QuickBooks Online Updates: “Intuit’s In the Know” | March 2024

In the Know is Intuit’s monthly webinar for letting us all know about the QuickBooks Online Updates an what changes are happening in QBO. You can register for next month’s by clicking here.

Hector Garcia and I break down all these innovations in our Unofficial QuickBooks Accountants Podcast – listen now!

Here’s the cool new QuickBooks Online updates for this month!

1. Get Paid Now is becoming a Line of Credit. You can get loans against this LOC, or use it to factor your unpaid invoices. Each instance has its own terms, and yours will vary depending on your credit rating and QBO activity. I think this is a really cool idea, but it depends on their interest rates and fees…I once looked into getting a QuickBooks Loan and it was 36% for 3 months. If the fees on this are more reasonable, I will look forward to this extra slush fund.
2. If you work with Agriculture clients, check out Figured. It now integrates with QBO.
3. If you have QBO Payroll Premium or Elite, the new HR center is now powered by Mineral. I checked it out – they have a lot of courses for personnel management and an automated Employee Handbook. I look forward to digging into it more and filling in my gaps as a boss.
4. They are working on improvements to the new invoices. It’s easier to move between Estimates and Invoices, open related reports, scroll through invoices, and you can add notes that are not visible to customers. These are part of an effort to make QBO more like QBDT for new people migrating over. At first I didn’t like the big right-side sidebar, but as QBO grows new features, it’s growing on me.
5. There’s now a Customer Credit Limit! Now you can set an invoice threshhold. If you create an invoice that goes over that limit, it will pop up a warning.
6. 1099 Corrections are now up and running through May. You can’t make a correction until the original submission has been accepted by the IRS. When you submit a correction, the original form gets voided with a a corrected checkbox, and a new form is filed. If you forget a 1099 and need to submit a new one, you can do that at any time when the tool is available (Dec-May).
7. Some bank transactions like Payroll and Sales Tax Payments are getting automatched. You won’t even see them show up in the Bank Transactions Feed.
8. In QBO Payroll there are new bulk actions. You can assign everyone to a Pay Type all at once. You can also give everyone a pay hike all at once!

View the handout at: https://drive.google.com/file/d/1rVFHguKdOfvqm32JbwuquOv3w__t01_g/view?usp=sharing

Ready to up your QBO knowledge? Visit this link to learn more.