This year, Intuit worked on improving some existing features in QuickBooks as well as adding some new features. They focused on increasing efficiency in getting work done, added tools to help ensure accuracy of the accounting data as well as the actual data file, and provided tools to assist with cash flow. Should you upgrade? Check out what’s new and improved! The features mentioned in this article apply to QuickBooks Pro, Premier and Enterprise.
Speed up cash flow, help collections with the new Invoice Status Tracker. Now you can have real-time visibility on the status of an invoice from when you created the invoice, emailed the invoice, to when it was viewed, to being paid and then seeing it deposited. In the example below, the invoice was not paid in full so the history shows partially paid and that partial payment was deposited.
Transfer Credits Between Jobs of the Same Customer – Ever need to move credit from one job to another? In the past, QuickBooks didn’t make it easy. But in 2019, it’s very simple! Find the invoice you want to apply credit, then click on Apply Credit.
The first time you do this, QuickBooks will create an “Other Current Asset” account called “Account for Credit Transfer”, but will make that account inactive so someone can’t select it during normal data entry.
You can’t transfer credits between companies – only jobs for the same customer. This feature can’t be undone!!! If you need to fix, you’ll need to do it manually.
Prompt for Bill Payment A common problem in the past has been users entering bills and then writing checks instead of using the Pay Bills feature (which is actually faster and easier). While it may seem like the right thing to do (since you are paying your vendor by check) and your vendor is happy, the “write check” feature doesn’t clear your payable(s). Now QuickBooks will bring up a prompt, to help ensure the bill is paid correctly. Note, too, that the Go to Pay Bills is the default selection to help you use the Pay Bills feature.
Once in the Pay Bills screen, QuickBooks shows only the vendor you need to see
Improved Sick and Vacation Pay Tracking – A concern by many has been accurately tracking sick and vacation time. That’s become even more important with changes in state legislations. Intuit has made it easier to monitor.
You can view both available and accrued time. And even better – you now get a warning if you going to exceed the amount to time available!
Speaking of payroll, a feature that slipped in the R3 maintenance release patch for 2018, that you may not have seen, is the Employee Pay Adjustments History report found in the Employee & Payroll reports. Now it’s much easier to review when employees have received raises.
And while we’re on the subject of reporting, a long overdue improvement, is the Show Inactive Inventory Items when running the Inventory Valuation reports. There are many times inventory items have been made inactive, yet they had values which were included in the Inventory Asset account on the Balance Sheet.
A few other features are more technical, but very useful:
- Intuit Data Protect Email Notifications: If you use Intuit’s Data Protect (free for Enterprise users), you now get an email notification if the backup doesn’t run. Important to know!! It would be frustrating to think your file was getting backed and then find out when you need to restore a backup, that you don’t have one to use! (Of course, I’m a big proponent of having multiple backups, so if one fails you still have another one or two.)
- Move QuickBooks Desktop with Intuit’s Migrator Tool. Click on File>Utilities>Move to another computer
This tool copies the files needed to install your QuickBooks and files on a new computer; this includes your QuickBooks software, license details, attachments, templates, etc. Here’s an article that gives you more detail.
- Condense File by Removing the Audit Trail Only. If you’ve ever wanted/needed to reduce the size of your data file, QuickBooks has a Condense feature. Now there’s an option to remove only the audit trail leaving the rest of the transactions intact.
- Improved IIF List and Data Imports – For those of you using add-on products that create an IIF file (Intuit Interchange Format), you can now get a summary of the import. If some transactions failed, you can find out which ones so you can fix and try again.
So, is it worth the upgrade? (Enterprise users check the Enterprise article before deciding).
- I always recommend reviewing the new features to see if there are any that would be really useful to you. If that’s the case, then yes, it’s worth the upgrade.
- If you purchased QuickBooks 2018 between July 16 and September 16, you can get the 2019 version for free (with proof of purchase), so take advantage of your deal!
- If you’re using QuickBooks 2016, realize that by the end of May 2019 you’ll need to upgrade. It’s up to you as to when to upgrade.
As for timing, unless you need 2019 now, I generally recommend waiting either until the R3 or R4 patch comes out or after you’re done with 1099’s and W-2’s.
I’d love to hear what your one or two favorite features are!