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product update

QuickBooks Online new features and improvements—December 2022

Migration corner: QuickBooks Desktop to QuickBooks Online

In a nutshell: QuickBooks Desktop users can now migrate to QuickBooks Online using an online migration tool. The web-hosted tool lets you migrate your clients’ data with no need for a Desktop subscription. Clients who prefer to migrate their own Desktop files to Online can also use the online migration tool. Learn more about the online migration tool

In addition, making the switch to QuickBooks Online now includes more data and more options to suit your clients’ needs. For something closer to a fresh start, choose a partial data migration option: lists only, or lists and balances. Plus, migration now includes bank rules and custom reports. For clients who use bank rules in QuickBooks Desktop, their bank rules will migrate with the rest of their data to QuickBooks Online. Similarly, your clients’ top 20 custom reports from Desktop will migrate to Online, eliminating the need to re-customize their favorite reports.

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Migration is also more flexible with 1 year of view-only access in QuickBooks Desktop. After moving to QuickBooks Online, your clients can still view their data for 12 months after their Desktop subscription ends. This added feature can help facilitate your conversations about QuickBooks Online migration by providing peace of mind for your clients.

Learn more about view-only access

See the QuickBooks Desktop 2023 R3 release notes

Designing the right suite of solutions for your client and demonstrating its benefits can be time consuming. For more ways to make migration easier, the QuickBooks Online Migration Toolkit gives you everything you need to move clients to Online, all in one place. QuickBooks Online Migration Toolkit

Redesigned ProAdvisor training portal

In a nutshell: After gathering valuable feedback from our accountant community, we’re excited to unveil the redesigned ProAdvisor training portal. Along with clearer navigation, it’s now easier to distinguish product training from content designed for ProAdvisor certification exam prep.

You’ll more easily find the training you need to thrive at work. Plus, you can create a personalized learning path based on specific, time-sensitive training goals, to quickly get up to speed on a new feature or product. Learn more

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Updated auto-add rules lead to fewer duplicates

In a nutshell: Now your clients can turn on auto-add rules with confidence. We heard from accountants like you that using auto-add rules created duplicate transactions, so we changed the order in which the steps are automated, preventing tens of thousands of duplicates per week in our internal tests.

Your clients can turn on auto-add rules with confidence, knowing QuickBooks will prevent duplicates by locating matches before auto-adding transactions.

Automatically apply payee info to your bank transactions

In a nutshell: QuickBooks now applies payee information to many bank transactions automatically, so your clients don’t have to.

With the help of experts, we continue to improve our machine learning model. That means QuickBooks is now able to add payee information to more than 30% of bank transactions automatically. Rather than spending hours adding payee information to make transactions compliant and audit-proof, your clients can count on QuickBooks to save them time.

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Coming soon: Accounts Payable automation powered by the QuickBooks Business Network

In a nutshell: Starting in January 2023, you and your clients can use the QuickBooks Business Network to search for and connect with customers and vendors. Your clients also have greater control over how their information is shared over the network.

Manually tracking and updating customer and vendor information takes time away from the work day. When using the QuickBooks Business Network, your clients’ contacts keep their own information up to date.

After connecting with their vendors in the network, your clients can receive invoices directly in QuickBooks. A pre-filled bill will be created with information from the invoice, allowing them to review the bills and add them to their books, instead of manually entering them.

With this release, you and your clients will also be able to easily upload invoices from emails and PDFs, which get translated into bills for review—saving them more time while further reducing manual work. Learn more

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Coming soon: Add QuickBooks Time for clients from QuickBooks Online Accountant

In a nutshell: Soon, you’ll be able to add QuickBooks Time for your clients as easily as adding QuickBooks Online or QuickBooks Payroll, right from your QuickBooks Online Accountant dashboard. After choosing QuickBooks Time from the drop-down menu in the “Add Client” view of your dashboard, you’ll also be able to access your exclusive ProAdvisor Preferred Pricing.

QuickBooks Time and the QB Workforce mobile app makes payroll, invoicing, and job costing a breeze. QuickBooks Time also makes it easier for clients to plan for future projects, with real-time insights into labor and productivity. When clients connect QuickBooks Time with payroll, they’ll reduce costs by 4% on average.1 They’ll be able to run payroll 2 hours faster on average with each pay period.2 And, with to-the-second time tracking in QuickBooks Time, they’ll increase their billable time by up to 10%.3

This new self-serve experience for adding QuickBooks Time for your clients will make it easier than ever to help them save time, money, and effort with the #1 rated time tracking solution.4

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  1. Payroll cost savings: Based on a survey of 1,408 customers in the U.S. in August 2021. On average, businesses that report gross payroll costs savings save 4.00%.
  2. Payroll time savings: Based on a survey of 1,408 customers in the U.S. in August 2021. On average, businesses that report gross payroll time savings save 2.66 hours.
  3. Increase billable time: Based on a survey of 1,408 customers in the U.S. in August 2021. On average, businesses that report an increase in billable time added 9.96%.
  4. #1 time tracking software for small businesses based on G2, as of June 2021.

Contact accountant support for QuickBooks Time

In a nutshell: Accountant support now provides help for all your QuickBooks Time product questions. That means you can now use one contact number for all your QuickBooks needs.

Feel free to get in touch with our experienced, knowledgeable experts in accountant support to address all your QuickBooks questions.

QuickBooks Online Advanced automates revenue recognition

In a nutshell: Now in QuickBooks Online Advanced, revenue will be automatically recognized when it’s earned. That means your clients with accrual accounting businesses no longer need to rely on third-party apps or complex spreadsheets to track recurring revenue or manually move funds from a liability account to an asset account.

The revenue recognition standard (known as ASC 606) is a generally accepted accounting principle regarding how and when revenue should be recognized. For businesses on an accrual basis, revenue is recognized when it is earned—not when a payment is received or a sale happens.

As QuickBooks Online Advanced now automates this best practice for revenue recognition, your clients can avoid manual work that’s prone to errors and get the peace of mind that their monthly revenue reports are accurate. Plus, they can easily follow the best practice, whether their accounting is accrual-based or cash-based. Learn more

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Estimates vs. Actuals in QuickBooks Online Advanced

In a nutshell: Manual profitability calculations are a thing of the past. Now your clients who use QuickBooks Online Advanced can automatically gauge project performance and profitability with a wide-ranging set of new features and reports.

One new product update is Estimates vs. Actuals, which allows a project-based business to create an estimate that includes total cost to the business and markup for the customer. The business can then track the actual cost incurred as well as the income generated at the project level, relative to the estimate. They can also generate a report to track actual performance against that initial estimate, both while the project is in progress, and after it’s complete. Learn more

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New! PayPal and Venmo accepted right in QuickBooks Payments

In a nutshell: PayPal and Venmo are now available as payment methods for your clients’ pay-enabled invoices in QuickBooks Online. No separate PayPal or Venmo account creation nor connection is required to accept these payment options on invoices. PayPal and Venmo will appear alongside credit card, debit card, bank transfer and Apple Pay, giving invoice payers the flexibility to choose how they want to pay.

For merchants on the new invoicing experience, payments will flow automatically into the applicable bank account, with no additional accounts to manage. The invoice payer will have the option to use their personal or business PayPal or Venmo accounts to pay.

Your clients can now offer more payment option flexibility, making it easier and faster to pay and get paid. Plus, these payments will be automatically reconciled, so your clients don’t have to spend hours manually matching PayPal and Venmo transactions from different payment sources. Learn more

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Intuit developer growth pilot program

In a nutshell: In October, we announced a developer growth pilot program designed to help app developers succeed with millions of small businesses around the world that run on the QuickBooks platform. The pilot is a 9-month initiative in which each participating developer works hand-in-hand with Intuit to identify and test growth opportunities designed to maximize their marketing impact, help them connect with more customers, and increase their app revenue.

Meet our cohort of app developers:

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What’s next: Throughout October and November, our cohort has been engaged with Intuit UX experts, solution architects, and go-to-market managers, as well as experts from our accountant community. As the app developers take in feedback and iterate to deliver a great user experience for QuickBooks customers, we look forward to our next milestone of providing them with valuable app insights. These insights will include monthly reports with analysis on how their app is performing within the QuickBooks ecosystem and marketplace.

For more information about the pilot, our cohort, and our accountant experts, please see our November post here.

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