What's new in QuickBooks Online: June 2023

The arrival of June means welcoming another summer and enjoying more daylight. Be sure to check out our updates this month that will save you time—so you can enjoy more of your sunny summer days.

If you aren’t already connected to an accounting professional, you can find one in your locale below:

●     United States ProAdvisor Page

●     Canada ProAdvisor Page

●     United Kingdom ProAdvisor Page

●     Australia ProAdvisor Page

What's new in June:

Manage users and roles from one page in QuickBooks Online

Streamline payroll and time tracking with the QuickBooks Workforce mobile app

Up to $5 million now FDIC-insured in QuickBooks Checking and QuickBooks Money

More QuickBooks Checking notifications help you stay informed

Safe Harbor 401(k) plans now available through Guideline

New tax feature for sole proprietors in the QuickBooks mobile app

Manage users and roles from one page in QuickBooks Online

In a nutshell: When you need to add and assign roles to your team members, you can do so more clearly and simply, in a refreshed experience that will launch to all users by next month.

Rather than clicking through multiple steps to manage users, you’ll see everything you need on one page: A summary of what each role can access, with more in-depth detail on each level of access available as needed. With this, you can confidently add details for a new team member, pick and assign their role, and invite them to begin using QuickBooks—all from one page.

If you use QuickBooks Online Advanced, you’ll also be able to customize roles more efficiently by selecting features and level of access from a grid view.

Note: This updated experience will not change any of your existing roles or the features that each role has access to. All U.S.-based businesses using QuickBooks Online Advanced currently have the refreshed experience. Businesses that use QuickBooks Online Plus and Essentials, and those outside the United States that use Advanced, Plus, and Essentials, will see this new experience by the end of July 2023. Learn more

Learn how to add and manage custom roles in QuickBooks Online Advanced.

NOTE: Once a QuickBooks Online Advanced subscriber begins using the visual workflow builder, they will not be able to revert to the old interface.

Streamline payroll and time tracking with the QuickBooks Workforce mobile app

In a nutshell: In late June, the QuickBooks Time mobile app will be relaunched as QuickBooks Workforce, with new streamlined capabilities to keep you and your employees more productive.

If you use QuickBooks Time and QuickBooks Online Payroll, or have considered it, you can now take care of paychecks and W-2s from one mobile app, QuickBooks Workforce. 

Plus, rather than employees tracking time with QuickBooks Time app and accessing pay details in a separate Workforce web portal, they can now do both from the QuickBooks Workforce mobile app with one secure sign-in.

Up to $5 million now FDIC-insured in QuickBooks Checking and QuickBooks Money

In a nutshell: If you hold QuickBooks Checking or QuickBooks Money balances more than $250,000, you can rest easy knowing your funds are now FDIC-insured for up to $5 million.

With their new Deposit Sweep Program,* Green Dot Bank automatically sweeps balances above $250,000 at the end of each business day.

QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, Green Dot Bank.

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*Deposit Sweep Program: Cash balances above $250,000 will be automatically swept from Green Dot Bank and equally spread across our participating financial institutions, providing you with up to $5 million in FDIC insurance coverage. Customers are responsible for monitoring their total assets at each institution. Learn more and see a list of participating institutions here.

More QuickBooks Checking notifications help you stay informed

In a nutshell: QuickBooks Checking customers can now see right away when their account requires attention—and will get immediate real-time insight and resources to solve it.

When you’re opted-in to notifications, you’ll now receive real-time push and email notifications when:

• Your account’s balance dips below $200.
• Your account has insufficient funds for an attempted transaction—and you can click through to a page where you can deposit more funds.
• A wrong PIN was provided when attempting to complete a transaction—and you’ll also get a prompt to retry your PIN or reset it in the app as needed.

Safe Harbor 401(k) plans now available through Guideline

In a nutshell: Our partnership with Guideline allows you to offer 401(k) plans to your employees through QuickBooks Payroll. This can help you attract and retain top talent and may help you meet their state’s employer requirements for retirement plan access.

A Safe Harbor 401(k) plan helps employees save by requiring employers to contribute to participants’ 401(k) accounts and the contributions must vest immediately. Employer contributions tend to encourage employees to participate, so the IRS offers these employers “`safe harbor” from many of its nondiscrimination tests.

Your employees may even qualify to cover 100% of their plan setup and admin expenses—up to $16,500 over three years—and offset $1,000 in employer contributions per employee with SECURE Act 2.0 tax credits.

Note: The deadline to sign up for a Guideline Safe Harbor 401(k) plan to take effect in 2024 is Aug. 23, 2023.

New tax feature for sole proprietors in the QuickBooks mobile app

In a nutshell: If your business is a sole proprietorship, the QuickBooks mobile app now offers a new experience that can help build confidence at tax time.

In the app, if you’re on the new experience, you’ll see the self-employed tax module which includes:

Deductions:

• See payoffs, like real-time taxable profit insights and potential deductions.
• Use personalized CTAs to categorize transactions, review trips, and set up a bank if needed.

Estimates:

• Get quarterly and annual tax estimates via self-employment tax, income tax, and income outside the business.
• Review tax projections mid-year, based upon your year-to-date taxable profit.

Using projections and information from your tax profile, the QuickBooks app can help you as a sole proprietor predict your tax bill and feel a better sense of control over your money.

Note: This update is only available to QuickBooks Online customers who have identified themselves as sole proprietors.