QuickBooks Online has more than 1 million users, and it is one of the most popular accounting programs for individuals and some smaller to midsize businesses. Since QuickBooks has been a trusted and established name for over a decade, the company continually maintains and updates the program. These are some of the most recent updates for October 2015.
1. Inventory Tracking Update
To view this change, click “Gear,” then “Lists,” then “Products and Services” and then “New.” In the past, users could only choose from items or services. Users may now select an inventory item, a non-inventory item or a service. Inventory items are goods, and non-inventory items are essential items that are not tracked or sold independently. For example, a furniture delivery company might include plastic wrapping, screws and table foot pads in this category. Services are actions such as document preparation or tree trimming. There is also an option available now to edit the classification of more than one entry at a time. Select multiple entries to edit them all at once.
2. Multi-Currency Update
This feature is now available to test drive for QuickBooks Online users who are not sure if they should use it. To use the feature, click on the gear icon. Select “Company Settings,” then “Advanced” and then “Currency.” Check twice to make sure this is chosen correctly. The home currency cannot be changed once it is set up with QuickBooks Online. Select the appropriate home currency. Check the “Multicurrency” box. Follow the setup prompts. To add more currencies, click “Currencies” under the gear icon. With this feature turned on, it is possible to assign a currency to each new client.
3. Bank Feed Update
Since many people requested an option to mark bank transactions to be billed to customers, QuickBooks added that convenience. To do this, access the left navigation column. Click on “Transactions” and then “Banking.” Click on a specific transaction, and then mark that entry as billable. Next, assign the entry by adding the correct customer. Another bank feed improvement is the option to add a photo, receipt or other note to a bank transaction. Click on a specific transaction, and select “Add Attachment.” It is also possible to now connect foreign bank accounts. However, users must turn on the multi-currency feature to make this possible.
4. Register Update
For easier access to registers, the register has now been added as a direct link on the home page. There are also simpler pagination links at the bottom and top of the register for easier navigation. To create a new entry via keyboard shortcut, simply hit Ctrl+Alt+N. An option to search for text entered into memos is now available. For those who remember bits or pieces of a note attached to an account but cannot remember the client’s name, this is a useful feature that eliminates the need to browse. Another new feature is how the register appears when sorted by reconciled status. Accounts with running balances now appear as expected.
5. 1099-MISC Forms Update
These forms must be completed in January of each year. However, users can now start working on them prior to January. Enter the left navigation bar, click “Vendors,” click “Prepare 1099s,” click “Tax Year” and click “2015.”
QuickBooks Online is useful for some businesses. Updates are posted each month in the company’s blog. For those who require timely and detailed reporting, reliable service and a high degree of data security and quality accounting services, we can help.
