QuickBooks’ undeniable success is partly thanks to Intuit’s keen understanding of the wide range of industries represented by the businesses that use it. With change being the only true constant in the world of financial management, QuickBooks adapts to the needs of its user base.
In this informative webinar, Fourlane’s Founder, Marjorie Adams, shares important details about what to expect from Intuit’s QuickBooks in 2024. Marjorie contributes regularly to Forbes, is a QuickBooks product beta tester, a Top ProAdvisor, and is recognized as Intuit’s #1 Partner.
Below, we’ll discuss the main touchpoints of the webinar, including price updates, new QuickBooks features, and information about versions that are going away.
Is Desktop Going Away?
One of the heated topics regarding QuickBooks in 2024 and beyond is whether the Desktop version of QuickBooks is going away. There’s been a lot of confusion and concern surrounding the topic, and this webinar sets the record straight.
The question isn’t whether Desktop is going away, but rather which versions of Desktop are going away, and what are users supposed to do as a result?
Which Desktop Versions Are Sunsetting?
QuickBooks Desktop Pro, Premiere, and Mac are all going away on July 31, 2024, while the 2020 versions ended on May 31, 2023.
What’s Taking Their Place?
The Desktop Line will continue forward as the already-popular Desktop Enterprise, referred to now simply as Enterprise, with several tiers to accommodate every size of business from every industry. QuickBooks Enterprise was the top seller in 2023, and that trend will likely continue.
What Else Is Going Away?
In addition to the above versions of Desktop, QuickBooks POS, and QuickBooks Online–Mexico have reached the end of their versions. This means the following all go away with POS:
- Intuit merchant services
- Gift cards
- Mobile sync
- Data security support
- Automatic store exchange
- Connecting to Webgility
- Vendor lookup services
QuickBooks Migration Paths for 2024
2024 is the perfect time for QuickBooks users to evaluate whether the version they’re using fills all of their needs or if it’s a good time to consult with a ProAdvisor about the best migration path. Fourlane consults with and also assists companies hands-on with complex platform migrations, both from other platforms and to changes within the QuickBooks product range.
Consultants will help users decide whether their company should migrate to QuickBooks Online, whether they should upgrade to Enterprise, and which of the many tiers and plans within the Enterprise line are the right fit.
Pricing Changes for QuickBooks in 2024
It’s understandable why there’s been some confusion regarding the Pro and Premier versions of Desktop going away since there’s a unique twist for companies using the top tiers of these versions. While licenses will no longer be marketed or sold online, QuickBooks Pro Plus and Premier Plus will continue by subscription only, and those subscriptions will only be available by direct phone consultations.
This will come with the following price increases:
QuickBooks Pro Plus
QuickBooks Premier Plus
Changes to Desktop Payroll
Assisted Desktop Payroll will only be available in Enterprise Diamond. Users who upgrade to Diamond will get a price break per user and on their payroll. QuickBooks Enhanced users should switch to Enterprise Gold, while those who use Desktop Payroll for job costing will want to switch to QuickBooks versions with the Time Cards feature.
QuickBooks now has numerous long-awaited features to help with different payment methods, working with better item classifications, inventory, security, and more.
QuickBooks now has an important new feature for managing prepayments. These are customer deposits or payments that have been made before an invoice is created.
Before this feature was added, the user had to enter prepayments as negative accounts receivable (AR). Examples where this is useful include:
- A construction company collecting payment as a deposit against work to be done
- A contractor receiving payment to cover parts or materials for a job
For companies that regularly receive payments up front for materials or services before invoicing, it has become much easier to keep their books straight.
The Receive Payment Button
In addition to having a way to manage prepayments, you’re now also able to show customers you have received their payments without inaccuracies in invoicing.
Watch the video for a walkthrough on using the new receive payment button.
Intuit recently added item categories to QuickBooks. This is further implemented with deeper access to categories where you need them most. You can turn on item categories and pull them up in category lists, mass-edit categories, change fields, and enjoy full search capabilities.
This new implementation of item categories is significant because it eliminates a long-running issue with headers and sub-items. Headers used potentially created inaccurate accounting errors. When they had the same name as an item in an inventory list, they could be accidentally tallied in with sub-header items. But with categories replacing the need for headers to delineate separate items, this problem goes away.
New Inventory Reports
QuickBooks now has more robust inventory data you can collect and generate reports on, including:
- Inventory valuation summary report
- Inventory stock status by item
- Sales by item summary report
Inventory Stock Status By Lot Number Added
This update provides report data that makes it easier to see your inventory quantities on hand, your sales orders, and your available inventory.
Inventory Expiration Status Added
Platinum and Diamond tiers of QuickBooks Enterprise now include an inventory expiration status, so you know exactly when specific lot numbers are going to expire.
All versions of QuickBooks have moved from 128-bit encryption to a more secure 256-bit encryption to make all online hosting and data backups safer. This security enhancement helps protect data from cyber attacks.
Enhanced Search on Lists
Intuit has added more advanced search features, including:
- Added search areas throughout QuickBooks
- Search payroll items
- Search fixed asset items
- Memorize transaction list
Improved Update Installations
Now, QuickBooks notifies users in the icon bar when updates are available. It lets users know what the update is, and you can also view updates by the release and not just based on yearly updates. These are installed in the background so they do not disrupt your workflow.
Physical Inventory by Site Added for Assembly Items
Users with multiple sites can now select physical assembly inventory items in each of their sites.
Fixed an Error in Inventory Stock Status by Site report
In previous versions of QuickBooks, accounting errors could arise for assembly items in inventory. Because of the header/sub-header structure of inventory fields, items made up of components would end up with errors in price aligned with the number of items. The hierarchy of the header and components in a build is now accurately represented.
401K Added to Payroll
QuickBooks users can now sign up for QuickBooks Payroll and access their retirement plans. Choose your 401K plan, set your contribution levels for your business and your employees, pick your start date, and you’re all set to start saving for retirement.
Employee Center Updated
Intuit has added a helpful Employee Center update to QuickBooks to improve payroll management. Everything required for payroll is now all in one place. If you’re missing any details, it will tell you what data needs to be filled in, including proactive notifications for employee profiles.
How Fourlane Can Help
That’s a lot of updates! Watch the video for a quick tutorial. If you need guidance on implementing any of these new changes, or you’re facing one of the newly required upgrade paths, get in touch with our experts at Fourlane.
We love helping businesses get the most out of QuickBooks. Whether it’s consulting, migrating, or hands-on training you need, our certified QuickBooks ProAdvisors are ready to help.