QuickBooks Online new features and improvements – October 2021

It’s time to celebrate the season of frights with good old-fashioned spooks, treats, and costumed shrieks. Plus, to sweeten things up, we’ve added some product updates this month.

New! Share QuickBooks® updates with your clients – send them this link for QuickBooks Innovations.

What’s new in October

Matching receipts to reviewable bank transactions on QuickBooks Online

Changes to Intuit Online Payroll/Intuit® Full Service Payroll subscription

QuickBooks Online Accountant Prep for Taxes

Payment links in QuickBooks Desktop

QuickBooks Enterprise with cloud access

Import data directly to ProConnect Tax via QuickBooks Online Accountant

Assign and manage your team in ProConnect Tax via QuickBooks Online Accountant

Simplify payroll tasks: Add Intuit as your Third-Party Agent  

Matching receipts to reviewable bank transactions on QuickBooks Online 

In a nutshell: It’s now possible to review both bank transactions and their corresponding receipts at the same time on the banking For Review page.

We’re not fans of duplicative tasks, so we decided to eliminate one while reviewing transactions. You can now simultaneously review bank transactions and the suggested matching receipt without toggling back and forth between the banking and receipt pages.

Here’s how it works:

• If the suggested receipt is the correct one, simply add your bank transactions into QuickBooks Online – with the receipt attached – in just one step.
• If the suggested receipt is incorrect, remove the receipt from the bank transaction, and it will remain in the For Review section of the receipt tab.

Changes to Intuit Online Payroll/Intuit Full Service Payroll subscription

In a nutshell: We’re retiring Intuit Online Payroll and Intuit Full Service Payroll. Your transition to QuickBooks Online Payroll provides access to more features and automation, saving you more time.

We work hard to make our transitions seamless, and this one will be no different. When you transition to a standalone QuickBooks Online Payroll service, all current payroll data, including reports, notes, and alerts, will remain unchanged.

When

• The voluntary transition period will be from November 2021 through May 2022.
• In June 2022, those who have not yet transitioned will be automatically switched over to QuickBooks Online Payroll.

Why

• QuickBooks Online Payroll provides a modern experience with more features, automation, time savings, and better ongoing development support.
• Includes free access to QuickBooks Online Accountant, so that you can easily manage clients’ QuickBooks Online Payroll accounts.

Pricing

After the transition is complete, you and your clients will move to Intuit’s ProAdvisor® Preferred Pricing, offering simplified billing and best-in-class discounts.

Learn more about transitioning your clients.

QuickBooks Online Accountant Prep for Taxes 

In a nutshell: QuickBooks Online Accountant Prep for Taxes saves you time by speeding up the books-to-tax process. This feature automatically exports income, deductions, and estimated tax payment balances from QuickBooks Online Accountant to your client’s business tax return, making Schedule C or 1120S tax filings a breeze.

Streamline your bookkeeping and tax work all in one place

• View your client’s profit and loss statement and balance sheet on a single screen, so you can easily prepare financial statements.
• Identify errors, make quick changes directly to client books, and automatically map data to tax forms.
• Export balances to new or existing returns in ProConnect Tax, or as a CSV file.

Learn more 

Payment links in QuickBooks Desktop  

In a nutshell: Take advantage of a new QuickBooks Desktop payment tool that lets you share a payment link with clients, making online payments quicker and easier.

We understand there’s a lot of consulting you do on an ad hoc basis, and that some billable jobs might not need an invoice. Payment links are ideal for keeping you on track. With just minimal information, you can easily create a “Pay now” link that can be sent out via text or email. Your clients follow that link to a secure site and submit payment.

• Collect fees for initial consultations, advance deposits, and payments not requiring an invoice.
• Track all payment links sent, check the status, and send reminders – all from one place.

Learn more and start using payment links today. 

QuickBooks Enterprise with cloud access

In a nutshell: QuickBooks Enterprise with cloud access lets you collaborate and work seamlessly with your remote team. It protects your business data with automatic backups.

While we all redesign the future of work – from home or on the road – one thing’s certain: The work still needs to be done. Cloud access for QuickBooks Enterprise provides flexibility and security, so you can do business anytime, anywhere.

Multi-users across multiple locations: Boost productivity with the freedom to simultaneously track inventory, process payments, and update your books from different locations.

Reliable and secure: 24/7 network availability. Redundant infrastructure offers secure data handling to avoid any downtime.

Automatic, daily backups: All backup files are encrypted and kept safely, so you don’t have to worry about deleted or misplaced data.

Sized right for your business: Pick and choose what works best for you, with different options and cost-efficient plans.

Learn more about cloud hosting.

Import data directly to ProConnect Tax via QuickBooks Online Accountant

In a nutshell: Importing data into your client’s return just got easier. You can now drag and drop client tax documents from your computer into ProConnect Tax.

This timely update for the upcoming tax season allows you to upload documents directly into ProConnect Tax, regardless of how your client delivered them. No manual data entry or link request is required.

• Import popular tax forms like W-2, 1099-DIV, 1099-G, 1099-INT, 1099-Misc, 1099-R, 1098s, and more.
• Keep all your imports and client source documents organized with the new data import drawer. There’s a place for Schedule D, Depreciation, and K-1 imports, too.

Look for the lightning icon (conveniently located inside your client’s return) or the import data drawer to get started.

Learn more 

Assign and manage your team in ProConnect Tax via QuickBooks Online Accountant 

In a nutshell: Now, you can assign client returns to team members, then reassign the return as it changes hands within your firm, until the return is complete.

This new feature, also available through QuickBooks Online Accountant, gives you control when assigning users to returns. You can see who is currently working on which return and assign different users as the return progresses. In addition, you can monitor return status and filter by assigned staff members in the Tax Hub to keep tabs on team workloads.

Learn more 

Simplify payroll tasks: Add Intuit as your Third-Party Agent

In a nutshell: You can simplify payroll tasks by enrolling your clients in electronic payment services and adding Intuit as your Third-Party Agent (TPA), or by granting Intuit Power of Attorney (POA) privileges.

The impact of the pandemic is still being felt by many businesses, and tax rates continue to change at irregular intervals. By adding Intuit as your Third-Party Agent/Power of Attorney, you can be better prepared and avoid incorrect payments and filings for your clients.

How will adding Intuit as a Third-Party Agent/Power of Attorney help your business?

Adding Intuit as your TPA/POA will increase tax payment and filing accuracy. It also reduces the time spent validating client state tax information, including tax rates and state account ID numbers.

Which states require TPA/POA for Intuit to validate state tax information?

• To validate unemployment rates and state identification numbers for Arizona, Illinois, Nevada, North Dakota, Oregon, South Dakota, Tennessee, and Texas, grant Intuit Power of Attorney
• To validate unemployment rates and state identification numbers for Arizona, District of Columbia, Florida, Hawaii, Maryland, Massachusetts, Michigan, Minnesota, New Mexico, and South Carolina, grant Intuit Third-Party Agent

What steps do I take to add Intuit as my TPA/POA?

If you haven’t already completed a TPA or POA authorization for the states listed above, visit the agency’s website for directions on granting payroll access to a third party. For online payroll customers, add PayCycle Inc. when assigning these privileges to Intuit. For QuickBooks Assisted Payroll customers, add Computing Resources Inc. when assigning these privileges to Intuit. Use 6884 Sierra Center Parkway, Reno, NV, 89511 as Intuit’s address, if requested.