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QuickBooks Online update: May 2016

By Lauretta Finis

3 min read

There have been some minor improvements in quite a few different areas, providing a better experience when using QuickBooks Online. This month includes a build on the Inventory feature, as well as some great updates in Invoices and Statements.

Inventory Improvements

Ensure that you have first turned on Inventory in your file (this is only found in the QuickBooks Online Plus version):

  • From the Gear icon > Settings > Company Settings > Sales > Products and Services choosing:
    • Track quantity and price/rate
    • Track inventory quantity on hand
    • Show SKU column

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New report: By using a physical inventory worksheet, stocktake has never been easier to print out the report and start counting. Enter in the Physical count – you could print this report or send it to Excel and use an Excel spreadsheet. Once complete, go to QuickBooks Online and use the Inventory Qty Adjustment feature from the Global Create button – easy!

Reports > All Reports > Manage Products and Inventory > Stock Take worksheet.

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You can print off the report or email to your client, accounts person or warehouse staff. You can also export out to Excel.

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Inventory Adjustments can be made in Locations and Classes: When making an inventory adjustment, you now have the ability to choose either Locations or Classes from the Global Create (+) > Other > Inventory Qty Adjustment.

Intuit img 4This feature is found if making an Adjustment Starting Value.

Gear Icon > Lists > Products and Services > choose your item that requires the starting value adjusted. Then in the Action column choose Edit and click on Starting Value.

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This window below will appear with the warning that it will affect your initial value of your inventory.  Click on Got It.

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Then choose the Location or Class that this item effects.

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In Products and Services window, you can choose your own tailored top row. Click on the Settings Icon then choose your columns to be seen straight away – this allows you quickly to check accounts inventory amounts and more.

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Selecting products/services by description or SKU number: This is easier now. Selecting an item in any transaction can be found quickly by either the SKU number or description.

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Share Invoice Link: Retrieving the web link to an invoice to be shared with your customer by an email or text message is now available. There are four places to copy this invoice link.

1. Create (+) > Invoice > Save and share Link.

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2. Create (+) > Invoice > Print or Preview > Get this Link to this invoice.

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3. In Client register, locate invoice required, under the Action column, click on the down arrow and choose Share Invoice Link.

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4. Transaction from the left-hand side navigation bar > Sales > Action Column > locate invoice and click on the down arrow Share Invoice Link.

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Refund Receipt now has the ability to be printed if required. Complete your Refund Receipt, then on the bottom bar, Print or Preview > click on Print and Preview.

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The Refund Reciept is controlled by the Standard Master Template in your Custom Form Styles you’ve chosen.

Intuit img 15Statements: Increased efficiency when creating statements.

We have two options for creating statements:

  1. Global Create (+) > Other > Statement.

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a) When choosing this option, all customers that have outstanding invoices will load. They will be found under two tabs:

i. Missing Email Address: This will load with cutomers that require their email address entered. This can NOW be done from this window which will update the customer card detail.

ii. Statements Available: This will load with ALL customers with and without email addresses. You just click on Save and Send bottom bar to send out directly to clients.

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2. Customers from the left-hand side navigation bar > choose your customers that you would like to send out statements > Batch Actions from the drop-down menu > Create Statements.

a) When choosing this option, only the customers you have chosen will load. They will, however, have the same options as above, showing customers without an email address under Missing email address and ALL under Statements available.

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As you can see, the Inventory feature is slowly being built out with some great new features that will make inventory control quicker and easier. The additional new features are greatly welcomed in QuickBooks Online.

To sign up to a live demonstration of these new features, click here.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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