Here's what's new in QuickBooks Online in January 2024

Happy new year! We wish you a joyful, prosperous, and productive 2024. Jan. 13 is National Vision Board Day, an opportune time to put your business goals down on paper in order to help you put them in motion. To help you achieve your vision, here are the latest updates that can save you time and money. 

What’s new in January

Revenue recognition updates in QuickBooks Online Advanced

Forecasting in QuickBooks Online Advanced

Distribute your W-2s electronically

New 5.00% APY on QuickBooks Checking Envelopes

Start 2024 right with HR support through QuickBooks Online Payroll

Revenue recognition updates in QuickBooks Online Advanced

In a nutshell: The revenue recognition standard (known as ASC 606) is a generally accepted accounting principle regarding how and when revenue should be recognized. 

With QuickBooks Online Advanced, you can automatically recognize revenue when it’s earned. That means accrual accounting businesses 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. You can get more of the revenue recognition functionality you need with new customizations, edits, and adjustments—with more to come.

Here’s what’s new:

• More flexibility: QuickBooks automatically calculates a revenue recognition schedule, but to suit different scenarios, you can edit a schedule after saving an invoice. While this functionality can help many kinds of clients, project-based customers will benefit the most.

• Simplified editing and deleting: You can now add products or delete product line items on an invoice or sales receipt, or void an invoice or sales receipt for any reason after the fact.

• Adjustable pricing and dates: You can now adjust the price of a revenue recognition item. Before the schedule begins to post, you can also revise the service date of a line item.

Learn more

Forecasting in QuickBooks Online Advanced

In a nutshell: Get clearer insights on your financial future, with forecasting in QuickBooks Online Advanced.

With the new feature, you can create a Profit & Loss (P&L) forecast of up to 3 years, right in QuickBooks. This saves you time you may have spent manually exporting data from QuickBooks Online to spreadsheets or outside forecasting tools.

Plus, when you build a forecast in QuickBooks, you can be confident it uses the latest data without the risk of errors from manual entry.

To use this new feature, select Financial planning from the left menu, then Forecasts. 

You can build a P&L forecast from either a prior year’s actuals or an average of the actuals from the prior 3, 6, 9, or 12 months. After creating your forecast, you can convert it into your new budget. You can even create rules to forecast specific accounts by a percentage.

Learn more

Distribute your W-2s electronically

In a nutshell: If you use QuickBooks Online Payroll, you can make your W-2 distribution process paperless.

Each of your employees can turn on paperless W-2s in QuickBooks Workforce themselves. However, unless all your employees complete this step, the IRS will require you to supply a paper W-2 to those who haven’t. But don’t worry: You can simplify this by enabling Automated taxes and forms in your Payroll settings. Once this is enabled, Intuit will fulfill the IRS regulation requirement for you.

Simplify tax prep and compliance, and keep your operations environmentally friendly and convenient with QuickBooks Online Payroll.

New 5.00% APY on QuickBooks Checking Envelopes

In a nutshell: Saving funds using virtual Envelopes in QuickBooks Checking now earns an annual percentage yield (APY) of 5.00%, an increase from the previous APY of 1.75%. That means every dollar you put away in envelopes earns interest at an industry-leading rate that’s 70x the national average.*

Not familiar with Envelopes? You can use them to set aside cash for expenses and keep budgets organized, and they’re right in QuickBooks Checking (accessible via QuickBooks Online and QuickBooks Money).* You can create up to nine Envelopes depending on your business needs for payroll, taxes, rainy day funds, equipment, or other expenses.  When you want to spend the money set aside in Envelopes, you can move funds instantly to your main Checking account.

Learn more

Start 2024 right with HR support through QuickBooks Online Payroll

In a nutshell: Many business owners struggle to manage compliance, especially with new 401(k) state mandates becoming effective across the country, and new laws such as SECURE 2.0, which impacts retirement benefits. 

If you use QuickBooks Online Payroll Premium and QuickBooks Online Payroll Elite, you can access HR support at no additional cost. 

Using QuickBooks Online Payroll Premium? You can get help staying compliant and navigating legal changes heading into the new year with the HR Support Center, offered through our partner Mineral HR.

Using QuickBooks Online Payroll Elite? You can also access unlimited live expert support through HR Expert Advisory to help answer personalized questions about hiring, termination, compliance, benefits, and other key HR topics.

If you’re using QuickBooks Payroll for the first time, your new HR support can help keep you up-to-date with annual compliance requirements, from basic needs like workers’ comp insurance and required training, to the latest compliance news.

Learn more

* Important pricing details and product information

QuickBooks Checking account: Banking services provided by and the QuickBooks Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to license from Visa U.S.A., Inc. Green Dot Bank operates under the following registered trade names: GoBank, GO2bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Green Dot is a registered trademark of Green Dot Corporation. 

©2024 Green Dot Corporation. All rights reserved. QuickBooks products and services, including Instant Deposit, QuickBooks Payments, Cash flow planning / forecasting are not provided by Green Dot Bank.

Annual percentage yield: The annual percentage yield (“APY”) is accurate as of December 13, 2023 and may change at our discretion at any time. The listed APY will be paid on the average daily available balances distributed across your created envelopes within your primary QuickBooks Checking account. Balances held outside an envelope will not earn interest. See Deposit Account Agreement for terms and conditions.

Envelopes: You can create up to 9 Envelopes within your primary QuickBooks Checking account. Money in Envelopes must be moved to the available balance in your primary QuickBooks Checking account before it can be used. Envelopes within your primary QuickBooks Checking account will automatically earn interest once created. At the close of each statement cycle, the interest earned on funds in your Envelopes will be credited to each Envelope in proportion to the average daily balance of each Envelope. See Deposit Account Agreement for terms and conditions.

# Claims

1. Over 70x U.S. average APY: Average interest rate: The average interest rate is based on the Federal Deposit Insurance Corporation's national rate published the week of December 18, 2023. Learn more. Terms, conditions, pricing, special features, and service and support options subject to change without notice.
2. Industry-leading APY: Competitive rate information based on publicly available data for small business checking accounts provided by the largest national and online banks as of December 18, 2023. APYs are subject to change at any time.