBooks Online Payroll
paychecks paid with direct deposit will automatically be matched to the
corresponding bank transactions. With this update, each paycheck paid
by direct deposit will be auto-matched to a bank debit in Bank transactions.
Learn more here.
Summary
In the spring of 2024, QuickBooks Online has introduced several new features and enhancements aimed at improving user experience and streamlining accounting processes for small businesses. From enhanced reporting capabilities to simplified invoicing and billing, these updates are designed to help users manage their finances more efficiently. Additionally, QuickBooks Online now offers improved integration with third-party apps, providing users with more options to customize their accounting software to suit their specific needs. Stay tuned as we delve into the details of these exciting new features and how they can benefit your business.
Check out the recording of our recent webinar:
Unboxing The Latest Updates To QuickBooks Online
Meet with a QuickBooks service expert today!
Schedule a complimentary QuickBooks service consultation to find out the recurring accounting services to help your business run at its best.
