QuickBooks Online new features and improvements – March 2020
Accountants like you play a powerful role in helping small business owners achieve their financial goals – especially in challenging times. That’s why we’re committed to helping you stay informed of new features that make managing business finances even easier.
What’s new in March
In a nutshell: QuickBooks® Cash Flow is a suite of products that help make managing money easier. It gives you a consolidated view of a small business’s finances in one place, along with a DIY cash flow planning tool that can help you advise small business owners with insights into their cash flow projections.
You might already be aware of this feature — new customers on the web and the QuickBooks app (iOS) were some of the first to get a peek at the new capability.1 We’re continuing to roll these features to all QuickBooks Online users as quickly as possible.
How it works: QuickBooks Cash Flow offers four new features for users:
- Planner: A forecasting tool that lets you see cash flow projections up to 90 days.
- QuickBooks Cash: A modern, no-fee business bank account in QuickBooks.2
- Envelopes: A place to set aside funds for critical, non-negotiable expenses (payroll, taxes, etc.).
- QuickBooks Debit Card:2 A physical and digital card for accessing funds stored in a QuickBooks Cash account.
In a nutshell: When uploading a receipt via the web, mobile app, or email forwarding, users can now categorize it as either a Bill (new!) or as an Expense. This allows them to more easily track accounts payable without needing to enter information manually.
How it works: When editing information for an uploaded Receipt (Banking > Receipts > Browse), select “Bill” from the dropdown.
In a nutshell: When adding a new client this month, you’ll notice a new Payroll only option that offers the entire Payroll Standalone lineup, as well as new content for wholesale and direct discounts. This lets you add a wider range of clients and manage their information more flexibly.
In a nutshell: Accounting pros like you have asked for more control over data charts – and we heard you! To help you better advise your clients, QuickBooks Online Advanced now offers the ability to create custom KPI dashboards and other user-defined charts in just a few clicks. This allows you to better answer specific questions about a client’s books, and it quickly reveals areas that might require additional oversight or management.
How it works: From the Performance Center tab in your Dashboard, select +Add New Graph and choose what kind of metric you want to track. From there, you’ll be presented with options for customizing the data and styling, filtering the presented data, adding comparison metrics, and more. Your completed chart will appear in the Performance Center alongside your other selected dashboard elements.
In a nutshell: QuickBooks Online already offers a simple solution for creating and editing your budgets directly within the application, but some people still prefer building a budget in a third-party application.
If you have your budget built elsewhere, you no longer need to manually copy the information into the QuickBooks budget creator. Instead, you can import the CSV file directly into QuickBooks Online Advanced to create a new Budget file. The file can then be used for Budget vs. Actual reports and however else you use Budgets.
And to make the import process even smoother, you can download a budget template from QuickBooks to make sure the data is formatted correctly. It even comes with pre-populated information columns!
How it works: To import a new budget file, navigate to the Budgets tab in the sidebar menu and select New budget. Just select a file from your computer, choose a name for the budget, and verify the uploaded information. Once everything looks right, select Import.
QuickBooks Online Advanced users love the ability to streamline their invoices, expenses, and more with batch transactions functionality. With just a few clicks, users can create multiple items with the help of flexible templates and intuitive workflows. And over the last few months, we’ve introduced four — yes, FOUR — improvements to make a great feature even better:
- Batch bills: With batch bills, you can create and edit multiple bills with just a few clicks — just like you can for batch invoices, checks, and expenses.
- Copy/paste functionality: Added by popular demand! You can now copy and paste data from an Excel spreadsheet directly into the Batch Transactions panel.
- Batch select online payments: You can now apply online payments to invoices directly from the Batch Transactions panel, giving your batch invoices the same flexibility and power of an individual invoice.
- Search and filter capability: The Filter menu from the Batch Transactions table allows you to search and filter entries by date range and keyword, expediting the process of tracking down your transactions.
In a nutshell: Custom Fields are a great tool for increasing business efficiency and reducing entry errors. And now, they’re three times as powerful. Starting this month, Advanced now supports up to 36 custom fields (12 each for Sales Forms, Purchase Orders, and Customer Info). This gives pros like you even more flexibility when it comes to searching, sorting, and tracking all the metrics that matter most to your business.
Need a refresher on how to create a custom field? Watch this video.
In a nutshell: With Custom Roles, Advanced Payroll users are empowered to segment data access by job title, by project task, or by any other need-to-know criteria that’s important to the business. With its flexible role creation process and easy role assignment, you can make sure that the right information always stays in the right hands.
Not everyone needs access to things like Payroll information, Banking data, or Inventory lists — and not everyone with access needs editing permission. With custom roles, you can quickly manage access levels for several types of sensitive data, helping boost security, privacy, and efficiency.
How it works: To add a new user role, go to Settings > Manage Users and select the Add user button. Note that you need to be listed as a Master admin for the client in order to edit users and roles.
From the Add a new user menu, select the Custom user option and choose a Role from the dropdown. By default, you’ll see two available options (Expense Manager and Sales Manager). To create a new role, choose +Add new from the list. You’ll then be taken to another menu that lets you choose all the types of data this new role can access.
For a step-by-step walkthrough of the Custom Role creation process, check out this video.
How it works: When you’re setting up a reminder workflow (Workflows > Templates > Payment Due Reminder), the dropdown will suggest high-priority reminder clients first.
Introducing: ProAdvisor tier badges
In a nutshell: We’ve heard lots of accounting pros say that they want a better way to show off their ProAdvisor certification level to peers, clients, and prospective partners. Starting this month, you can download a badge for your current ProAdvisor level (Silver, Gold, Platinum, or Elite) to display proudly on your website, on co-branded material, and anywhere else you’d like.
How it works: To view and download your tier badge, use the menu sidebar to navigate to ProAdvisor > Benefits > Digital ProAdvisor badges > Download. The download includes a badge image (.png) of your current tier, an instructional welcome message, and a QuickBooks Branding Guidelines booklet.
That’s all for now; see you next month.
Important offers, terms, discounts, & disclaimers
1QuickBooks Cash Flow will be initially available only for new QuickBooks customers.
2QuickBooks Payments required to use QuickBooks Cash account. QuickBooks Payments’ Merchant Agreement and QuickBooks Cash account’s Deposit Account Agreement apply. QuickBooks Payments account subject to eligibility criteria, credit and application approval. Subscription to QuickBooks Online may be required. Banking services provided by and QuickBooks Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Green Dot is a registered trademark of Green Dot Corporation. QuickBooks products and services are not provided by Green Dot Bank.