QuickBooks Live (online) for S-Corps & Partnerships

Yes, @prkimmel. I'll be happy to share the services offered when you subscribe to QuickBooks Live.

QuickBooks Live offers two plans: the Assisted Bookkeeping and the Full-Service Bookkeeping.

With Assisted Bookkeeping, QuickBooks-certified bookkeepers are available to guide and answer your questions on topics like reconciliation, automation, reporting, and the categorization or allocation to partners or shareholders of net income. However, you'll still manage your books and can request a callback anytime you need extra help.

Under the Full-Service Bookkeeping plan, we pair you with a dedicated bookkeeper who will bring your books up to date so you can stay focused on your business. It includes the categorization of your transactions and the reconciliation of your accounts each month.

For in-depth information about QuickBooks Live, please visit this article: Learn about the QuickBooks Live Bookkeeping service.

Furthermore, you'll want to add your accountant to your QBO account so they can access your company.

Keep in touch if you need answers to your questions about QuickBooks Live. The Community team is here to clear your confusion. Stay safe, and have a great day ahead.

@prkimmel 

"Is this true?  If not, what is required?"

QB Live is bookkeeping by their "certified" bookkeepers.  Personally, I wouldn't trust them to do it properly.  There is a difference between your book basis and tax basis.  Hire your own CPA.  

That's interesting. The sales rep told me that QB Live is just a renamed QBOnline. I do not need a CPA; I am one. I just need software that makes the accounting for S-Corps and Partnerships easier--that I don't need to do JE's to reclass net income to partners'/shareholders' equity accounts--and basis calculations are maintained. So, does QBO do that?

@prkimmel 

QB Live is not QB Online - it's a bookkeeping service.  QB closes net income to RE at year-end and you reclass it from there.  Yes, it will maintain those balances.  QB books all current year net income to a 'Net Income' line in the equity section and it closes it to RE at year-end.  

Your response is informative but does not answer my question, which apparently is about QBO, as the Intuit sales rep inaccurately informed me that QBO is now QB Live.

This did not answer my question, though it hinted at it. 1) Intuit Sales told me that QBO is now QB Live, which was not true and thus my question relates to QBO. 2) Mentioning that Net Income is maintained suggests that QBO does not natively support S-Corps and Partnerships, as manual entries to partners'/shareholders' equity accounts are apparently required; and the responder made no mention of maintaining basis figures, (inside basis, outside basis, and at-risk basis) so I figure that QBO also does not do that.

@prkimmel  In short, QBO will not do what you want it to do automatically.

At best, you would be paying some of QuickBook's affiliates to do your work for you by purchasing the QB Live option. Whether they do it correctly is an entirely different question.

I'm afraid you'll find that QBO does not do many things well. I suspect the sales representatives will say whatever they need to say to get you to buy into their product for long enough that you can't easily switch to a competitor. They seem inclined to downgrade the already weak functionality for... some reason.

@prkimmel 

"2) Mentioning that Net Income is maintained suggests that QBO does not natively support S-Corps and Partnerships, as manual entries to partners'/shareholders' equity accounts are apparently required; and the responder made no mention of maintaining basis figures, (inside basis, outside basis, and at-risk basis) so I figure that QBO also does not do that."

QBO maintains net income until fiscal year-end.  QBO closes net income to RE at year-end regardless of entity type (S-Corp, partnership, etc.)  Manual entries aren't "apparently" required, they are required.  You need to make the adjusting entries to allocate basis.  QBO cannot track multiple bases, if that was your question.