Cranmere Accounting & Tax Services
Intuit has continued with their monthly updates to QuickBooks Online with the November 2012 update. This is one of the advantages of using QuickBooks Online compared to the desktop version of QuickBooks. The desktop version tends to have fewer updates during the year.
The main improvements in this release are:-
- Add Attachments To Sales Transactions – It is now possible to add attachments to sales invoices, estimates and receipts when you email those sales documents to your customer. Note that the attachment is just to sales documents not vendor bills. The maximum attachment size is 25MB. This improvement will be useful if you need to send say a contract or timesheet with the invoice. One thing to be aware is that the email with the sales invoice is not secure so if you are wanting to attach a confidential document you may want to consider a more secure way of getting it to your customer.
- Printing Form 1096 – As we near the annual tax filing season it is good to see that you will now be able to print your Form 1096 Annual Summary and Transmittal of U.S. Information Returns. This is the form that summarizes the 1099-MISC forms when you mail them to the IRS. If you are e-filing the 1099s you do not need this form. Also note that this is only available in QuickBooks Online Plus. To print the Form 1096 go to Vendors > Vendor List > Prepare 1009-MISC Forms
- More Financial Institutions Added – With an extra 12,000 new financial institutions added it should be easier than ever to connect QuickBooks Online to your bank. Connecting to your bank and downloading transactions is one of the time saving features of using QuickBooks Online.
- Bank Reconciliation Report Shows Uncleared Items – The Reconciliation Report now shows uncleared checks and deposits. This will make it much easier to drill down to see if uncleared items are due to posting errors, checks that need to be re-issued or even malfeasance.
- Report Improvements –Reports now show at the top of the page the basis, accrual or cash. This will be useful at tax return time to make sure that the correct reports are being used to prepare the tax return. Memorized reports can now be deleted for all users.
Posted By Mark Smith
Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at info@cranmereaccountingandtax.com if you need assistance with any of the above.
