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The Answer Room: Recent Product Updates

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Hello Community! Today we will cover what we talked about in our most recent Answer Room live event. If you want to join in on the discussions or attend any of our live events, you can join us on social media by clicking the links below.







In our latest Answer Room event, hosted on the QuickBooks Community Facebook page, we went over all of the great product updates we’ve seen over the past few months, ranging from project based reports to our latest product release of QuickBooks Solopreneur.


So let’s dive into what we discussed! 

Project Based Reports

Subdivided Budgets

Faster Bill Pay Payments

Revenue Recognition

Forecasting in QBO

HR in Product

QuickBooks Solopreneur


Project Based Reports 

Kicking us off for our recent product updates are the new and improved project based reports. For those customers using QuickBooks Online Advanced, there are three new reports available:

  1. Work in Progress
  2. Invoices vs. Estimates
  3. Estimates vs. Actuals.


The goal of introducing these new reports is to help save you from spending hours extracting and manipulating data to get the numbers and insights that you need. Now you can create detailed reports based on your real-time project information with just a few clicks in your QuickBooks product.




Subdivided Budgets

Up next in our updates is the import subdivided budgets feature that is available in QuickBooks Online Plus and Advanced. If you have multiple subdivisions of business, you can now import budgets for each of them: including classes, locations or customers.


To import a subdivided budget, simply follow these steps:

  1. In QuickBooks Online, choose your budgeting period and subdivision.
  2. Download the custom template based on your choices.
  3. Add your existing budget data to this template.
  4. Re-upload the completed template into QuickBooks to import and work with your subdivided budgets.

Faster Bill Pay Payments

Alright, let’s jump over to the improved Bill Pay process. Previously, we saw 5-7 business day processing times for most standard transactions managed through QuickBooks Bill Pay, but this has recently been adjusted to a 3-5 business day processing time. 


And we also offer the Faster ACH delivery time, which will provide next-business-day payment delivery for only a $10 fee, for those payments that need an extra fast turnaround time.

Revenue Recognition

We’ve also introduced a new update pertaining to Revenue Recognition. In summary, Revenue recognition is a generally accepted principle within accounting that has to do with how and when revenue should be recognized. For our QuickBooks Online Advanced users, this revenue recognition will happen automatically for you, so you don’t have to manually sift through what should be recognized, versus what should not.


Now, what is new with Revenue Recognition within QuickBooks Online Advanced?

  • More flexibility. QuickBooks Online will automatically create a revenue recognition schedule, but if you have specific needs, you can now make edits to that schedule to make sure it really aligns with your business structuring. 
  • Simplified edits and deletes relating to product line items.
  • Adjustable pricing and dates. Clients can go in and adjust pricing for items in that revenue recognition, and prior to that schedule beginning to post, they can also revise service dates on any of those line items.



Forecasting in QBO

The next update on the list is Forecasting in QuickBooks Online. In a nutshell, this update will let accountants and their clients forecast their profit and loss for up to 3 years in the future. Which I think is amazing when it comes to insights and planning.


You can set your forecast up to base itself around the previous 3,6,9, or even 12 months, and then you can use that forecast to create your budget. 


For a step-by-step guide on creating and managing your forecasts, click here.



HR in Product 

Moving on, we have the new HR feature for our QuickBooks Online Payroll Premium and Elite customers. Basically, this feature was created to help our users with staying compliant and navigating legal changes as we kick off the new year.


QuickBooks Online Payroll Elite customers will have access to unlimited live expert support through HR Expert Advisory. Our hope is that customers will turn to this resource for answers on personalized questions about hiring, termination, compliance, benefits, and other key HR topics.


This feature is thanks to our partner, Mineral HR, and is a completely free resource for those QuickBooks Online Payroll Premium and Elite customers.


QuickBooks Solopreneur

Our last product update for today is our latest product release: QuickBooks Solopreneur. 


For more insight into who we had in mind as this product was created, I’ll clarify what a solopreneur is. Solopreneurs are businesses made up of one person. Great examples of this are sole proprietors or single-member LLCs, whose business is their primary source of income. 


Obviously we have had QuickBooks Self-Employed for years, which is always a phenomenal choice, but we also recognized an opportunity to better deliver on the needs of customers who prefer to manage their own day-to-day books, thus the introduction of Solopreneur.


So, what can you expect with this new product? In summary, you’ll be seeing improved features, new tools to help drive growth, a simpler user interface, and easier connections to other QuickBooks services and tools. The transaction management tools in QuickBooks Solopreneur will also automatically separate business and personal transactions and ultimately help to help maximize tax deductions. 



Additionally, in the near future QuickBooks Solopreneur will also include access to QuickBooks Live Tax, so our lovely Schedule C filers can prepare current tax year returns with unlimited expert help to get every credit they deserve. 


Keep an eye out for more exciting new updates and deep dives regarding QuickBooks Solopreneur, or check out this link to learn more now.



That’s all we have to share with you today! If you’re interested in joining us for our weekly live events, you can follow along on our QuickBooks Community Facebook page. 


See you next time!

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