ebs Associates Blog

Small Business Accounting & Technology

6 New Features In QuickBooks Online

Posted by Lester San Jose on Aug 2, 2018

In case you didn't hear about the new features being made available to QuickBooks Online, our team did and wants to share them with you.

1: QuickBooks Online Update: Payroll Deposits to Multiple Accounts

Payroll Split Deposit – Bank View

New QBO Features via recent update 1

This shows how transactions may look at the bank website

Payroll Split Deposit – Banking Page

New QBO Features via recent update 2

All payroll split transactions are showing, and the “two records found” are because both transactions are the amount of $10.00

Payroll Split Deposit – Account Register

New QBO Features via recent update 3

 

2: QuickBooks Online Payroll Standalone

Nearly Half of Small Business Employers Start with Payroll

  • Nearly half of small business employers only use payroll
  • We have decoupled the decision between accounting from payroll
  • QuickBooks has launched a payroll solution that can grow with these businesses and give the confidence to pay workers rightly.
  • This product will maintain all features of existing QuickBooks Online Payroll and more
  • This is a limited release beginning in late June, starting with small businesses; and accountant integration is coming soon

The Confidence of QuickBooks Beginning with Payroll

New QBO Features via recent update 4

Now, you can choose whether you want only payroll, or payroll + accounting, when you shop with us. You can still get all the great features and access to QuickBooks now, later, or whenever you want it.

 

3: New User Permission: Payroll Access

Providing complete confidence that payroll data can be accessed by the right people in the business.

Payroll Access - What is the Problem?

As of now, there is no way to restrict bookkeepers from access Payroll; some users might have access to other employees’ salaries.

Our Solution: A new permission type: payroll access

New QBO Features via recent update 5

It will enable our customers to create users who can access all of QBO except payroll’s pages and data. By doing this, we will provide complete confidence all Payroll data can only be accessed by the right people in the business

One of Our Top Pain Points 

Privacy concerns might be a deal breaker, when choosing a payroll solution We have been working with the QBO user management team to enable a new permission type: Payroll access. This will enable our customers to create users who can access all of QBO except payroll pages and data.

By doing that, we will provide complete confidence all Payroll data can only be accessed by the right people in the business.

This feature is part of a broader QBO effort – new user management experience. It is a reimagined experience that is faster; easier to use; mobile responsive; and that uses the latest QBO codebase.

New QBO Features via recent update 6

 

4: Payroll Reporting

New QBO Features via recent update 7

We are also making changes in QBO reports. Above is the example of a transaction report listing payroll entries.

New QBO Features via recent update 8

Same thing happens in Bank Register.

New QBO Features via recent update 9

· In the bank match experience, we will mask any matched payroll transaction

 

5: QuickBooks Online Bank Feeds Connections – A New Connection Type

How the Customer Benefits

Customers will experience a more reliable connection with fewer interruptions with data, and an improvement in data quality.

The Current QBO Online Banking Experience

New QBO Features via recent update 10

New Connection Experience

New QBO Features via recent update 11

Existing Connection Experience

New QBO Features via recent update 12

Who’s Impacted

Any QBO or QBSE company with one of these Financial Institutions connected or will be connected in the future

  • Capital One
  • Chase
  • Bank of America
  • Wells Fargo
  • Citi Bank
  • USA A
  • Plus Others

Data we get may vary from each bank (just like it does today), but it may be different in the new connection

Other Important Factors

  • Some Financial Institutions require primary user to set up in QuickBooks. FI’s usually refer this user type as a “Delegated User.”
  • While the typical transaction history brought in is 90 days, some of these FI’s will allow us to go further back or allow less.

Overall Timing

  • Each Financial Institution has its own schedule (some started last month)
  • Each has two parts
  • New connections get pointed to new OAuth connection type
  • Migrating existing connections to new OAuth connection type
  • Once we start to migrate, each company will have a limited time (usually 30 days) to update, before transactions will no longer download.

 

6:QuickBooks Bills & Invoice Reports

QuickBooks Bills & Invoice Reports

These new reports help you understand how your payments have been applied.

The Bills and Applied Payments Report

New QBO Features via recent update 13

  • Shows bill payments and bills together, so you can see which payments pay which bills.
  • Can be exported and sent as a bill stub
  • Like the “Check Detail” report in QuickBooks Desktop
  • Available on the reports page under “Who I Owe.”

You can now see how payments have been applied to bills – without having to view each bill individually. It can also be filtered, exported and sent to a vendor as a bill stub.

The Invoices and Received Payments Report

New QBO Features via recent update 14

  • Show payments from customers and the invoices they’re associated with
  • Can be exported and sent to customers as statements
  • Available from the “Reports” page, under “Who Owes Me”

It can be used to audit how invoice payments have been applied. 

In sum, QBO users will soon be able to take advantage of added security, reporting analysis, and transactional management to maintain and grow their business via an updated QuickBooks Online experience. Stay tuned and, until then, contact us if there are additional questions or needs of assistance. 

Topics: New QuickBooks Features, Customer Relationship Management, QuickBooks Software, QuickBooks Online, Payroll Setup, QuickBooks Reporting, QuickBooks Reconciliation, Vendor Management

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