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product update

November 2022 Product Update

Accountant view menu customisation

QuickBooks Online & QuickBooks Online Accountant

We know that everyone has different needs when it comes to QuickBooks. That’s why we’re making our navigation menu more flexible and customisable—enabling you to tailor your experience so it’s right for you.

Earlier this year, we created the new Business view menu, providing Small Business users with a simplified and intuitive way to navigate QuickBooks Online. We also prioritised customisation through the ability to hide, reorder, and bookmark items in Business view.

Based on your feedback, we will soon introduce the same customisation features for Accountant view in QuickBooks Online and QuickBooks Online Accountant. So no matter what type of user you are, you can easily access the capabilities you need, in the language you use, and stay focused on growing your business.  

Learn more about Business view and Accountant view and how to switch between them.

Tips for customising your view

Whether using Business view, Accountant view, or QuickBooks Online Accountant, create the navigation experience that’s right for you:

  1. Modify the navigation menu to see only the items you use most.
  2. Hide the pages you don't use (and find them again under More).
  3. Bookmark a page.
  4. Reorder the navigation menu items and bookmarks.

Navigation menu updates will continue rolling out through December. This help article outlines the changes in detail. We encourage you to bookmark it for easy reference.

Books Review Improvements 

QuickBooks Online Accountant

Books Review is a dedicated area in QuickBooks Online Accountant to support the Business Activity Statement (BAS) preparation and lodgement process for advisors. We’re continually enhancing Books Review to streamline your workflow, this month we’re releasing two enhancements: the new Duplicate transactions table and an update to the Transactions with GST table.

For times when transactions get doubled up through import or data entry, the Duplicate Transactions table in Books Review surfaces the offending transactions for you to review.

It will identify transactions where the date, transaction type, name and amount all match. (Please note: duplicate invoices currently do not appear here). Having these transactions listed for you means you don’t have to waste time hunting them down. If any transactions need to be deleted, deal with them on the spot by marking them and clicking Delete.

In addition, we’ve updated the Transactions without GST table. The table is designed to make reviewing client data faster for advisors—listing the transactions that don’t have a GST category assigned, reducing the time spent looking for potential coding or allocation issues.

You let us know (thank you!) that some transactions appearing on the list were not eligible for GST in the first place, creating noise. So we updated the logic, excluding transfers, GST Payments and some journal types such as payroll and ATO clearing, making the list much more actionable! 

Learn more about how to review your client’s books using Books Review.

Multi-vehicle mileage tracking support

QuickBooks Self Employed

Use more than one vehicle for your business? Now you can track miles for multiple vehicles in QuickBooks Self-Employed, helping you maximise your deductions and keep your books organised for tax time. You can track your mileage driven automatically through the QuickBooks Self Employed mobile app (available on iOS or Android), or manually on your browser.

This functionality was previously exclusive to QuickBooks Online, we’re excited to now offer it to QuickBooks Self Employed users as well.

Learn how to automatically track mileage in QuickBooks Self Employed.

Chart of Accounts import and purge

QuickBooks Online

The chart of accounts underpins your QuickBooks file by ensuring data is categorised correctly and reports are produced as expected. For those times when you want to import a chart of accounts, we’ve improved the process with an updated template and a streamlined guide. 

In addition, we’ve also added the option to purge the file so you can start over. This essentially wipes the file of all data so caution needs to be taken when using this feature as there is no ‘undo’ option.

For more information about importing a chart of accounts, head to this support article to learn more.

Learn more about importing a chart of accounts into QuickBooks.

Grow Your Business with QuickBooks

QuickBooks Tax powered by LodgeiT updates

QuickBooks Tax

The team at LodgeiT have added a raft of enhancements to QuickBooks Tax in the last quarter. These are outlined below.

The LodgeiT team have made some changes to the client details area which include:

  • Adding a Death date field for individual clients. 
  • The ability to export archived clients within active ones.
  • They’ve added the Residential Address column to the client export file, and.
  • Added the Related Client Code column to the client relationships export file.

When it comes to preparing a tax return, you can now:

  • Elect to add a Do not import on the tax return tag to your line items in order not to import it to a tax return.
  • Import financials to forms within the substituted accounting period (SAP).
  • Use a new depreciation category for personal services income (PSI) to fill depreciation in the ITR PSI section.
  • Add negative adjustments for Opening and Closing stock fields on all tax returns.
  • Add a DRAFT watermark to tax returns when saved in PDF.
  • The team at LodgeiT have also made significant improvements to the CGT worksheet, which you can learn more about here

For the preparation of Special Purpose Financial Reports, changes have been made that include:

  • The ability to include a page number is the contents page if page numbering is turned on, and,.
  • The option to add a DRAFT watermark to your financial statements when saved to PDF. 

To learn more about the latest LodgeiT updates, read the product release notes here.

Prep for Taxes: Document Manager improvements

QuickBooks Online Accountant

Prep for taxes’ Document Manager lets you collect, store, and collaborate with firm members on important documents that lead up to the clients’ financial year end.

You now have two options to carry forward your documents from the current tax year and push them to the next, allowing you to choose the best approach.

  • Carry forward selected files or folders: Locate the files or folders you’d like to push into the next tax year and select Mark files for carry forward from the Add dropdown. Note: This must be done before the end of the current tax year.
  • Carry forward entire directory: Select Carry forward previous year from the Tools dropdown and follow the steps to pull the entire directory of files from the previous year into the current year.

Session Extension Update

QuickBooks Online and QuickBooks Online Accountant

Session timeout blues getting you down? We’ve heard your feedback—sometimes when you’re working on a large quote and step away for a while, your session expires before you could finish. We’ve implemented a fix, now it’s even easier to extend your session in QuickBooks Online and QuickBooks Online Accountant, so you’ll never run out of time.

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