What’s new in QuickBooks Online: December 2022

Another December is upon us, probably sooner than we all expected. But we’re excited to have another full month’s worth of updates to share. It’s been a productive fall, and we hope you feel the same way.

Updated auto-add rules lead to fewer duplicates

Now you can turn on auto-add rules with confidence and get fewer duplicates. After hearing feedback that using auto-add rules created duplicate transactions, we updated the way the feature works. We also changed the order in which the steps are automated, and were able to prevent tens of thousands of duplicates per week in our internal tests.

Turn on auto-add rules with confidence, knowing QuickBooks® will prevent duplicates by locating matches before auto-adding transactions.

Automatically apply payee info to your bank transactions

In a nutshell: QuickBooks now applies payee information to many bank transactions automatically, so you don’t have to.

Over time, experts have provided a lot of helpful information to our machine-learning model. That means QuickBooks is now able to add payee information to 30%+ of bank transactions automatically. So, rather than spending hours adding payee information to make transactions compliant and audit-proof, you can count on QuickBooks to save you time.

Coming soon: Automate Accounts Payable with QuickBooks Business Network

Starting in January 2023, you can use QuickBooks Business Network for your customer and vendor information. By connecting with customers on this network, your invoices will automatically go to the right place—and your customers will have more control over how their data is used.

After you connect with vendors on the network, you’ll receive invoices from your vendors with pre-filled information—right in QuickBooks. From there, just review and add bills to the books, instead of manually entering them.

Manually tracking and updating customer and vendor information takes time away from the work day. When using the QuickBooks Business Network, your contacts keep their own information up to date. Plus, this information is used in automated processes to save you more time as your company grows. Learn more

QuickBooks Online Advanced automates revenue recognition

In a nutshell: Now in QuickBooks Online Advanced, revenue will be automatically recognized when it is earned. That means businesses that account on an accrual basis no longer need to rely on third-party apps or complex spreadsheets to track recurring revenue or manually move funds from a liability account to an asset account.

The revenue recognition standard (known as ASC 606) is a generally accepted accounting principle regarding how and when revenue should be recognized. For businesses accounting on an accrual basis, revenue is recognized when it is earned—not when a payment is received or a sale happens.

Because QuickBooks Online Advanced now automates this best practice for revenue recognition, you get the peace of mind that your monthly revenue reports are accurate without the hassle and risk of manual tracking. Plus, this automation makes it easy to follow the best practice whether your accounting is accrual-based or cash-based. Learn more

Estimates vs. Actuals in QuickBooks Online Advanced

In a nutshell: Manual profitability calculations are a thing of the past. When you use QuickBooks Online Advanced, you can automatically gauge project performance and profitability with a wide-ranging set of new features and reports.

Estimates vs. Actuals in Advanced allows you to create an estimate for a project that includes total cost to your business and markup for your customer. You can then track the actual cost incurred as well as the income generated at the project level, relative to the estimate. You can also generate a report to track actual performance against your initial estimate—while the project is in progress, and after it’s complete. Learn more

New! PayPal and Venmo accepted right in QuickBooks Payments

In a nutshell: PayPal and Venmo are now available as payment methods for your pay-enabled invoices in QuickBooks Online. No separate PayPal or Venmo account creation nor connection is required to accept these payment options on invoices. PayPal and Venmo will appear alongside credit card, debit card, bank transfer and Apple Pay, giving invoice payors the flexibility to choose how they want to pay.

For merchants on the new invoicing experience, payments will flow automatically into the applicable bank account therefore requiring no additional accounts to manage. The invoice payor will have the option to use their personal or business PayPal or Venmo accounts to pay.

Now you can make it easier to pay and get paid by providing more payment option flexibility. Plus, these payments will be automatically reconciled, so you don’t have to spend hours manually matching Paypal and Venmo transactions from different payment sources. Learn more

Intuit Developer Growth Pilot Program

In a nutshell: In October, we announced a developer growth pilot program designed to help app developers succeed with millions of small businesses around the world that run on the QuickBooks platform. The pilot is a 9-month initiative in which each participating developer works hand in hand with Intuit to identify and test growth opportunities designed to maximize their marketing impact, help them connect with more customers, and increase their app revenue.

Meet our cohort of app developers:

• Syft Analytics
• Helm
• Asset Accountant
• Re-Leased
• Genius Sheets

What’s next:

Throughout October and November, our cohort has been engaged with Intuit UX experts, solution architects, and go-to-market managers, as well as experts from our accountant community. As the app developers take in feedback and iterate to deliver a great user experience for QuickBooks customers, we look forward to our next milestone of providing them with valuable app insights. These insights will include monthly reports with analysis on how their app is performing within the QuickBooks ecosystem and marketplace. 

For more information about the pilot, our cohort, and our accountant experts, please see our November post here.