QuickBooks Online New Features and Improvements - March 2017

Welcome to the monthly features and improvements article for QuickBooks® Online (QBO) and QuickBooks Online Accountant (QBOA). Enhancements in March include a new Expense Finder™ for QuickBooks Self-Employed, improved budget features and payroll enhancements. Click here to review our previous updates.

New This Tax Season: QuickBooks Self-Employed Expense Finder

With QuickBooks Self-Employed (QBSE) Expense Finder, your Schedule C clients can identify more potential deductions by securely connecting their bank accounts to pull in business expenses from the entire past year and sorting them into Schedule C categories in minutes. Instead of sorting through piles of paper receipts, you'll receive organized and accurate expenses, sorted by Schedule C categories that are ready to review.

Here’s how it works: When clients sign into QBSE for the first time from March 20 to Tax Day, they can select “No, I am still working on 2016 taxes” to access Expense Finder. They can then connect to their bank accounts to securely import all 2016 expenses in just minutes. Expense Finder automatically finds work expenses and organizes them by Schedule C category.

We’ve made it easy for clients to review each transaction, and to export expense data to you with a single click. As a result, you’ll get an organized, accurate summary that is ready for review. Your clients get a simple way handle expenses – and optimized deductions to lower their overall tax bill. Read more about the Expense Finder here.

New Budget Interface Offers Budget vs. Actual Comparisons

Previously, the classic QBO interface did not provide totals for category, parent accounts or net income. As a result, it hasn’t always been as easy as it could be to confirm accurate budget entries.

But, now we’ve fixed that with a new budget interface that aligns with the rest of QBO. This new interface uses the entire screen and provides more data when viewing, editing and creating budgets. This includes totals for key variables and a fast way to confirm budget amounts.

Now, it is simpler and easier to compare actual results against budget projections with the following capabilities:

  • Accelerate the creation of budgets.
  • Navigate more easily.
  • Access budget-related reports from budget screens.
  • Check for accuracy while creating a budget.
  • Plan business growth through budgets.
  • Track business performance – comparing budget amounts vs actual income and expenses.

Payroll – Retro Tax Exemptions Workflow

Do you work with your clients on payroll? When an employee changes status from non-exempt to exempt State Unemployment Insurance (SUI), or vice-versa, you can adjust that status without calling QBO Customer Care. In addition, QBO now automatically recalculates taxes for the calendar year, based on the correct SUI status.

We will support the ability for customers to add or remove SUI and SUI tag-alone tax exemptions from employee profiles for 49 states and the District of Columbia (Washington State is not supported). Amounts owed to, or from, employees are paid or recaptured on the next check, and FUTA is recalculated to 6 percent. QBO will send an email reminder to the Master Administrator and accountant on file when changes occur and amendments are required.

Be sure to look for our next monthly update article on new features and improvements in QBOA and QBO!

About the Author

Adeline Bertrix

Adeline Bertrix

After three years on the marketing team for QuickBooks Pro, Premier, Enterprise and Online across the United States, United Kingdom and France, I am excited to focus on our core business, partnering with accountants to fuel small business success. As I’ve experienced the small business world for almost 10 years (in the board games industry), I understand the value you bring to our shared customers each and every day, and how important it is for you to be informed of all the innovation we deliver, to simplify your and your clients’ business life.

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