From cool weather to hot pumpkin-spiced lattes, there's a lot to enjoy in October. So settle in with a toasty mug and check out the new QuickBooks updates we've got for you this month.
Balance sheet budgeting in QuickBooks Online Plus and Advanced
Tax readiness widget in QuickBooks Online Payroll
Automatic setting for local tax deposit frequency
Streamlining local tax collector information
Chase Bank requires bank account reconnection in QuickBooks
In a nutshell: Creating and manually updating balance sheet budgets in spreadsheets can be time consuming and hard to scale as your business grows; in addition, the manual data entry leaves room for error.
If you use QuickBooks Online Plus or QuickBooks Online Advanced, you can now create balance sheet budgets for asset, liability and equity accounts right in QuickBooks Online. A status bar also helps you ensure your budget entries are balanced. And in Advanced, you can use custom roles to assign more granular access to create these budgets.
To find this new feature, select the gear icon to open your preferences and choose Budgeting. In Advanced, you can also access it via Budgets on the left side of the screen.
In a nutshell: In the past, you weren’t able to see how your workflows were progressing. That meant if a workflow had issues with completion, you couldn’t identify the bottleneck and address it.
Now, you can see a complete history of each workflow you have created and run. You can use a run history of any workflow to easily track its progress and identify issues in real time. This audit will include a detailed history—when it ran, when it completed, who was involved, where it currently sits in the process, and its owner. In addition, the QuickBooks admin will be able to see how long a workflow is taking to complete.
In a nutshell: Considering QuickBooks Online Payroll? We just made payroll tax setup easier with a new tax readiness widget. This widget helps ensure you’ve provided all the information needed to take advantage of the AutoTax feature—such as Federal EIN, State Registration ID, plus the filing and payment schedules unique to your state.
In QuickBooks Online Payroll, you’ll see the tax readiness widget in the Payroll Overview page or the Payroll Tax Center after you’ve run your first payroll. If any AutoTax information is missing, the widget will provide a quick overview of what’s still needed to be 100% ready to automatically pay and file payroll taxes.
Automatic setting for local tax deposit frequency
When setting up taxes in QuickBooks, it’s not uncommon to choose the wrong frequencies for local tax deposits, especially if they’re not familiar to you. If set incorrectly, this can mean missed payments and tax notices.
To help with this, the tax deposit frequency to all your local collectors will now default to your most recent deposit frequency. You can easily update this later if needed.
In a nutshell: Multiple local taxes are often handled by a single tax collector or assessor. These taxes usually feature the same account number and deposit frequency for each customer.
Previously, when you set up local taxes in QuickBooks Online Payroll, you had to enter the account number and deposit frequency multiple times for these taxes, even though they’d go to the same collector.
Now, local taxes that roll up to a single collector will be grouped together. This will reduce the number of times you enter the same information, saving time and reducing the chance of manual error.
In a nutshell: If you have connected a Chase Bank account to QuickBooks Online or QuickBooks Desktop, you’ll need to update your connection soon.
As part of two upcoming security enhancements in October and November, Chase Bank will require any QuickBooks customers with a connected Chase account to update their bank connection to continue using QuickBooks services. These services include payroll direct deposit, payroll tax payments, loan funding, pre-authorized loan repayments, QuickBooks Payments, bill payments, bank transfers, and more.
If you have a connected Chase account in QuickBooks, you’ll receive detailed instructions about what to do via email and through notifications in QuickBooks. If you receive two different notifications about Chase Bank, be sure to follow the instructions for each of them. This means that both of the security enhancements require action to resync your data.
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