QuickBooks Online Features: August 2023
Each month, Certum Solutions presents feature highlights in QuickBooks Online, QuickBooks Online Advanced, and other products in the Intuit ecosystem. If these updates are helpful to you and your business, please drop us a note to tell us how you are using them, and what you’d like to see us cover in the future.
QuickBooks Online Advanced: Fixed Asset Accounting
Fixed assets are items in your company that are purchased for long-term use, and not likely to be converted quickly into cash. Some examples include land, buildings, and equipment.
Did you know the IRS requires companies to depreciate each asset valued over $2,500? If you have assets over $5,000, you’re required to file an audited financial statement.
As your business’ fixed assets grow in number, the number of transactions linked to their acquisition, depreciation, and disposal also increase. We hear regularly from our clients that they want to avoid many data entry or workarounds, especially repetitive tasks. After all, wouldn’t you rather spend time on your business than in your business?
Rather than spend hours posting and reconciling journal entries for depreciation, QuickBooks Online Advanced has the ability to add fixed assets and schedule their depreciation. This update eliminates the need for up to thousands of manual journal entries.
Account Mapping Flexibility in QuickBooks Online Payroll
If you’re using QuickBooks Online Payroll, you can now map payroll items to your chart of accounts. Just like you’ll save time on manual journal entries on fixed asset, this feature will save you time by reducing the number of journal entries required to adjust your books.
You can now map pay various items. These include reimbursements and tips to liability accounts, assets, and you can even clear bank accounts. For liability accounts, such as benefits liability, you can map to expense type accounts. You also have the option to map advances and loan repayments to liability accounts.
Regardless of what kind of situation you’re in, remember that Certum can help you with any matters related to payroll.
Migrate Payments Data From QuickBooks Desktop to QuickBooks Online
Certum still works with many clients who are on QuickBooks Enterprise, but if you’re on QuickBooks Desktop and thinking about moving to QuickBooks Online, we can help you with your data conversions.
Now, if you accept payments in QuickBooks Desktop, you do not have to manually re-enter any stored credit card information when you migrate. This credit card data in QuickBooks Desktop now migrates automatically to Online, along with your Desktop Payments account settings, preferences, and pricing. Note that migration functionality may be limited if you have QuickBooks Payroll and QuickBooks Payments.
QuickBooks Time is a Real Timesaver!
QuickBooks Time is a very efficient way to track your time, especially if you have workers in the field who need to clock in remotely.
Before now, you needed to log into QuickBooks Time separately to manage your time tracking data. Again, the object is to avoid manual data entry, so now that tasks are all in one spot, , you’ll be able to manage timesheets, approve hours in a snap, and get valuable insights faster.
We’re Here to Help
No task is too small for Certum; we’re here to help you with all of your accounting needs. Contact us today for more information—and if you’re already a client, let us know about other ways we can help you.