QuickBooks Desktop 2023: QuickBooks accounting software helps small and medium-sized businesses manage business operations easily. It helps businesses accept business payments, manage bills, and pay payroll functions. To provide the best-in-class features and benefits, Intuit releases a new version of QuickBooks desktop products each year that comes with new updates and features. For the financial year of 2023, users will get new advanced and enhanced features, such as a new cash flow hub, improved track vehicle mileage feature, enhanced bank connectivity, etc.
What’s New In QuickBooks Desktop 2023?
Based on the subscription level, you will find three new features available for enterprise users, i.e. Item Categories feature, the Expiration Dates feature for Advanced inventory serial/ lot tracking users, and the Intercompany Transition feature.
With its predicted release of the Desktop product line to ProAdvisor and the accounting community in 2023, Insightful accountant will start publishing the annual series on the new features added to QuickBooks desktop. Some of the QuickBooks desktop 2023 products are now more costly to fairly reflect the products’ value and compete with the internal and outside offerings.
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New Features in QuickBooks Enterprise & Accountant 2023
Let’s discuss the list of new features in the QuickBooks desktop 2023 product summary for Enterprise & Accountant (v23) users.
1. Inventory Item Categories
Until the QuickBooks desktop (V22), the users only had limited options to categorize the inventory items i.e.
- Item name or number
- Purchase description
- Manufacturer’s part number
- Sales description
Previously, QuickBooks users only had the option to establish a hierarchy for their inventory items was defining the item as a sub-item of another. But, for QuickBooks Desktop 2023 version: Enterprise users will provide a more effective way to manage their inventory through user-defined inventory item categories.
Steps to use Inventory Item Categories Feature:
- First, you have to ensure that the Company File Administrator option is enabled in the “Items and Inventory Company Preferences” option.
- After that, the users can easily create and assign categories to inventory items.
- Through the “Add/ Edit Item” option, you can easily categorize the items. You can access these item lists from the “Lists” or “Inventory” menu or the “Items and Services” icon available under the company section of the home page.
- Thereon, you can run various inventory item-related reports, including a new category field in those reports and view report items by category.
The main advantage of using this feature is that it enables users to define the items in each way they want to represent them and helps limit abuses of the item by naming convention that eventually renders meaningless reports.
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2. Intercompany Transactions
Businesses running multiple related companies must manually create the same transaction in their different company files to correctly record Intercompany financial transactions. Sometimes, it may result in duplication of work and may cause a mismatch of entries.
Creating duplicate entries between entities creates more complexity for a multi-faceted company’s record-keeping. Sometimes, the accountant and bookkeepers may find it difficult to correctly record the transactions and ensure the company’s records and financial data accuracy.
This feature helps create and maintain relationships between different QuickBooks company files, post Intercompany transactions (bills and checks) with the related companies and track all the transactions.
How to use Intercompany Transactions?
- You can only create an Intercompany relationship between two different but related company files. Ex: an Intercompany relationship between a parent or holding company and a subsidiary company.
- You must sign in to your Intuit account for both company files before creating any relation within QuickBooks desktop.
- You can easily create a relationship with the parent company with the help of the Intercompany transactions menu item under the Company menu icon.
- As a step in the setup process, you can either add or select “Due To” or “Due From” accounts from this initiating company file.
- You can also send a request to the related or destination company for becoming a part of the relationship.
- The destination company must accept or reject the Intercompany relationship request from the Parent company.
- If you want to send an Intercompany vendor bill from the parent company to the related company, click on the “Intercompany Transaction” option to enter the bill transaction manually.
- After saving it, the transaction will be posted on the “Sent for Approval” section of the Parent’s company dashboard and the pending section in the dashboard of both the receiving company.
- The related company can approve or reject the transaction from the parent company. Approval of these transactions can cause journal entries to be posted with the “Due to” and “Expense” account. If the transaction gets approved, the corresponding journal entry can be viewed by the entry in the approved section of the dashboard.
- Here, the related company will receive the transaction with the pending section of the Intercompany transaction dashboard.
This new QuickBooks enterprise feature has been needed for a long time. For businesses with multiple related companies, this feature can help them in saving a lot of time.
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3. Expiration Dates
Currently, businesses depend on third-party solutions for keeping a track of inventory expiring dates or sometimes they may use QuickBooks custom fields to do so. But when you use the custom fields in QuickBooks enterprise to configure the record dates, the existing reports can’t track the custom reports chronologically. Hence, it will fail to track expiration dates.
QuickBooks desktop 2023 version will be coming with a new feature of Expiration dates, which will help maintain and streamline expiration date listing.
How to Use Expiration Dates Features?
- At first, navigate to the “Items and Inventory Company”> “Advanced Inventory Settings”> “Serial/ Lot no. & Expiration”> “Expiration Date” preferences option.
- Thereon, you have to enable the “Company file admin” feature.
- After that, add the expiration dates to inventory items with serial and lot numbers during receiving or purchasing.
- Then, run a serial or lot numbers report and access your product’s expiration date section.
This long-needed product enhancement feature will help many of the QuickBooks Desktop 2023 enterprise users to manage the stock inventory.
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Plus, Enterprise, Accountant Features QuickBooks Desktop 2023
1. Cash Flow Hub
The cash flow hub helps you to manage, explore and track the cash flow. It’s a one-stop location that provides account visibility and helps you monitor and track cash position, including bank accounts, loans, credit cards, etc. QuickBooks cash flow hub feature will help you to manage the money-in and money-out transactions. The trend section at Cash Flow Hub graphically displays how your balances vary over time so that you can easily identify cash flow indications that impact the cash flow position of your business.
Through this cash flow hub feature, users will be able to:
- Check the account balances
- Examine cash flow details reports
- Managing overdue bills and payments
- Checking cash balance trends
Cash Flow Hub can be accessed from the company or reports menu. Users can also access this feature under the shortcut sidebar available on the home screen of the QuickBooks desktop 2023 version.
2. Tracking Vehicle Mileage
Vehicle mileage is not a new feature in QuickBooks, but the new method of tracking mileage in QuickBooks Desktop 2023 product is new and very efficient. QuickBooks desktop 2023 version has an enhanced feature of managing and tracking vehicle mileage, allowing users to add trips from their mobile device or desktop and get them approved.
With this in-built mileage app, users don’t have to worry about manually tracking the odometer readings of their business trips. You can automatically calculate the miles by providing the start and end trip locations.
QuickBooks will automatically fetch the IRS mileage rate, which you can use to compute each trip’s mileage expense. Tracking vehicle mileage feature is available for QuickBooks Desktop 2023 product: Plus, Enterprise, & Accountant users, which can be accessed from the Company menu.
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3. Report Optimization Enhancements
Users with large-size company files often face issues related to report compiling time with more complex reports within QuickBooks. An example of these types of reports is A/R Aging Reports.
QuickBooks Desktop 2023 version has made many enhancements on the back end that improve report compilation performance for large company file sizes (>300 MB).
Users will not see any change in the reporting interface, but they will perceive these reports loading faster than previous versions. Report Optimization Enhancement is available for the QuickBooks Desktop 2023 product: Plus, Enterprise, and Accountant users in U.S. and Canada.
4. Upgraded Banking Connectivity
Thousands of businesses using the QuickBooks desktop application have downloaded their bank and credit card transactions with the help of traditional methods of bank connectivity through bank servers. These traditional methods are prone to connection stability errors and security concerns; that’s why many banks have shifted towards API-based connectivity, i.e. the method used in QuickBooks online.
QuickBooks desktop 2023 version will offer enhanced and upgraded banking connectivity features using a modernized platform prone to security and connectivity issues.
The upgraded banking connectivity has improved online banking in the following ways:
- A direct connectivity feature with many banks, which was not offered in previous versions.
- Banking connections will now be more stable with fewer interruptions and low downtime.
- Automatically downloading banking data as per user-determined frequency which can be configured and QuickBooks desktop will fetch the bank or credit card information.
Users can set up improved banking connectivity from Bank Feeds under the Banking menu. This feature is also accessible by selecting Bank Feeds under the shortcut sidebar on the home screen.
How enhanced banking connectivity works?
- Search for your Bank
- Connect or authenticate with your Bank
- Connect your bank account
- Download and check the bank transactions
The improved banking connectivity feature is available for QuickBooks Desktop 2023 products: Plus, Enterprise and Accountant within the U.S. edition.
QuickBooks Desktop 2023 Product Summary: New Payment-Related Features
Let’s discuss the list of new features that users can use in the QuickBooks desktop 2023 version.
Note: These features require QuickBooks payments accounts and are subject to eligibility criteria, credit and application approval.
1. Better Payment Links
The payment links feature was released in the QuickBooks desktop 2022 version. But in QuickBooks 2023, an additional active QuickBooks payments account enhanced this feature, allowing users to accept payments more easily and faster.
By using the QuickBooks desktop 2023 version, businesses can directly link these payments or deposits to their customers without needing a form or invoice. The enhanced dashboard will help you keep track of all the payment links and their status, and you can easily follow up on the pending payments by sending reminders.
This enhanced better payment links feature is available for all the QuickBooks desktop 2023 versions, i.e. Pro/ Premier, Plus, Enterprise and Accountant versions in the U.S. edition.
2. New Node Card Reader
QuickBooks Desktop 2023 product comes with a new node card reader support. This reader will allow you to accept payments through contactless cards, Apple Pay, and other mediums from your customers for your services/ products.
Suppose you are using QuickBooks payments with QuickBooks desktop as you start using the Node Card Reader feature. In that case, the payments you will receive will get recorded and matched automatically, which helps maintain financial books without any extra effort.
Important: It’s mandatory to have an active QuickBooks payment account to use the new Node Card Reader feature.
QuickBooks Desktop 2023 Product: Payroll-Related Features
Let’s discuss the QuickBooks desktop 2023 product summary and new features related to the QuickBooks payroll subscription.
1. Income Verification/ Equifax Employment
As the security of personal information is becoming an important concern for everyone, it is a fiduciary responsibility of employers to safeguard their employees’ personal information. In addition, employees often request that employers verify their employment and income information for several agencies, such as lenders, creditors, and governmental agencies, for public assistance, loan approvals and other basic purposes.
Now, in the 2023 version of QuickBooks desktop, it has partnered with Equifax to automate employee verification and income information requests for businesses with active desktop payroll subscriptions. The safeguards of Equifax will make the verification process more secure and easier.
Users can access this feature under the “Income & Employment Verification” section. (QuickBooks> Edit> Preferences> Benefits & HR> Company Preferences> Income & Employment Verification).
2. HCM With Guidelines 401 (k)
Retirement plans are excellent benefits for your employees. QuickBooks has partnered with Guideline to provide affordable and fully integrated 401 (k) plans in the desktop version when the users have an assisted payroll subscription on the QuickBooks desktop.
Users can easily choose a plan that works for their business and employees and can easily set up in QuickBooks desktop 2023 product. After you set it up and run the assisted payroll with new contributions, the information and contributions will be sent automatically to Guideline. You can easily select a plan from the options which suits best for the needs of your business and employees.
To Summarize
We hope you find the information mentioned above useful. As demonstrated above, we have covered all the new features and benefits of the QuickBooks Desktop 2023 product. Depending on the features and your needs, you can easily determine whether you want to switch to the QuickBooks 2023 version, or to continue with the older version. However, if you still have any queries related to the QuickBooks desktop 2023 product summary, then you can connect with our team through the chat box.
