QuickBooks Business Network
Starting early in 2023, you and your clients will be able to make use of the new QuickBooks Business Network to search for and connect with customers and vendors. You also will have greater control over how you choose to share your information over the network.
Using the QuickBooks Business Network allows you and your clients to keep their own information up to date, thereby reducing the time it takes to manually track and update customer and vendor information that’s exchanged across the network.
When using the network, you and your clients can receive invoices directly in QuickBooks from your vendors once you have connected with them.
You can easily upload Vendor Invoices from emails and PDFs, which get translated into Vendor Bills for review. These Pre-filled Vendor Bills are created with information from the Vendor’s Invoice.
The Vendor Bills are added directly into the accounting once reviewed and accepted rather than having to be manually entered.
For more information about the QuickBooks Business Network, CHECK OUT from the QuickBooks Blog earlier this fall.
QBO-Advanced Adds Revenue Recognition
QuickBooks Online Advanced recently added automatic revenue recognition. This means QBO-Advanced users observing the accrual basis of accounting don’t need to rely on complex spreadsheet computations or third-party apps to track and report on recurring revenue and then manually post funds from a liability account to an asset account when it comes time to recognize it.
The revenue recognition (known as ASC 606) standard is the generally accepted accounting principle governing how and when revenue must be recognized. Businesses on an accrual basis earn revenue when it is recognized, not when a sales transaction is posted or a payment is received.
QuickBooks Online Advanced now is able to automate proper revenue recognition best practices so that accrual based businesses can avoid the tedious tasks of tracking and reporting outside of their accounting software, as well as the manual work of posting revenues prone to errors.
This should not only provide enhanced assurances that their revenue reports are accurate, but streamline their revenue recognition accounting in compliance with ASC 606 standards.
For more details check out CHECK OUT the official Intuit YouTube video on this newly added feature to QBO-Advanced.
Be on the watch for more articles in the near future about new features and enhancements to QuickBooks that were revealed at QuickBooks Connect 2022.
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