Back-to-school is not just for students—new notebooks and snazzy stationery might be just the thing to spruce up your workspace. We’ve been working on some improvements too, so you can get work done faster from your dapper desk.
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What’s new in September
In a nutshell: Migrating Desktop clients to QuickBooks Online is easier than ever with the new online data migration tool.
Now you don’t even need to have access to QuickBooks Desktop in order to move your clients to QuickBooks Online. Just launch the online tool, and it will securely move data from QuickBooks company files (.QBW), portable files (.QBM), backup files (.QBB), and QuickBooks for Mac files if you save a backup for Windows (.qbb) to QuickBooks Online.
In a nutshell: Within QuickBooks Online Advanced, you can now automate the purchase order (PO) approval process for a specific set of vendors or above a specific amount, and send real-time notifications to other stakeholders via email.
PO approval workflows allow you to create a task and send automated notifications via email to approve POs, based on custom, user-defined criteria.
- Admins can create PO approval flows based on amount, vendor, payment status, location, or term.
- PO approvals can be assigned as a task or sent as an email to a designated Admin user based on the conditions created.
- POs that don’t require approval based on established criteria are automatically approved.
- Approvers receive the notification and can approve or deny the PO in Task Manager or directly on the bill entry.
- Reduce manual work. Users set up PO approval Conditions and Actions once, with no follow-up action required once POs are received.
- Minimize risk for errors. Side-step human error by reducing reliance on manually entering details each time a PO goes through the approval process.
- Get paid faster. Approvals don’t need to stay pending while team members share and review. POs preset to conditions can instantly be auto-approved as they come in, while notifying stakeholders without any manual effort.
In a nutshell: Starting this month, you’ll notice improvements in the payees table that will help you quickly assign payees to transactions in the Books Review section of QuickBooks Online Accountant.
When you’re assigning transactions in bulk, it can take time to search for and select individual transactions to get them to align. With these latest upgrades, you’ll have the ability to view up to 100 transactions at once in the payees table without pagination. You can also sort by identifying columns (memo and amount) to group transactions with similar payee assignments consecutively.
In addition, using the View All link at the bottom of the screen will let you access an overlay that lets you view up to 100 transactions, sort, and use shift click to quickly add payees at once.
In a nutshell: Starting Sept. 12, new customers who sign up for QuickBooks Checking will begin earning an Annual Percentage Yield (APY) of 1.25% on their Envelope balances.** This is more than 40X the national average rate!**
Today, QuickBooks Checking customers earn 1.00% APY on all balances in their QuickBooks Checking account. After Sept. 12, that will change to 1.25% APY, but will only be applied to the balances in their Envelopes. For existing QuickBooks Checking customers, these changes will start their first billing cycle after Oct. 13.
Envelopes are savings buckets that let you set aside cash for savings or a big expense such as payroll or taxes.
QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, Green Dot Bank.
In a nutshell: Currently, Auto Tax Off customers have to manually print and mail in their new hire reporting. Depending on your clients’ payroll plan, we may file the necessary new hire form for them, or they can get the form in your product to file with the state. By the end of September, this process will be fully automated. Forms will be electronically filed with state agencies as it currently does for Auto Tax On customers. Also, this automated reporting option remains even when users choose to manage their tax payments and filings, because QuickBooks Payroll now manages all new hire reporting for clients.
QuickBooks Checking Account opening is subject to identity verification and approval by Green Dot Bank.
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. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GoBank, GO2bank and Bonneville Bank. 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. ©2022 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.
QuickBooks Payments and QuickBooks Checking accounts: Users must apply for both QuickBooks Payments and QuickBooks Checking accounts when bundled. QuickBooks Payments’ Merchant Agreement and QuickBooks Checking account’s Deposit Account Agreement apply.
Annual percentage yield: The annual percentage yield (“APY”) is accurate as of Sept. 12, 2022 and may change at our discretion at any time. The APY is applied to deposit balances within your individual Envelopes. We use the average daily balance method to calculate interest on all balances held in Envelopes. Balances held in your primary QuickBooks Checking account that are not in an Envelope will not earn interest. See Deposit Account Agreement for terms and conditions.
Envelopes: You can create up to nine 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.
**Over 40X 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 Aug. 15, 2022. Learn more.
Original article from the Firm of the Future Blog.