QuickBooks Online New Features and Improvements – June 2018

QuickBooks Online New Features and Improvements – June 2018

Here’s a tasty little fact: June is National Candy Month!

Sounds like the perfect time to unwrap those sweets stashed in your desk, kick back and indulge in some deliciously helpful QuickBooks® product updates.

What’s New in June

Product Updates hub for accountants

Direct bank feeds

Custom payment categories on QuickBooks Capital loans

New! The Product Updates hub is your QuickBooks crystal ball

In a nutshell: The accountant life is pretty low on melodrama (well, usually), but we know of a few things that can keep you up at night—like not having answers when your clients ask about ever-changing QuickBooks products or features.

With our new Product Updates hub, you can rest easy. We’ve created one central place where you can find the latest offerings and improvements across all QuickBooks products, making it fast and simple to stay ahead of the curve.

How it works: Just bookmark the Product Updates page to your browser, and your gateway to all things QuickBooks will be only a click away. The latest updates appear first, so you can get up to speed at a glance. Under the Topics heading, you can choose to view everything at once, or filter by product.

New and improved! Direct bank feeds for fast, reliable transaction data 

In a nutshell: Syncing your clients’ bank transactions to QuickBooks saves time on data entry and gives you a convenient bird’s-eye view of the business. And, with our new direct feed option—with a seamless, faster connection and more reliable data—you’ll be seeing like a hawk that just had Lasik.

How it works: In the Banking tab of your client’s QuickBooks Online, look for a banner under the account card that lets you know you’re eligible to update, and select Update now. You’ll have 30 days to update if you want to avoid interruption to your feed.

If you don’t see the banner yet, check back periodically. Over the coming weeks, the direct feed update will roll out to customers of:

  • Capital One
  • Chase
  • Bank of America
  • Wells Fargo

Note, if your client is adding one of these banks to QuickBooks for the first time, you’ll connect using the Add account button in the upper right corner of the banking dashboard.

Once you select your client’s bank, enter the login credentials on the bank’s site to allow Intuit® to set up the direct feed. The bank will then verify the update and begin posting transactions into QuickBooks.

Presto! That’s all it takes to get a faster bank connection and relief from issues such as feed interruptions, connection errors, and missing or duplicate transactions.

New! Customize payment accounts on QuickBooks Capital loans

In a nutshell: It’s only fitting that during National Candy Month, we bring you a simple way to do something truly sweet—save your clients money.

On future loans through QuickBooks Capital, you’ll be able to group your client’s principal and interest payments into separate accounts. That way, they can write off their interest at tax time and keep their principal from being taxed as income.

How it works: After your client accepts a loan agreement from QuickBooks Capital, log in to their QuickBooks Online and look in the Capital tab in the left navigation.

We’ll ask you to choose:

  • The bank account that received the initial loan deposit.
  • A loan payable account to track the loan principal.
  • An interest expense account to track the loan interest.

Don’t worry, you can change these accounts at any time going forward.

That’s pretty much it. As your client makes payments on the loan, you’ll be able track the payment activity by category, making it easy to stay organized and save money come tax season.

That’s all for now, folks.

Until next time, as always, keep your feet on the ground … and your books in the cloud.