Intuit is focused on providing meaningful updates to its QuickBooks ecosystem of products and services for small businesses and accounting professionals that help them save time and put more money in their pockets. Recent updates to QuickBooks Online include:
Project Profitability
Combining the power of QuickBooks, TSheets and Payroll, accountants can now give clients an end-to-end view of a job’s income, compared to labor and other costs to ensure clients are pricing their services appropriately and maximizing profitability. This feature makes it easy to track and see at a glance how projects are doing at any point; and enables accountants to provide more advisory services and see where profit is trending.
Option 1 - Tag time to a project inside TSheets
Make Employee time entries and associate them with Customer Projects within TSheets Timesheet Editor
Projects_Profitability_Option-1_TSheets
Option 2 - Tag time to a project inside QuickBooks
Post Employee pay hours and pay types on single or weekly timesheets inside QuickBooks and associate them with Customer and Projects even if NOT using TSheets.
Projects_Profitability_Option-2_QB-timesheets
Computing Your Employee Costs
With either Option (above) you can use QuickBooks Payroll to process time, or you also have the option of something new called 'Employee Cost Rates' to see how project costs are trending in real time, even without using QuickBooks Payroll. This allows you to post costs to projects without impacting your General Ledger.
Compute Employee Projects costs even without using Payroll, QuickBooks will multiply hours by employee cost rates you designate using this 'option'.
Projects_Profitability_Employee-cost-rates
Projects Center and New Reports
Stay on top of your costs, including all employee costs using 'Projects.'
Projects is the nerve center to see how your jobs are doing financially. It shows you how you're trending on income, costs, profit and time so you know which jobs need your attention.
Projects_Profitability_Projects
There are a variety of new reports already released, and more on the way to expand the reporting capabilities associated with QuickBooks Projects.
Intuit-The QuickBooks Blog
Feb2019_WhatsNewBlog
Manage Multiple Accounts in the QuickBooks Online App
A top request among accounting professionals, the latest version of the QuickBooks Online app allows accountants to work in multiple clients’ files at once. Once logged in, accountants can access all QuickBooks Online clients in a single place without sifting through different browsers or signing in and out of various accounts. Accountants can now open as many tabs and windows as they’d like and quickly jump between clients and tasks.
For a great description of how this new feature works, check out the 'What's New in QBO: February 2019' article by Alex Glenn in the QuickBooks Blog.
QuickBooks Online Sales Tax
Through the automated sales tax feature, customers can specify the business location of a transaction – depending on if it is being shipped out of state – automatically calculating the appropriate sales tax. Additionally, the new Sales Tax Liability Report provides gross sales, non-taxable sales, taxable sales and tax amounts in one place.
On sales transaction forms (invoices, estimates and sales receipts), you will see a field called `Shipping From` field, if the shipping address is populated, or `Location of Sale` field otherwise.
QBO_Sales-tax-update-business-location
QuickBooks recently launched a feature enhancement that allows Automated Sales Tax users to specify the business location on their transactions forms (invoices, estimates and sales receipts) in a field called `Shipping From` field (1 above) when the shipping address is populated, or `Location of Sale` field, otherwise. This field will be pre-populated with the company address. However, users will be able to modify the address when they want the sales tax calculation to be based on a different business address.
When users click the blue Sales Tax link (2 above), they can see the options for shipping from multiple locations (as show in the following illustration).
QBO_Sales-tax-update_business_locations-2
In addition, the Sales Tax Liability Report has been updated for automated QuickBooks Sales Tax customers.
All automated QuickBooks Sales Tax users can now access this report. The updated report includes the Gross Sales, Non-Taxable Sales, Taxable Sales and Tax amounts in one report.