QuickBooks Online

1. QuickBooks Online October release webinar

2. Turn on recording

3. The basics • Features release October 18 for some customers and October 25 for the rest. This allows for testing and verification • Today is about new features. Please give us feedback in product using the yellow Feedback button. We read it! • Time for Q&A at the end. All Q&A will go through the questions window. Everyone is muted.

4. Who is Jessica? • Product Manager, QuickBooks Online • With QBO for 1 year, with Intuit for 3 years • In Mountain View, CA • I love accountants! Me

5. Quick Summary • Export bug fixes • Small reports improvements • Sales tax!!!!!

6. Fixed some big bugs in the export process Say goodbye to… • Inability to export payroll liabilities without a workaround • Inability to export payroll expenses without a workaround • Issues exporting sub-accounts • Sub classes exporting as their own classes (they now export as sub-classes…fancy that!)

7. Reports improvements

8. What is the new Sales Tax? • Much better reporting • Multiple tax rates available • Combined tax rates available • Sales Tax Center to manage taxes • New method of recording tax payments • A few key differences • No default rate anymore • No making all customers taxable. Instead when you use a tax rate for a customer it is sticky for that customer • A new construct: “Agency.” This is not the same as a Vendor. You cannot use Write Check or Pay Bill for Agency; • You can only record tax payments through the Sales Tax Center • We setup a Payables account for the agency in the COA

9. Migration of Old Sales Tax Starting about Oct 18th/25th customers can see new Sales Tax and set up New sales tax but they can NOT use it on invoices, sales receipts…

10. Migration: Sales Tax Center when Default Rate was set up

11. Migration: Sales Tax Center when no default rate was set up

12. Starting to use the new Sales Tax • Users can start using the new Sales Tax on invoices/sales receipts on 11/1/12 • Why 11/1? • Clean cutover date from the old to the new • Allows most customers to pay the prior month using the old method and everything from the next month to be paid using the new way • See the help topic from Sales Tax Center for more info on switching

13. Invoice Form

14. Sales Tax Center • This is where customers can manage sales tax, see how much they owe, record tax payments, set up new rates, see recent payments, go to reports. Note how we show Old Sales Tax

15. New Sales Tax Report

16. Couple notes on sales tax… • If you use new sales tax on a transaction, you cannot go back to old. Once it’s done, it’s done! • Transactions with old sales tax can still be created in recurring transactions, and those transactions have to be edited individually to use new sales tax • Recommendation: stop the recurring transaction and setup a new one if you have a lot of instances in the future • Same issue with 3rd party applications that access your sales transactions—be sure to update! • It works for cash and accrual reporting • You can use it for government agencies, resellers, etc. (0% tax rate) • Agency name not currently printing on checks. We’re working on it!

17. Thank you! Questions? • Also… • We will be sending out a survey, please respond (1-2 minutes) • Look out for our next webinar in November