QuickBooks Online debuted new features in November, just in time for the holidays.
New workflow for credit card payments
The new workflow for credit card payments simplifies recording paying down a card in QuickBooks Online Accountant and QBO. To find the new feature, hit “+New” and select “Pay down a credit card” under “Other” or from the expense list under “New transaction” and selecting “Pay down a credit card.”
Sales tax filing
For companies using the Manual Sales Tax module, the taxes tab has been refreshed to make it easier to find information for collecting and filing sales tax. There is also now a list of verified tax agencies to be matched with a company’s existing tax rates. To make use of the new features, firm clients should match their current tax rates with tax agencies on QBO’s verified list.
Enhanced P&L report
QBO Accountant has a new column to run profit and loss reports, so users now just have to run one report to compare current financials to previous year-to-date. To create the report, select the new previous year-to-date comparison period.
Establish and manage Chase bank accounts
Clients can now establish and manage a Chase bank account connection with QuickBooks Online, using their own username and password. Primary account holders can enable read capabilities for delegate users like their accountant or bookkeeper. To use this feature, clients should make sure they are an authorized user on the Chase profile. If not, then work with the primary Chase account holder to add the client as an authorized user.
Next, the account holder will need to sign onto Chase.com and follow these steps to grant the client permission as an authorized user:
Click on account management
Click on access and security manager
Select edit/assign access for the authorized user
Under profile-level rights, check the third party app access box
Select turn on to establish access for the authorized user
Once your client’s access has been established, they should be able to establish a direct connection to their Chase bank account through QuickBooks Online.
Revenue streams dashboard report
In QuickBooks Online Advanced, users can visualize revenue trends to see where they are bringing in the most money, allowing them to identify patterns and opportunities. There are a also few new customization options, including accrual versus cash, defined fiscal year, date range, and other key variables.
Following the release of batch invoicing and batch checks earlier this year, QuickBooks Online Advanced can now batch expenses. This is a sub-workflow to accounts payable.
Custom roles for control and security
Custom roles is the newest version of custom user permissions in QuickBooks Online Advanced. Previously, managers would have to go into each user and set task limitations. Now they can assign multiple people to a custom role. Clients can now create a set of user permissions to fit certain roles within their company. When new employees start, they can quickly assign them the permissions of the custom role, instead of going into each individual’s account and selecting all the appropriate tasks.
Specific workflows can now be automated in QuickBooks Online Advanced, such as sending an email to customers when an invoice is overdue, or setting reminders to make bank deposits, and sending invoices.