Latest Updates in QuickBooks Online 2021 Explained

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QuickBooks is accounting software that helps manage your accounts and taxes, keeps track of your GST, and generates regular reports. To keep things at ease, this software introduces regular updates to enhance the functionality. Let us take you through the latest updates on QuickBooks Online 2021 in our blog below.

To know more about previous and upcoming updates, feel free to contact QuickBooks Support at 1.855.856.0042

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I. Connect to Square App

Square is a digital payment and finance app that permits you to send and receive money online. You can connect this app with QuickBooks Online. All your data will be auto-synced, saving your time for manual entries. This feature is available in the App Transactions option under Banking. Some features that you can avail yourself by connecting the Square app with QuickBooks Online are-

• Monitors Sales Information– You can choose a particular payment from your Square app relating to a customer, and right there, you will have the transaction receipt and more.
• Import Transactions– You can import one or more transactions from your Square app to view the transaction summary or report.
• Diverse Locations– You can bring all their data in one place in your QuickBooks Online for clients located in multiple locations. QuickBooks introduces frequent updates to boost software performance. Usually, the application is updated on its own; however, you might have to get it done yourself at times. If you face any issues while doing, we are here to help you out. Get in touch with us at 1.855.856.0042.

II. Trips for Admins

The Trips feature helps you to maintain your vehicle expense and business miles. Earlier it was available only to the Primary Admin of the account. The latest update will provide access to Trips to all the admins under Primary and Company.

III. Bill Approvals

This feature is available in the QuickBooks Online Advanced version. It escalates the Custom Workflow option by creating a new template and custom bill approval process. You can generate conditions on how to approve your bills-

• On the basis of Paid Status, Location, Vendor, Term and Amount.
• Approvers are assigned with tasks syncing with the conditions.
• Bills are transferred to Approvers for Approval/Rejections.

IV. Role Preview

The admin ensures precise access and permissions of the roles. This update allows the admin to verify the custom roles before allotting it to users and is available in QuickBooks Online Advanced. Here’s how:

• Users choose a new role or edit an existing role.
• After reviewing the role, they name and save the role.
• The user now experiences the access and views of the role.
• The preview displays the relevant data and information on which only the user can take action.
• If the user makes any changes in the role, they are saved in the Company File.

V. Desktop Role Migration

In the earlier version, users had to create each user and custom role while setting up QuickBooks. This feature has been introduced to advance the process of migrating the existing desktop users. This can be done with an automated migration process that ensures quicker permissions and a smooth run of QuickBooks Advanced.

1. In Desktop Migration, users are automatically examined and sorted.
2. Permissions are simultaneously assigned to a relevant custom role.
3. In QuickBooks Advanced, the admin can invite users from the existing users list and assigned roles.

VI. Report Builder

A feature available for QuickBooks Advanced users, Report Builder, allows you to choose between the fields and KPIs to provide a more apparent inside of your reports. It also includes the tiniest of details like expenses by vendors in different periods. A few simple steps to get the Report Builder working-

1. Go to Field Select, select the Fields you wish to include.
2. Group/Sort/Filter any column to summarize the total quantity.
3. Sort the list of items within each group.
4. Save or Export the report.

VII. Sync with Etsy App

Etsy is an online marketplace that provides you a wide variety of unique products in various categories to purchase. QuickBooks now lets you sync your Etsy app in the newest version. This will help you sort your revenues in a better way. All your receipts, fees and expenses are auto-imported in QuickBooks under suitable categories.

1. It is easier to reconcile your Etsy deposits in your QuickBooks transaction data.
2. Unparalleled view of your incomes & expenses, profits & losses.

VIII. Enhanced Payment Accounts

The former version of QuickBooks asked you to enter your payments accounts over and over again manually. This issue has now been resolved. You can directly retrieve your previously stored Payment Accounts with the new wallet integration as it coincides across the QuickBooks Online suite of products (QuickBooks Online, QuickBooks Self Employed, QuickBooks Online Accountant).

IX. Recurring Task

This last update in QuickBooks Online Advanced authorizes you to set predefined timelines for repetitive tasks.

1. Get to Task Manager> Tasks.
2. You will be displayed various fields that define the frequency of recurring tasks.
3. Set the fields accordingly.

Upcoming Update – Estimates and Invoices

QuickBooks will be releasing this update very soon with the listed benefits-

• Estimates and invoices will be professionally curated.
• All the estimates can be managed under one head.
• You will receive prompt notifications when your client accepts and pays your invoices.
• View upfront deposit on an estimate.
• You can import contacts from your contact list, send Invoices through text, autosave estimates on the mobile app.

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QuickBooks introduces frequent updates to boost software performance. Usually, the application is updated on its own; however, you might have to get it done yourself at times. Let us break down this process for you. Get in touch with QuickBooks Support at 1.855.856.0042.