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

As we look back on 2023, we’re happy to have shared it with all of the accounting professionals in the QuickBooks community. Thank you for the insightful feedback that led to all of this year’s updates.

What’s new in December

An easier, smarter 1099 experience

New project-based reports provide more insights to clients

A simplified and more flexible view of expense reports

Import subdivided budgets in QuickBooks Online Plus and Advanced

Improved ACH payment speed for QuickBooks Bill Pay, or opt for next-day delivery with Faster ACH

Create and e-file unlimited W-2s and 1099s quickly with Quick Employer Forms Accountant

Coming soon: Expert support for claiming tax credits

An easier, smarter 1099 experience

In a nutshell: Preparing, filing, and correcting 1099s is now easier than ever in QuickBooks Online.

Starting this month, you’ll notice four improvements when managing 1099s: 

1. New workflow: Save time with the new experience to prepare 1099s in just three short steps.

2. New reports: Get insight on which transactions should be included in your 1099 forms (and which shouldn’t) with two new reports.

3. More flexibility on paying for e-filing: While preparing a 1099, a business owner or accountant can add their own payment method for their 1099 e-filing without impacting payments for their other QuickBooks Online products.

4. Free corrections e-filing: Get peace of mind knowing you can e-file corrections directly from QuickBooks Online for $0 added cost. This is especially important in light of the new IRS regulation about filing 1099 corrections in the same way as the original.

New project-based reports provide more insights to clients

In a nutshell: You now have more reports at your fingertips in QuickBooks Online Advanced. 

With three new reports—Work in Progress, Invoices vs. Estimates, and Estimates vs. Actuals—you can get deeper performance insights, helping them pivot as needed to keep project profitability on track. 

Rather than spend hours extracting and manipulating data in a spreadsheet or outside solution, you can create detailed reports from real-time project information in a few clicks—right inside QuickBooks.

A simplified and more flexible view of expense reports

In a nutshell: Work with your QuickBooks Online expense reports in the way you prefer, with new options and a simpler view.

Visit your expense reports to see:

• Options for filtering within the report header
• One place to choose customization options
• A clearer display of your report options

Import subdivided budgets in QuickBooks Online Plus and Advanced

In a nutshell: Save time managing complex budgets with QuickBooks Online Plus and QuickBooks Online Advanced.

To create budgets for multiple subdivisions of a business, you no longer need to take up precious time managing separate budgets for each subdivision using spreadsheets or other tools. Now you can simply import budgets for your subdivisions, such as classes, locations, or customers. 

Here are the steps to import a subdivided budget:

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 ACH payments and optional next-day delivery for QuickBooks Bill Pay

In a nutshell: Now you can make payments via ACH faster than ever in QuickBooks Bill Pay to help streamline your accounts payable process.

Speeds for standard ACH payments through QuickBooks Online have improved to 3-5 business days for most transactions (previously 5-7 business days).

In addition, you can take advantage of Faster ACH, which provides next-business-day payment delivery for a $10 fee. Note: Purchases of Faster ACH do not count toward the allotted monthly free ACH transactions within your selected Bill Pay plan.

Create and e-file unlimited W-2s and 1099s quickly with Quick Employer Forms Accountant

In a nutshell: Tax professionals and business owners can streamline the process of creating and e-filing employer forms with Quick Employer Forms Accountant. Supported forms include W-2, 1099-MISC, 1099-NEC, 1099-INT, and 1099-DIV. Plus, you can automatically receive W-3 and 1096 forms. With an unlimited license, you can create as many companies and forms as you like during the tax year. 

Now Quick Employer Forms Accountant is better than ever, with a redesigned user interface, reduced page load times, and better navigation. Plus, get bulk e-file support within a business and across multiple businesses.

Did you know? The IRS updated its e-file requirements for tax year 2023. Under the new rules, filers of many types of returns, like W-2 and 1099s, will need to file electronically with the IRS when filing 10 or more returns for a calendar year.

Note: Payroll forms including 940, 941 and 944 are not supported in Quick Employer Forms Accountant.

See how it works

Coming soon: Expert support for claiming tax credits

In a nutshell: Every year, billions of dollars in tax credits go unclaimed by business owners, due to a lack of awareness and lack of confidence in navigating the process. To help our customers claim tax credits averaging about $12,000 per business, QuickBooks is excited to announce an upcoming partnership with MainStreet, effective January 2024.

Our partners at MainStreet will help shave weeks off the process of claiming tax credits by helping businesses gather the data required. They’ll also partner with accountants and bookkeepers to ensure everyone involved is well-informed and confident with the outcome. For added peace of mind, their service comes with a $1 million audit-protection guarantee.

To help businesses get a head start on the claims process, QuickBooks will begin notifying customers of their tax credit eligibility in January 2024, with the reminder that they should discuss tax credits with their accountants, if applicable, before beginning a claim. Rest assured, the tax credit experts at MainStreet are here to partner with customers and accountants to ensure clients are able to easily claim the money they deserve.

Keep an eye out for updates in QuickBooks as we integrate this new service. Learn more at mainstreet.com.