The 2014 version of QuickBooks is hitting the shelves. Frankly, I do not recommend to my client to upgrade every year, but this new version has a lot of features that have been added that warrant you taking a closer look.
- Eliminate all of those emails and discuss your financial information directly with your CPA right from within QuickBooks
- Look at your customer and sales activity on a Dashboard-like screen
- Record bounced checks
- Faster downloading of bank information
- Improved Job Costing
- Improved Reporting Ribbon
- Customize Views
- Copy/Past Line Items
First, you and your CPA can use the new Client Collaborator feature, The accountant can now contact the client directly through the client’s QuickBooks’ file to inquire about a particular transaction. The interactions and conversations are tracked and linked to specific transactions, so the accountant always has a point of reference. These interactions between the accountant and client are stored on a secure server and accessed online, ensuring that nothing is lost. This new feature, which transcends the world of desktop accounting and touches on cloud computing, eliminates the need to keep track of disparate email strings and trying to remember what specific transaction was being discussed. All discussions are linked and accessible.
Here’s how the Client Collaborator works: the accountant selects the Ask Question icon on the right of the menu bar to contact the client through QuickBooks. Selecting this icon enables the accountant to tie the question directly to this transaction within the client’s file. The client opens their copy of the company file and selects View Conversation List from the Company Menu.
Here is a sample of what this looks like:
Select Customers > Income Tracker and you’ll see this new dashboard view of all customer and sales-related activity. The Income Tracker includes a visual display that allows the customer to drill into each color block and filter the dashboard quickly for transactions like all open Estimates or unpaid Invoices. Also, the QuickBooks user can sort and filter the information provided in the Income Tracker and even take action, such as converting an Estimate to an Invoice.
Record Bounced Checks
If a customer bounces a check on your client, simply open the Customer Payment window where that payment was entered and select Record Bounced Check.
With just a few simple steps, QuickBooks will create or change all the necessary transactions, including marking the Invoice or Sales Receipt as unpaid, removing the deposited funds and applicable service fees from the bank account, and creating a new Invoice for any bounced check charges passed on to the customer.
Faster and Better Communication With Your Bank
The enhancements to the Online Banking workflows for 2014 are so significant that the feature has been renamed Bank Feeds. This feature includes a simplified setup process, an improved visual presentation of bank accounts and transactions, and simplified and expanded matching rules. Bank Feeds are accessed by selecting Banking > Bank Feeds.
Bank Feeds offer all the following:
- All bank accounts are in one list.
- An overview of downloaded transactions.
- A link to downloaded transactions.
- A summary of items to send.
- Matching of transactions is easier: rules are written in plain English for better understanding.
- Better rules: a powerful rules engine is more flexible and automates matching more frequently.
Improved Job Costing
Reports can now be filtered by Job Status. Also, QuickBooks now has a Rep field at the Job level, allowing businesses to assign a rep to individual jobs, rather than simply at the customer level.
Improved Reporting Ribbon
The Reports tab in the Ribbon at the top of transactions now contains more reports such as Average Days to Pay Summary at the top of Invoices.
Customize View Balances
When you are using the Left Icon Bar view, you can click on Customize view balances at the bottom of the View Balances section:
This allows you to choose to view balances for accounts of all types, including revenue, cost of goods sold and expense accounts.
Copy/Past Line Items
Line items on a transaction can now be copied and pasted within that transaction, simply by right-clicking on the row in the body of the transaction, or by highlighting any part of that row and selecting Edit.
Improved Bill Payment Stub
In previous versions, if a vendor bill was paid 100% by a vendor credit at the time of the bill pay run, that bill and bill credit did not get included on the bill payment stub; now they do.
Improved Report Print/Preview Scaling
You’re no doubt familiar with being able to scale a report so that it is a specified number of pages wide. That’s been in QuickBooks for eons. However, now you can choose to scale the report so that it is also a specified number of pages long. You can combine the two scale options or choose only one when printing or previewing a report.
Adapted from 9/9/13 Intuit Writer Esther Friedberg Karp