Here’s a preliminary look at some changes that you’ll see in QuickBooks Online in the next release coming out in November 2012. Please note that I haven’t had a chance to play with any of these new features at this time. I won’t show screen shots because the details may vary by the time this is released.
The list of supported financial institutions has been expanded from approximately 5,000 to around 18,000. This is a significant improvement for features like online banking integration.
There are a number of report enhancements:
- The report basis is added to the top right-hand corner of the screen, so that you can easily see what the basis is without scrolling to the bottom. You will see a notation that says “accrual basis” or “cash basis”. This does NOT show on the printed or exported report.
- There is an option to delete a memorized report for all users. I believe that this ability is restricted to the user who memorized the report initially.
- The reconciliation report will now show un-cleared checks and deposits, similar to what you already see in QuickBooks for Windows.
QuickBooks Online will now allow you to print a 1096 form along with your 1099 forms. This is a feature that has been requested often. Please note that this is only available in QuickBooks Online Plus.
Document management is something that many businesses are looking for, and it is one place where QuickBooks Online has been lagging when compared to the desktop version. With this release you will now be able to attach supporting documents to sales forms (invoices, estimates, sales receipts). You’ll have the ability to open a “file” dialog to locate the document to attach, or use a drag & drop feature. Details on this feature aren’t entirely clear to me at this point. I believe that there is a limit to the volume of attachments you can have (25 MB was mentioned, but that isn’t certain). You can have multiple documents attached to one transaction, but a document can only be attached to one transaction (if you attach it to several, each attachment is a separate copy). I don’t believe that there are any reports showing attachments at this time, you’ll just see a notification of the attachment when you look at the transaction individually. I didn’t hear anything about there being any direct integration with a scanner. You won’t be able to share documents with someone outside of your QBO account. Also, I don’t see that there is any sort of “permission level” control over which user can see the transaction. Again, details aren’t clear to me yet, so I might have missed some features. This is not true “document management”, it is a simple attachment feature at this time. I have a huge number of questions about this feature, I hope to get answers later on.
On a side note, I would like to mention that my favorite document management system, SmartVault (see this review article), will be available as an app that works with QuickBooks Online in the near future (see this press release), as announced recently at the Sleeter Accounting Solutions Conference.
In addition to these changes please note that the QuickBooks Online Accountant edition has finished it’s pilot project and is now available to all accountants or ProAdvisors. See my earlier review of this edition. For details on how to get this edition, go to https://accountants.intuit.com/.
QuickBooks Online updates are rolled out to users over a period of time in many cases. Some of you will see these updates sometime around November 15. You are the lucky people who get to test this release! The final rollout for everyone else should be around November 27. Note that it is always possible that either of these dates could change at the last minute.