QuickBooks® continues to roll out new features and added benefits to QuickBooks Online Advanced. I’m sure you are seeing these valuable new tools if you are an Advanced user. The Custom Fields section of QuickBooks Advanced is a great way to build powerful reporting into any report you run in QuickBooks.
Let’s talk through the value and strategy of workflows, and then discuss more practically how you can apply these to your clients.
First, it’s good to remember that, as accountants, we are all confined by the construction and definition of an income Statement, a balance sheet, and a statement of cash flows. These three basic financial statements have to be constructed and reported in very specific ways to maintain the integrity of double-entry bookkeeping. And, when solid accounting products, such as QuickBooks Online, maintain this integrity, we can all rely on our financial statements to accurately report our financial outcomes of our clients’ businesses.
However, as creative accountants in the 21st century, we want to track more of our data than ever before. QuickBooks Online Advanced’s Enhanced Custom Fields lets you do just that! We may want to track additional information about our customer that accounting systems don’t normally allow you to track, or you may want to create a custom list of drop-down choices to further report your accounting data alongside key employees, vendors, or suppliers.
To get started using Enhanced Custom Fields – exclusively available in QuickBooks Online Advanced – go to your gear icon setting and click “Custom Fields” under Lists.