QuickBooks Online new features and improvements—June 2023

The arrival of June means welcoming another summer and enjoying more daylight. Be sure to check out our updates this month that will save you time—so you can enjoy more of your sunny summer days.

Share QuickBooks updates with your clients—send them this link for QuickBooks innovations relevant to business owners and admins. 

In the Know Webinar

Register today for the next In The Know Webinar on Thursday, June 22 at 11:00 AM PT, a monthly webinar for accountants to learn more about the latest and greatest product feature updates. This month, among other news, join us to learn about new feature updates in QuickBooks Online Accountant to help you streamline your processes and save you time. Reserve your spot

Your Feedback in Action

Your Feedback in Action is a regular series of articles where we share relevant product updates specifically driven by feedback from accountants. See all the editions here.

What’s new in June

Free bootcamp for QuickBooks Online certification and recertification, June 13-15

Manage users and roles from one page in QuickBooks Online

Reveal firm performance insights in Intuit ProConnect Tax

Migrate from Sage50 or Xero to QuickBooks Online Advanced

Streamline payroll and time tracking with the QuickBooks Workforce mobile app

Up to $5 million now FDIC-insured in QuickBooks Checking and QuickBooks Money

More QuickBooks Checking notifications help clients stay informed

Safe Harbor 401(k) plans now available through Guideline

New tax feature for sole proprietors in the QuickBooks mobile app

Upcoming webinar on June 15: Streamlining payments operations with QuickBooks and Tipalti

Free bootcamp for QuickBooks Online certification and recertification, June 13-15

In a nutshell: Are you preparing to get certified or recertified as a QuickBooks Online or a QuickBooks Online Advanced ProAdvisor? If you’d like some help to get ready for your exam, join us June 13-15 for free virtual training led by QuickBooks Online Advanced Certified ProAdvisors.

Sign up for QuickBooks Online Product Training and Certification Bootcamp

Sign up for QuickBooks Online Recertification Bootcamp

You can also access this year’s training materials and recertification exam from now until June 30, 2023 at 11:59 PM PT right in QuickBooks.

Manage users and roles from one page in QuickBooks Online

In a nutshell: Your clients can easily add and assign roles to team members in QuickBooks Online in a refreshed experience available to all users by next month.

Rather than clicking through multiple steps to manage users, your clients will see everything they need on one page, including a summary of user roles and permissions in greater detail. With this, your client can confidently add details for a new team member, pick and assign their role, and invite them to begin using QuickBooks—all from one page. 

Your clients using QuickBooks Online Advanced will also be able to customize roles more efficiently by selecting features and level of access from a grid view. Learn more

Learn how to add and manage custom roles in QuickBooks Online Advanced.

Note: This updated experience will not change any of your clients’ existing roles or the features that each role has access to. All U.S.-based businesses using QuickBooks Online Advanced currently have the refreshed experience. Businesses using QuickBooks Online Plus and Essentials, and those outside the United States that use Advanced, Plus, and Essentials, will see this new experience by the end of July 2023.

Reveal firm performance insights in Intuit ProConnect Tax

In a nutshell: For the first time in Intuit ProConnect Tax, you can view detailed performance insights around your firm’s tax return work performance. That means you can take on new clients and grow your firm with confidence, rather than adding clients without knowing your firm’s true capacity at tax time. 

With an easy-to-read dashboard, you can see your firm’s:

●     Average time spent on tax returns, across the firm and per employee.

●     Change in time spent on returns, year over year.

●     Average time spent from return creation to e-filing.

●     Total returns created vs. e-filed returns.

You’ll also be able to create comparison reports for specific time periods.

Migrate from Sage50 or Xero to QuickBooks Online Advanced

In a nutshell: With the help of our partner Dataswitcher, you can now migrate your clients’ data to QuickBooks Online Advanced from Xero and Sage 50. Dataswitcher specializes in accounting software migrations, and makes it easier to move your financial data with a guided online wizard.

What’s more, when you migrate clients’ data from Sage 50 or Xero, you can migrate the first two years of historical data for free. You also have the option to include more years of data for an additional fee.

Learn more about migrating clients from Sage50 to Advanced

Learn more about migrating clients from Xero to Advanced

Access the Dataswitcher migration process for Sage 50 and Xero.

Streamline payroll and time tracking with the QuickBooks Workforce mobile app

In a nutshell: In late June, the QuickBooks Time mobile app will be relaunched as QuickBooks Workforce, with new streamlined capabilities to keep your clients and their employees more productive.

If your clients use QuickBooks Time and QuickBooks Online Payroll, they can now take care of paychecks and W-2s from one mobile app, QuickBooks Workforce.

Plus, rather than employees tracking time with QuickBooks Time app and accessing pay details in a separate Workforce web portal, they can now do both from the QuickBooks Workforce mobile app with one secure sign-in.

Up to $5 million now FDIC-insured in QuickBooks Checking and QuickBooks Money

 In a nutshell: If you or your clients hold QuickBooks Checking or QuickBooks Money balances more than $250,000, you can rest easy knowing those funds are now FDIC-insured for up to $5 million.

With their new Deposit Sweep Program^*, Green Dot Bank automatically sweeps balances above $250,000 at the end of each business day.

QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, Green Dot Bank.

*Deposit Sweep Program: Cash balances above $250,000 will be automatically swept from Green Dot Bank and equally spread across our participating financial institutions, providing you with up to $5 million in FDIC insurance coverage. Customers are responsible for monitoring their total assets at each institution. Learn more and see a list of participating institutions here.

More QuickBooks Checking notifications help clients stay informed

In a nutshell: QuickBooks Checking customers can now see right away when their account requires attention—and will get immediate real-time insight and resources to solve it.

Account holders who opt in to notifications will now receive real-time push and email notifications when:

• Their account balance dips below $200.
• Their account has insufficient funds for an attempted transaction (and they can click through to a page where they can deposit more funds).
• A wrong PIN was provided when attempting to complete a transaction (and they’ll also get a prompt to retry their PIN or reset it in the app as needed).

Safe Harbor 401(k) plans now available through Guideline

In a nutshell: Our partnership with Guideline allows your clients to offer 401(k) plans to their employees through QuickBooks Payroll. This can help them attract and retain top talent and may help them meet their state’s employer requirements for retirement plan access. Now, your clients’ available 401(k) options include a Safe Harbor 401(k) plan.

A Safe Harbor 401(k) plan helps employees save by requiring employers to contribute to participants’ 401(k) accounts and the contributions must vest immediately. Employer contributions tend to encourage employees to participate, so the IRS offers these employers “safe harbor” from many of its nondiscrimination tests. 

Your clients may even qualify to cover 100% of their plan setup and admin expenses—up to $16,500 over three years—and offset $1,000 in employer contributions per employee with SECURE Act 2.0 tax credits.

Note: The deadline to sign up for a Guideline Safe Harbor 401(k) plan to take effect in 2024 is Aug. 23, 2023.

New tax feature for sole proprietors in the QuickBooks mobile app

In a nutshell: For your or your clients’ businesses that are sole proprietorships, the QuickBooks mobile app now offers a new experience that can help build confidence at tax time. 

Customers using the app will see a new self-employed tax module which includes:

Deductions:

• See payoffs, like real-time taxable profit insights and potential deductions.
• Use personalized CTAs to categorize transactions, review trips, and set up a bank if needed.

Estimates:

• Get quarterly and annual tax estimates via self-employment tax, income tax, and income outside the business.
• Review tax projections mid-year, based upon year-to-date taxable profit.

Using projections and information from their tax profile, the QuickBooks app can help a sole proprietor predict their tax bill and feel a better sense of control over their money. 

Note: This update is only available to QuickBooks Online customers who have identified themselves as sole proprietors.

Upcoming webinar on June 15: Streamlining payments operations with QuickBooks and Tipalti

In a nutshell: Join us for a webinar with QuickBooks, Tipalti, and QuickBooks customer Thematic on June 15, 10 AM PT, to learn how QuickBooks integration makes it easier to track and report payments accurately, saving time and reducing errors. Register here