Jaclyn Anku, ProAdvisor Training & Certification Leader: On today's episode of In the Know, we'll be exploring Intuit Enterprise Suite with product updates to multi-entity functionality, dimensions in the big feed, and projects. This is a follow up episode that demos the updates you heard about from Manoel a few weeks back. Now we get to see them in action.
Hey, ProAdvisors, it's Jaclyn, and you're watching In the Know to get exclusive access to demos of Intuit product enhancements by the leaders who built them. So let's jump right into the demos with Daniel, who leads Intuit Enterprise Suite. Daniel, welcome and thanks for being back on the show.
Daniel Malinov: Thanks so much, Jaclyn, and let's dive right in. All right, so the first thing we're going to look at is multi-entity. We're going to navigate to the multi-entity landing page. Now, before this latest release, you were able to run your consolidated financials through spreadsheet sync, where it pulled the data across all the related parties in the organization, along with your elimination column, ultimately giving you your consolidated financials and also allowing you to do manual eliminations through spreadsheets. Well, now we've actually brought that directly into Intuit Enterprise Suite, so you can do it all within the platform. I'm going to jump right in and show you what the profit and loss looks like on a consolidated basis.
We pull it up now, and obviously, this year just started, so I don't have anything in there; as a result, I'm going to navigate back to last year. Right away you see your consolidated financials.
So you've got the parent, the two children or subsidiaries, and your eliminations column all the way down. Like I said previously, this was available through spreadsheet sync and now is available directly in product. The first question you're going to ask me is, well, okay, great, but how do I actually do my eliminations if they're not going to be automatically eliminated? We went through this in previous demos, and I would say that is a great question, but before we jump into that, there's one additional enhancement that I think is definitely worth calling out: The ability to actually copy previous intercompany journal entries and duplicate them, essentially to grade you once.
You don't have to start from scratch every time, because typically you will have very similar common transactions on a regular basis. I'm actually going to look at this intercompany drill entry, so let’s pull it up. In this case, you've got the parent who's making a sale to a child entity. For the parent, we have a credit to sales for $3,000 so sales goes up. We have due from a child for $3,000 making that go up. And then on the other side, you have the child who now has an expense for advertising and marketing, which is a service that the parent provided to the child, and you have a due to the parent as owing for that service.
What I'm going to do here is click More, and now we have an ability to do a copy before it just said delete. We can actually copy this journal entry, and let's say in this case, I want it to be posted on 26th December of the previous year. And let's say in this case, it's not advertising or marketing. Let's pick legal and professional services, and I'll leave it as $3,000, so now we have the exact same kind of template that we have for the previous transaction or journal entry. Now we have the same thing, except we’ll change this to professional legal, and, for the sake of a demo, we'll leave all numbers the same.
Let's say we're happy with that and click Save. Now we know that our intercompany balances for due to do from will automatically get eliminated. I will show you how we know that because we had selected them in our intercompany elimination selections. And so for the parent, you can see you've got due to do from the children, and then vice versa, the children due to from due to parent, from parent to the other child, and from the other child, right? So those will automatically get eliminated. But for sales in company sales transaction and the related expense on the other side will not get automatically eliminated. That's probably for the best, because you have other transactions that are going through those accounts that aren't necessarily related to intercompany transactions. You wouldn't want to eliminate the whole thing.
And so what we've allowed you to do now is actually go to add, instead of intercommit journal entry, and you can actually do a manual elimination. And so now what we're looking to do is, let's go back to parent and let's say we want to go to Sales, and we want to back out that $3,000 on the sales side. And then we want to go to the child. I believe this child won, and it was legal, and we want to back out that legal expense for $3,000. And so now, this is what we're calling a manual elimination tree. I'm going to go ahead and hit save, and then I'm actually going to go to the profit and loss consolidated. Now in our consolidated profit and loss for the previous year, we should now see those eliminations. So now the elimination for sales goes up to $6,000 because that's including the previous marketing and advertising expense. Now, with the addition of legal and professional fees all eliminated, I've got a complete consolidated financial statement. In this case, it’s a P&L.
Okay, so that is manual eliminations for consolidated financials as well as in product consolidation, so you no longer have to depend on spreadsheet sync and doing it in Excel.
Next, we are going to talk a little bit about some user management related to multi-entity. I'm going to switch to a different company called Keystone Tarot, and in this case, I'm going to go to user management. I can now see all the different users I have across all my entities. The way I did that is by clicking all companies here, so I could also obviously navigate to individual companies, if I'd like. In this case, I'm going to Keystone Blue Graph, or I go back to all companies. When I'm on the all companies view, it will actually show me each individual user. In this case, I'm looking at one of my other profiles, I open it up, and I can see exactly which companies this user is added to, as well as the role they have. If I collapse it, it'll actually give me a summary here. So in this case, I've got myself in my other profile on two different entities.
In this case, the other user has six entities. In this case, eight entities, and for each one of these, I can expand and see exactly which entities it is and what role they have for those respective entities. One other thing I want to show here is I can do bulk changes. If I want to make any changes, let's say, for example, this is an employee who we are now offboarding. We now mitigate the risk of potentially forgetting to take them out of one of the companies by going to edit and I can now both remove them, change the rules, or even add somebody new through the same process. In this case, I am a project manager for Keystone Construction and an HR manager for Keystone Terra.
We're going to take a little bit of a tangent and talk about this brand new role called HR manager. This role is only available with our payroll elite offering and combined with Intuit Enterprise suite. I'm going to switch to that profile, so now I am actually logged in as an HR manager to Keystone Terra, and you can see that my left navigation is fully customized for an HR manager role, meaning I only see the different selections that are relevant to me as an HR manager. I will not see anything related to the financials that don't, and shouldn't, matter to me as an HR manager. The owner, CFO, and controller, probably don't want the HR manager to have visibility, so it's a fully segregated rule. You can see my left navigation is customized accordingly. If I click on new, my options here are also customized for an HR manager role, as well as my gear icon at the top. We call this a global navigation. Again, it will only show me what would be relevant to me as an HR manager.
Let's jump back to the company we were at earlier, which is Keystone Terra as the primary admin, or a company admin for that matter. And so I'm back here, and the next thing I'd like to show is our enhancements to dimensions. In the previous launch, we enabled dimensions on all the different transaction forms. In the latest release, we also enable it at the bank feed level, so I can see permanent fees. I could open that up and now immediately notice that I've got my dimensions down here, along with customer, work type, utilities, and concrete. These are my four dimensions. I also have my old class that I can also use if I wanted to. Once I'm happy with that allocation, I click Add and it'll get categorized and posted accordingly. So now we also support dimensions directly from the bank feed.
The next thing we're gonna talk about is some project-related KPIs we've released that will be relevant for construction businesses as well as professional services. So if I go back to my dashboard and scroll down, I've got a bunch of new widgets. We call them KPI widgets. And so we now have what we call debt to asset ratio, our return equity ratio, our return on asset working capital, and debt to equity ratio. These are all very important financial metrics, and they are now available in Intuit Enterprise Suite. These have been particularly popular for professional services and construction businesses, but not limited to those industries.
As you can see, my metrics aren't great for this company, but they're here. If I want to get more information, I can go directly to the report by clicking on the hyperlink there, and it'll take me to that balance sheet where I'll be able to see all the numbers that make up that KPI.
Next, we are going to pivot and talk about projects and a number of new innovations that came to projects. The first thing is, if I go to my project list, this is all about task management and overall project management. I'm going to click on this one project. I am going to scroll down, and I will notice that under the My Tasks section, I now have a new column called priority. What that means is, if I actually create a new task, I now have a drop down here called priority, so I can give it a low, medium, high, or urgent priority, and it will be categorized accordingly inside the task itself. It will be displayed within the task landing page. So let's say, for example, we have contingency planning. I want to go in here and I categorize this as something that is urgent. Click, Save. There it is.
Let's say I want to do this by priority, so now I see “urgent” at the top, followed by high, medium, low, and then everything that's not categorized below it. This gives project managers the ability to go in and actually make sure that all the various tasks they plan to associate or assign to various other users. So you can see the assigned-to column here and give it a priority, so that the individual that's assigned to knows that they need to work on this immediately, relative to maybe some of the other tasks that have been assigned to them. Even though they all have due dates, some of these due dates might be further out, but still, it's urgent and needs to be completed as soon as possible. We now have that priority field here. Now it's not just limited to projects; it is also available on regular tasks. So if you go here my task manager, I see all my tasks, I now also see that priority column. I want to click here. Oops, that links directly to the transaction. I actually have to go and edit it here. And once again, I can go ahead and give it a priority. And there it is.
So we've talked about project management. Next, we can talk about project financials. We recently launched a brand new report called “unpaid bills by vendor and projects.” So I can go to Reports, scroll down, and look at the Reports recommended for my industry. I can see the unpaid bills by vendors and projects. Open that up, and there you have it. This is my unpaid bills by vendor and project report. This is in what we call our modern view, and it also allows us to customize it beyond what you see in the base report. I can go ahead and add additional columns. If I need to, I can rearrange the columns. Let's say I want to move this down and it will reflect it accordingly. I could add more columns, so if I want to add the memo field, I could do that.
I can also change the filters and how we're grouping them. So in this case, I have vendor and project name, but let's say I just want to look at it by vendor. There it is. Or let's say I just want to look at it by project name, I can do that. And since I have vendor as a selection here in my columns, it will list my vendors anyway, and so this is the unpaid bills by vendor and project report with all the customizations that you would be expecting with our new modern interface.
That wraps up our demo for some of the major releases we had related to Intuit Enterprise Suite in December.
Jaclyn Anku: Really exciting stuff. Thank you so much for those demos, Daniel, and thank everyone for watching. If you found this interesting or helpful, go ahead and like, comment, and subscribe. That's all we have for now. I'll catch you next time.
