Updates to QuickBooks Online- Summer 2018
Intuit is always hard at work in hopes to improve their products and help business owners maximize their efficiency. The latest updates to QuickBooks Online is a mixture of new features on the platform, as well as many performance improvements to ensure QuickBooks Online runs as quickly and as smoothly as possible. While many of the recent changes have the self-employed in mind, overall performance updates are helpful to all businesses. Keep reading to learn what’s new to the platform!
New Features in QuickBooks Online
Failed E-Invoice Notification when Email Fails to Send
As a business owner, you rely on receiving payments from your customers. But you can’t blame them if they never receive the invoice! That’s where QuickBooks newest notification comes in handy. With this latest feature, if your e-invoice fails to send due to an error, QuickBooks will immediately send you an email informing you of what happened and how to successfully resend the message.
If for whatever reason you miss the email in your inbox, don’t worry! Intuit will inform you of the failed e-invoice in a few other ways. They include: an updated status within the invoices list, an explanation within the invoice tracker, support steps under the ‘Needs Attention’ filter on the invoice list, an in-line explanation within the email modal, and step-by-step community help articles.
Redesigned Invoicing in QuickBooks Self-Employed
Your invoices should reflect your personal style, not Intuit’s. The invoicing experience has been completely revamped on QuickBooks Self-Employed, and gives users the option to leave a personalized impression while continuing to improve efficiency and organization. Some new updates to the invoicing feature include: customizing the subject line and main message of the email, duplicate prior invoices that you want to create again, send receipts for paid invoices to allow customers transparency, and the option to send a mobile reminder to customers before payments are due.
Two New Reporting Options
The two most-requested new reports are now available! You can now create reports for bill and invoice payments. This is an easy way to show vendors and customers which bills and invoices correspond to which payment. It will also be a quick way to settle any disputes.
The days of cobbling together vague payment trails using the transaction list are over. To find these new features, visit the ‘Reports’ tab and run reports that clearly associate payments with the bills and invoices they cover.
Customize Payment Accounts on QuickBooks Capital Loans
Through QuickBooks Capital, you will be able to group principal and interest payments into separate accounts. This is important because it allows users to write off the interest at tax time, which help keeps the principal from being taxed as income.
To do this on future loans, the first step will be to login to QuickBooks Online (after you have accepted the loan agreement from QuickBooks Capital), and navigate towards the ‘Capital’ tab on the left-hand side. From there, you will choose the bank account that received the initial loan deposit, a loan payable account to track the loan principal, and an interest expense account to track the interest. These accounts can be changed at any time. As you make payments, you’ll be able to track the activity by category, which keeps you organized.
Bulk Receipt Exporting to Save Time
This new bulk receipt exporting feature helps you save valuable time during tax season. Instead of exporting receipts individually to file them in your records, you can now run a report that will download all of your digitized receipts at once. This provides business owners maximized organization while using minimum effort.
Automatic Sales Tax
Sales tax can be confusing. Let QuickBooks do the work for you! Because they keep track of more than 60,000 tax laws, the platform can save you time and automatically calculate your tax rate. To turn on automatic sales tax, click the ‘Taxes’ option on the dashboard. Then, select ‘view return’ on your monthly return, followed by ‘make the switch.’ It’s that simple!
QuickBooks Assistant in the QuickBooks Self-Employed App
There are many obstacles for those who are self-employed, and oftentimes they can leave self-employed individuals overwhelmed and feeling like there is no one to work these challenges out with. Introducing the QuickBooks Assistant: Intuit’s virtual aide found within the Self-Employed app. This aide gives you on demand help and insights to solve your questions about the platform.
To find this tool, first open the app, and then select the green message icon. This starts your conversation with the bot, where you can interact through text and/or voice commands. While the bot is extremely powerful and can help answer many of your questions about your finances, if you require a more in-depth answer, you have the option to connect to live support from a human.
ClockShark is a mobile time tracking and scheduling solution. This mobile app is free for employees to download, and allows them to clock in and out from any job site. It was designed with construction and field service companies in mind but can work for other industries as well.
With this new QuickBooks Online feature, companies that use ClockShark can now seamlessly transfer their time records into their accounting software. This allows easier payroll and invoicing, and also helps avoid data entry errors. QuickBooks and ClockShark automatically syncs employees, jobs, and tasks every hour, but if you need something to sync immediately, all you have to do is hit the ‘export to QuickBooks’ button.
Performance Updates in QuickBooks Online
Faster Invoice Actions
Looking to delete, void, or copy invoices and/or sales receipts? You are now able to do so! Find these options in the ‘Action’ column of your all sales list.
Quick Link to Your Transaction Audit Trail
There is now an option within the all sales filter to easily find deleted or voided transactions.
Improved Paychecks that are Deposited in Two Accounts
QuickBooks Online now shows paychecks that are deposited in two bank accounts as two distinct transactions. This makes it easier to match when it is time to reconcile.
No Payroll Permission for Users
When adding users to your QuickBooks Online account, you now have the option to assign a no-payroll permission. This helps protect your financial security without limiting the user’s access in any other way.