What’s New in
QuickBooks 2016 and QuickBooks
Online (in the Cloud)?
Presented by: Dharma Diaz-Azcuy, CPA
November 18, 2015
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Introductions
 WBL is a full service accounting firm
 WBL’s Client Accounting Group support clients with accounting
matters, software needs, special projects and controllership
functions
 Laura Speir, Partner-in-Charge, Accounting Services
 Molly Dyer, Accounting Services Senior Staff, QuickBooks Pro
Advisor
 Dharma Diaz-Azcuy, Accounting Services Manager, QuickBooks
Pro Advisor
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15 years experience as a CPA
12 years experience as a certified QuickBooks ProAdvisor (2003present)
Bachelor of Business Administration, Accounting, Georgia State
University
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Training Outline
 Part 1 – What’s new in QuickBooks 2016?
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New features
Improved features
How to access
Are they really “all that?”
 Part 2 – QuickBooks Online
 Comparison to desktop version
 Limitations
 Improvements
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Part I
What's New in QuickBooks 2016?
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What’s new in QuickBooks in 2016?
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Bill tracker
Batch delete/void transactions
Bulk clear send forms
Date filter
Print label format
Auto copy ship to address
Improved verify/rebuild feature
Improved e-invoicing
Streamline upgrade process
Fixed filter for custom fields
Things to know
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New! Bill tracker
 Access from left navigation menu or from
Vendors in the main menu
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Similar feature as income tracker
Fewer filters when compared to the income tracker
Dashboard with helpful information in one location
Use to make managing your payables easier and more
efficient
• Not available if using multi currency
• Will group the bills by vendors
• Allows you to batch-close purchase orders
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New! Bill tracker
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New! Batch Delete/Void Transactions
 Access from QB accountants copy
• Go to Accountants menu, then in the drop-down find Batch
Delete/Void Transaction
 Access from QB Enterprise
• Go to Company, Accountants Tool, and in the drop down select
Batch Delete/Void Transaction
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Not available in Pro or Premier versions
Limited to admin or external accountant user only
Only runs in single user mode
Currently limited to invoices, checks and bills
• Deposits, credit card charges and customer payments may be
coming in R2 or R3
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New! Batch Delete/Void Transactions (cont’d)
 Filter by transaction date, last modified date and
entered date
 Can filter linked transactions to avoid creating
bigger problems
 Grayed out transactions may not be deleted
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Includes paychecks, sales tax or payroll liabilities
 Transactions dated on or before closing date can’t
be deleted
 Add the same memo to all transactions voided to
describe the reason
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New! Bulk clear Send Forms
 Access by going to File, Send forms
• Clear transactions that have the “email later” box checked if had
no intent to automatically email that transaction
• Check the box next to the transactions to remove from the list or
select all transactions easily
• Remove unbilled, unpaid and recently paid
• Filter transactions by any column
• Work in batches to create new, print or email invoices to contact
customers and improve collections
• Unrecoverable error will occur if transaction was created prior to
turning on sales tax
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New! Date Filter
 A new filter “Fiscal Year-to-Last
Month”
 Access from any report
 Allows you to effortlessly create
reports as of last months’ period
end
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New! Print Labels
 Access from file, print forms, labels
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Select from the label format drop-down (limited choices)
Can print continuous forms (“perforated edge”)
Variety of label sizes
Not customizable for other sizes
Default values may be set
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New! Auto Copy Ship-To Address
 Access from Create Sales Order or Create Estimate
• Create purchase order and select box to drop ship to customer
• Customer address will appear in the purchase order
• Modify the invoice to include the ship-to address
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Improved! Verify/Rebuild Feature
 Access from the Product Information window
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Hold the control key and press 1
Lower left button “Review last Verify/Rebuild”
Shows both Errors Found and Errors Fixed
Will link you to a knowledge base for the error found
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Improved! E-Invoicing
 Access from the Invoice or Income Tracker
• Edit each client to default to the payment method
• You may still modify the company preference on a specific
invoice
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Streamlined! Upgrade Process
 The upgrade process required several questions and
various prompts. Your screen may have looked like this:
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Streamlined! Upgrade Process
 Now you choose location of backup
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Fixed! Filter for Custom Fields in Item Reports
 Access from any item-based report
• Custom field will automatically appear as one of the filters
• In previous version the custom field could be added to an itembased report but it wasn’t sortable
• There are up to 7 custom fields available
• These can be used with items, customers, vendors and
employees
• There is a combined maximum limit of 15
• Drawbacks:
– If you misspell the names it will not find it
– Filtering limited to only one custom name
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Other small additions, changes and improvements:
 You can now sort columns in the Receive Payments window
 Access to firewalls for a multiuser setup may be necessary
Please consult your IT professional for assistance
 Must enter your license number before choosing your
installation type
 More options for admin in multi-use
 Up to 3 simultaneous users now permitted
 Statement Writer is now fully compatible with Excel (MS
Office 2013)
 QuickBooks 2016 is not supported by Windows XP
 Support for QuickBooks 2013 products will end 5/31/2016
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Part II
QuickBooks Online (QBO)
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QuickBooks Online (QBO) vs. QuickBooks
Desktop (QBDT)
 QBO is very different from QBDT, difficult to compare
 With QBO, there is no accountant’s copy, backup or
portable file
 The workflow is very different; you may find some
things easier to use in QBO than in QBDT and vice
versa
 QBO is accessible anytime, anywhere for up to five
simultaneous users
 Free support for QBO
 QBO is continuously re-developed and upgraded
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Features found in QBDT but not in QBO
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Average Cost inventory valuation
Balance Sheet by Class
Batch Invoicing
Batch Timesheet Entry
Billable Time and Expense preferences
Billing rate level
Business Planner
Forecasting
Calendar
Change orders on Estimates
Collections center
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Features found in QBDT but not in QBO (cont’d)
 Condense data file – but it isn’t clear to me if you actually
would need this in QBO?
 Available Quantity in Inventory
 Customer Snapshot
 Convert estimate to a purchase order or sales order
 Advanced Excel export that can update existing exported
reports
 Industry specific reporting (lots and lots of industry
specific reports here)
 Inventory assembly items, Bills of Material, the ability to
build assemblies
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Features found in QBDT but not in QBO (cont’d)
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Inventory Center
Lead Center
Fixed Asset Manager
Mileage tracking
Multiple currencies
Multiple ship to addresses for Vendors
One click transactions (pay bill from bill, create credit
memo from invoice, etc.)
 Price Levels
 Progress Invoicing/billing
 Receive partially against a purchase order
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Features found in QBDT but not in QBO (cont’d)
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Report Favorites
Report – collapse rows
Share report templates with Intuit community
Inventory – reorder/rebuild points
Shipping Manager
Sales Orders
Sales Order Fulfillment Worksheet
Transaction History Panel
Units of Measure
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Features found in QBO but not in QBDT
 Remote access – you can do this with QBDT but you need
an additional software product or use QuickBooks
Hosting (at a higher price)
 Auto Send Reports – reports or report groups can be
scheduled to send automatically
 Automatic upgrades – this is both a good and a bad
feature, with QBO you are almost always running the
most up to date version (whether you want to or not)
 Company Scorecard
 Delayed charges/billing – enter charges to be billed later
 Income list/transaction center
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Features found in QBO but not in QBDT (cont’d)
 Invoice automation – automatically create invoice from
unbilled activity
 More than one A/R or A/P account per journal entry
 Location tracking, a secondary level of class tracking
(QBO Plus only)
 FIFO Inventory valuation (available in QuickBooks
Enterprise but only with the additional cost Advanced
Inventory feature)
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Where QBO is better than QuickBooks Desktop
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Where QBO is better than QBDT
 Invoice/Sales Receipt Automation –
• QBDT memorized transactions are sent to the customer manually
• QBO recurring transactions are set up to be emailed automatically
to the customer and the QBO user/owner can be copied on each
one
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Where QBO is better than QBDT
 Delayed customer charges/billing
• QBDT has unbilled time and expenses but the user still has to
manually go in and bill the customer for them
• In QBO you can create preferences
– Remind the user to create invoice
– Automatically create an invoice for the unbilled time and
expenses and don’t notify me
– Automatically create an invoice for the unbilled time and
expenses and notify me
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Where QBO is better than QBDT
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Where QBO is better than QBDT
 Activity Log
• QBDT has the Audit Trail which tells us when a transaction was
created, modified, or deleted
• QBO has the Activity Log which shows
• user logs in
• user logs out
• edits of a customer, vendor, item, account
• third party add on accesses the data
• bank transactions downloaded and when those
transactions are matched or added to registered
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Where QBO is better than QBDT
 Bank Feeds available in both QBO and QBDT
• In QBDT you have to manually download bank transactions into QB
and have bank password
• QBO can be set up to connect to the bank each night and
automatically pull in transactions
• User name or password not needed
• Can undo the downloaded transaction and restore them
back to new transactions
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Where QBO is better than QBDT
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Where QBO is better than QBDT
 Bank feed rules are available in both versions, but
better in QBO
• QBO allows you to
• Split by percent
• Add a class by line
• Add a location
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Where QBO is better than QBDT
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Where QBO is better than QBDT
 QBO has Class AND Location tracking
• Able to track different profit centers
• Adds one more layer with Location tracking
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Where QBO is NOT NECESSARILY better than
QBDT
 Bank reconciliation reports
• QBDT allows you to print prior period reconciliations with
discrepancy reports
• QBO has a screen listing all prior period reconciliations with a
column indicating changes to that reconciliation
– Like with QBDT may be able to create a report of auto
adjustment report that will act as a discrepancy report
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Comparison of QBDT to QBO
QBDT
QBO
 Bank reconciliation
discrepancy reports
 Only one budget per
year
 Customization is in a
window
 Only AR or AP general
ledger account per JE
 Management report
package only using ISW
 No discrepancy report
 Multiple budgets per
year
 Customization within
the report
 More than one AR or AP
line entries per JE
 Management report
package available
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So, should you switch to QBO or stay with QBDT?
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Should I stay or should I go?
Reasons to stay with
QBDT
Reasons for moving to
QBO
Complex Inventory
Job Costing
No 3rd party apps
Purchase permanent
license every 3 years
 Manage unlimited
companies for the price
of one license
 Be mobile or flexibility
 Service company,
nonprofit organization
 Recurring price per
company for ever
 Multi-platform friendly
 People on the go
 Less likely to have issues
or corruption in multiuser environment
 Vendor software
developers focus on QBO
not QBDT
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Features you will give up if you switch to
QBO
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Customization of multiple templates
Condense data, period copy and backup data
Add/edit multiple names – copy paste from Excel
Batch enter transactions – copy paste from Excel
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Use Credit Memos and Bill Credits – not
Discounts
 Can’t use items
 Vendor discounts do not allow you to
designate a customer/job
 Will not show on sales tax reports and cause
an overpayment
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Reduce the potential for data file corruption
 Monitor fragments
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Review the product information window
Re-sort the lists
Rebuild the file
Create and restore a portable file
Run windows defrag utility
Monitor file size
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General tips
 Use different colors for different files
 When using more than one bank account, change
the color of the ledger
 Add customized reports to icon bar
 Use a credit card account type to track revolving
lines or owner’s personal expenses
 Only enter two-digit day and month
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Questions?
Dharma Diaz-Azcuy
770-512-0500
[email protected]
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