Is QuickBooks Online Surpassing QuickBooks Desktop?

Is QBO surpassing QB (desktop) in terms of workflow features? As far as I'm concerned, I say yes, and here's why.

Streamlining Workflow is a "buzz" phrase right now, because all of us are trending toward automating as much repetitive work as possible. Repetition slows us down, and if a tool, or tools, can help us eliminate the burden of repetitive tasks, our performance increases.

You don't have to be a "techy" to take advantage of automation. Most of us already schedule auto draft payments in our real lives, so creating some "set it and forget it" features for our clients is going to be easy-peasy.

Both QBO and QBD users are familiar with recurring transactions that allow you to configure different transactions at predetermined intervals for goods or services on an ongoing basis. You might set up a recurring transaction for a once a monthly billing or a different recurring transaction for quarterly invoicing.

There are multiple intervals and transaction types possible in either QBO or QBD. But now we have several additional features in QBO recurring transactions not found in QBD. These include Pause, Duplicate and Skip next date, all of which really are SMART functionality only available in QBO.

Pausing and Resuming Recurring Transactions

Let's look at this using a practical scenario. Your landscaping business uses QBO Recurring Transactions nine months out of the year to email invoices for mowing and landscaping services, but during the three winter months, there are no services being performed.

Now, you can Pause the Recurring Transaction. This ability will prevent discrepancies in the bookkeeping and confusion on the customer’s behalf.

Steps to Pause a Recurring Transaction in QBO:

  • Click the Company Gear Icon
  • From the Lists menu, select Recurring Transactions
  • Hover over the desired Template, and then click the Action Menu drop-down button
  • From the Action Menu, choose Pause
  • QuickBooks will display a confirmation (shown below), select Pause.

Steps to Resume a Recurring Transaction:

  • Once it is time to resume the recurring transaction, you essentially will follow the same steps; however, this time, click the Action Menu drop-down button. You will notice that the Pause option has been replaced by a Resume option within the Action Menu (shown below).
  • Select Resume
  • QBO will display a confirmation (like the one shown above), click Resume.

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Duplicating Recurring Transactions

Now let's look at another great QBO Recurring Transaction feature, Duplicate. To Duplicate a Recurring Transaction in QBO:

  • Click the Company Gear Icon;
  • From the Lists menu, select Recurring Transactions;
  • Hover over the desired Template, and then click the Action Menu drop-down button
  • From the Action Menu, choose Duplicate
  • When QBO creates the duplicate, you will notice the name contains the word "copy." You will need to rename the Template and change any details that are unique to this new Recurring Transaction
  • When you are done making changes to the duplicate, click Save template at the bottom right corner of the new Recurring Transaction

Skipping a Recurring Transaction

How many times have you had a situation where you needed to skip a Recurring Transaction? 

Maybe your auto loan company has sent you a notice telling you they're forgiving this month's due date and you don't have to make that payment until next month. Or maybe the company hasn't made enough money this month to pay the owner's monthly distribution. (Don't tell Larry he didn't get a distribution from his landscape company this month.)

The ability to "skip" a recurring transaction is definitely a favorite of mine. So here is how to skip a recurring transaction:

  • Start at the Company Gear Icon
  • From the Lists Menu, select Recurring Transactions (as seen at the top of the next page)
  • Hover over the desired Template and click the Action Menu drop-down button
  • From the Action Menu, select the option to Skip next date
  • When QBO displays the confirmation (show below), choose Skip next date

Conclusion

It's not surprising that QuickBooks Online is surpassing QuickBooks Desktop in terms of automation. Workflow Flexibility is becoming ever more necessary as technology advances.

These advances are a good thing because they help to transform the ProAdvisors, bookkeepers and accountants into Data Information Specialists and Trusted Advisors. In these new roles, we can provide additional services and features like real time dashboards and management reporting that have greater benefit and value for our clients.  

Our clients are just like us, they have real lives. Giving them free tips like Recurring Transaction improvements helps connect you to your client on a personal level and takes you out of the “how much does it cost” and into the role of “trusted advisor.” Showcasing techniques that deliver better accuracy and free-up precious time shows you're listening and that you care about what matters most to them – time and money.

Recurring Transactions are great because they automate endless possibilities. If you'd like more information on how to set up Recurring Transactions in QuickBooks Online, you will find my previous article here.