At Intuit®, our focus is helping our customers succeed, and one area we are constantly improving is our software. We’ve made a number of enhancements to QuickBooks® Online (QBO) in March. To review our last set of updates, click here.
Get Help Finding More Deductions With QuickBooks Self-Employed Expense Finder
The new QuickBooks Self-Employed (QBSE) Expense Finder can help you identify more potential deductions by securely connecting you bank accounts to pull in business expenses from the entire past year and sorting them into Schedule C categories in minutes. Instead of sorting through piles of paper receipts to give your accountant, you’ll be able to provide organized and accurate expenses, sorted by Schedule C categories, that are ready for his/her review.
Here’s how it works: When you sign into QBSE for the first time from March 20 to Tax Day, select “No, I am still working on 2016 taxes” to access Expense Finder. You can then connect to your bank accounts to securely import all 2016 expenses in just minutes. Expense Finder automatically finds work expenses and organizes them by Schedule C category.
You can review each transaction and export expense data to your accountant with a single click. Your accountant will get an organized, accurate summary ready for review, while you’ll get a simple way handle expenses and optimized deductions to lower their overall tax bill.
New Budget Interface Offers Budget vs. Actual Comparisons
Previously, the classic QBO interface did not provide totals for category, parent accounts or net income. As a result, it hasn’t always been as easy as it could be to confirm accurate budget entries.
But, now we’ve fixed that with a new budget interface that aligns with the rest of QBO. This new interface uses the entire screen and provides more data when viewing, editing and creating budgets. This includes totals for key variables and a fast way to confirm budget amounts.
Now, it is simpler and easier to compare actual results against budget projections with the following capabilities:
- Accelerate the creation of budgets.
- Navigate more easily.
- Access budget-related reports from budget screens.
- Check for accuracy while creating a budget.
- Plan business growth through budgets.
- Track business performance – comparing budget amounts vs actual income and expenses.
Payroll – Retro Tax Exemptions Workflow
If you have an employee changes status from non-exempt to exempt State Unemployment Insurance (SUI), or vice-versa, you can adjust that status without calling QBO Customer Care. In addition, QBO now automatically recalculates taxes for the calendar year, based on the correct SUI status.
We will support the ability for you to add or remove SUI and SUI tag-alone tax exemptions from employee profiles for 49 states and the District of Columbia (Washington State is not supported). Amounts owed to, or from, employees are paid or recaptured on the next check, and FUTA is recalculated to 6 percent. QBO will send an email reminder to the Master Administrator and accountant on file when changes occur and amendments are required.
As always, check back regularly for product updates and feature enhancements.
Editor’s note: Stacey Chase, a senior content designer at Intuit®, contributed to this article.