Here's what's new in QuickBooks Online in August 2023

August is here … and the end of the summer is near. But don’t worry—we’ve got some new time-saving updates so you can focus on enjoying the rest of the summer.

In the Know Webinar

Register today for the next In The Know Webinar on Thursday, Aug. 17 at 11:00 AM PT, a monthly webinar for accountants to learn more about the latest and greatest product feature updates. This month, we’ll unveil a new navigation bar that will help improve your workflow and share an update on how to improve tax filing accuracy with direct access to the IRS Transcript.

Reserve your spot.

Your Feedback in Action

Your Feedback in Action is a regular series of articles where we share product updates specifically driven by feedback from accountants. See our July edition for the latest updates. 

What’s new in August

More account mapping flexibility in QuickBooks Online Payroll

Seamless payments data migration from QuickBooks Desktop to QuickBooks Online

IRS transcript direct access in Intuit ProConnect Tax

Do more with QuickBooks Time inside QuickBooks Online

Smart farm management with Figured + QuickBooks Online

Fixed asset accounting in QuickBooks Online Advanced

More account mapping flexibility in QuickBooks Online Payroll

In a nutshell: You and your clients now have more flexibility in QuickBooks Online Payroll when mapping payroll items to chart of account types. This also saves time by reducing the journal entries required to adjust the books.

Map pay items such as reimbursements and tips to liability accounts, assets, and even clearing bank accounts. For liability accounts, such as benefits liability, you can map to expense type accounts. You also have the option to map advances and loan repayments to liability accounts.

Learn more.

Seamless Payments data migration from QuickBooks Desktop to QuickBooks Online

In a nutshell: Thinking about moving your clients from QuickBooks Desktop to QuickBooks Online? If they accept payments in QuickBooks Desktop, they won’t need to worry about manually re-entering any stored credit card information in QuickBooks Online when they make the move. This credit card data in QuickBooks Desktop now migrates automatically to QuickBooks Online,* along with their Desktop Payments account settings, preferences, and pricing.

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Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services.

* Migration functionality may be limited for customers who have both QuickBooks Payroll and QuickBooks Payments.

IRS transcript direct access in Intuit ProConnect Tax

In a nutshell: You’ve asked for it and here it is! You can now quickly access years of client IRS transcripts right from within Intuit ProConnect Tax with IRS Transcript direct access. With direct access, you can:

• Catch and fix errors proactively before your client gets an IRS notice.
• Get a single source of truth to double check before you file, so you don’t miss a thing.
• Complete tax returns faster and more accurately with less client back-and-forth conversations.
• Access the latest client IRS financials; this is helpful for onboarding new clients, resolution work, and completing extensions.

IRS Transcript direct access is included with ProConnect Tax at no extra cost.

Learn more.

Do more with QuickBooks Time inside QuickBooks Online

In a nutshell: We're bringing more QuickBooks Time tasks into QuickBooks Online, so you can get more done in one place.

Previously, you needed to log into QuickBooks Time separately from QuickBooks Online to manage your time tracking data. In many cases, this meant cutting and pasting data from QuickBooks Time into payroll, invoices, and job costing reports in QuickBooks. With these tasks now all in one spot, you’ll be able to manage timesheets, approve hours in a snap, and get valuable insights faster.

Smart farm management with Figured + QuickBooks Online

In a nutshell: Have agribusiness clients? Get increased visibility into their financial performance by connecting Figured’s financial management platform for farmers and their advisors to QuickBooks Online. Once connected, Figured enables you to operate at peak efficiency—create budgets in minutes, easily monitor cash flows, track livestock and production, better manage inventory, and gain valuable insights into farm profitability—all in real time.

Figured and QuickBooks Online streamline time-consuming manual tax and financial reporting workflows, providing firms with agriculture-specific tools and insight needed for efficient and scalable client advisory services.

If you have agribusiness clients using QuickBooks Desktop, Figured’s cloud-based platform also lets you easily migrate them to QuickBooks Online, giving you even more time-saving automation and real-time collaboration to deliver proactive agribusiness service offerings.

Learn more.

Fixed asset accounting in QuickBooks Online Advanced

In a nutshell: As you’re likely aware, the IRS requires businesses to depreciate each asset valued over $2,500, or $5,000 for businesses required to file an audited financial statement. 

As a business’ fixed assets grow in number, so do the number of transactions linked to their acquisition, depreciation, and disposal. That means manual workarounds will grow more tedious and unreliable, just as visibility into the assets becomes more crucial to your client.

Rather than spend hours posting and reconciling journal entries for depreciation, you can now add your clients’ fixed assets and schedule their depreciation in QuickBooks Online Advanced. With this update, QuickBooks Online Advanced eliminates the need for up to thousands of manual journal entries.