QB Power Hour Podcast
QB Power Hour Podcast
08.13.24 - QBO Updates
Michelle and Dan discuss the most recent updates to QB Online and tackle some common questions that occurred in the QB Power user FB Group
QB Power Hour is a free, biweekly webinar series for accountants, ProAdvisors, CPAs, bookkeepers and QuickBooks consultants presented by Michelle Long, CPA and Dan DeLong who are very passionate about the industry, QuickBooks and apps that integrate with QuickBooks.
Watch or listen to all of the QB Power Hours at https://www.qbpowerhour.com/blog
Register for upcoming webinars at https://www.qbpowerhour.com/
00:00 Introduction to QB Power Hour
00:29 Catching Up with Michelle and Dan
02:35 QBO Updates and New Features
03:51 Meet the Hosts: Michelle and Dan
05:26 Housekeeping and Webinar Details
18:02 ACH Funding Changes Explained
46:22 New Functionalities in QuickBooks
57:36 Conclusion and Farewell
welcome to another QB Power Hour. Michelle, how are you? It's great to see you. How are you enjoying retirement?
Michelle Long:I am enjoying it. I am really enjoying that. Except I did see the call for speakers for Scaling New Heights 25 come out. It was sad not to be applying for that, but hey, it's all so cool. I don't have to come up with all these ideas that are going to be rejected.
Dan DeLong:How many what was the most sessions you've done? You're, there's so many training sessions that you've done at one time.
Michelle Long:I've done easy five or six one year. Oh my
Dan DeLong:Lord.
Michelle Long:I know you don't even get to enjoy the conference. Yeah, you don't get to go and enjoy the conference when you're presenting every day. You're always nervous every day. So it's nice to be an attendee.
Dan DeLong:It's gotta, it's gotta be butterflies all the time.
Michelle Long:Yep. Yep. Hey, I'm good to see you today. Glad to see you. And how is things going here? Like total scriptiness?
Dan DeLong:Yeah, since since I'm not really kissing my wife lately I've decided to let the, beard go, and yeah, my wife had an ankle fusion, and thanks to you, Michelle for sharing a lot of the support network she's been really, it's been really helpful, but yeah, she's definitely a patient. My alarm to give her some ibuprofen just went off at the same time as we're going live here, but my daughter in law is upstairs so she can assist with that. So
Michelle Long:yeah, anyway. Yeah, she needs those pain pills.
Dan DeLong:Exactly, yeah, as you can attest by being being non weight bearing for a series of period of time. okay, so we have long awaited for QBO updates. We've been kicking this one down down down the pike with other things that have been coming up lately. So we're, we want to make sure that we, have every so often It's a compilation of things that have been going on with QuickBooks online and just take a pulse check of the new features. And those types of things we, ended up with Matt having quite a discussion about the pricing updates, which kind of pushed the new features to, to this one. This is what we're going to talk about mostly today is, just some of the. The things that we've seen in the, know webinars that have come out because QuickBook does put out a monthly what's new either a webinar or at least a blog post of new features and updates reasons to justify their pricing increases year over year. So we, we do wanna unpack some of those things as well as, A pretty hot topic I think is within the facebook group and we'll go through that but michelle go ahead and Introduce yourself for those that are just joining us for the first time and don't know who the heck is Michelle Long.
Michelle Long:Welcome everybody. Owner of Launch for Success had my practice for long time 30 plus years. Recently announced my retirement is still hanging around to help out Dan and keep in contact with everybody and everything. I've authored five different books. You can check those out on Amazon with a trainer for Intuit for a long time from about a year. Until they sunset the trainer writer network and just love being around and, chatting with you all and keeping up with what's going on in the Facebook world. So nothing about me, Dan, go ahead.
Dan DeLong:All right, my name is Dan DeLong and this brand new slide courtesy of Matthew Fulton. I appreciate him readjusting and laying out his OCD took over and made this slide a little, purification, but the owner at Dan Witt School of Bookkeeping worked at Intuit for nearly 18 years and co hosting today. As well as the workshop Wednesdays over at schoolbookkeeping. com and doing some tech editing for the QBO or the Dummies series of books for QBO and QuickBooks All in One which is what I'm going to be doing the rest of the day. They are under the gun with regards to the publishing, so we need to get those, edited for them. a little bit about the details about QuickBooks The QB Power Hour webinar series. It's every other Tuesday at 12 noon. And then beginning this one this webinar and the first webinar of each month. Our friends at Makers Hub, they have graciously offered to be the CPE sponsor for the QB Power Hour series. So the first one of each month will be eligible for one hour of CPE credit. And in doing so Ted is lurking in the background just to make sure that he's participating for for the for that webinar, but if you need these the, slides I did put the the slide link in the chat. So if you can, if you want to grab those those slides there, but they're always at qppowerhour. com slash resources, as well as recordings, podcasts, and other resources as well. A little bit of housekeeping, if you do have any particular questions about things that were topics that we're talking about here today, please put them in the Q and a especially especially today, because I'm all disheveled because normally, if you can tell by the background, I'm in a different room. And I'm at my son's house, delegated to the, basement his game room that he has here. So I'm, it's really warm with all the computers that are running here in the background. But thankfully I don't have to worry about wifi because that as a, as an online gamer, you definitely need to have your, speed. So I don't have any, I shouldn't have any glitches or lag or anything like that because That would be horrible for an online gamer to have. But everything is, is, in a news position for me. So I appreciate if you would put questions in the Q and a, and then comment in the chat to make it a little easier for for all of us to follow along and then of course we have links there for the handouts as well. So new for the for, 2024, we are simulcasting which reminds me, I need to. Send that over to the Facebook groups and everything. But if you are watching in the Facebook group, there is a QR code there in order to allow us to see who you are when you when you comment as well as our store. So you can always check out the QuickBooks Power Hour swag at the, store there. Alright, so with the CPE credit. Again, our friends at Makers Hub are, being our CPE sponsor. There's their CPE number there as well. You will be eligible for one hour just to make sure that you answer the questions in the queue, I'm sorry, in the poll questions when we launch the poll questions in order for you to receive credit or CPE credit. You do need to participate in that manner. And those poll questions will be spread out throughout the webinar as well. Our agenda today is really just to unpack some of that QuickBooks news and updates that we've had over the past quarter or six months or so since we've had one of these in the, past. And we'll talk about some of the Facebook group, updates and the issues that we've seen in there. So our first poll question is not on my screen. Let's see, do you need CPE, for this webinar? And while you're answering that, I'm going to share this to the Facebook group. But Michelle any, this is weird because you're are, you're retired. So what do we talk about while, we're, while they're answering the poll question?
Michelle Long:I just came back, something happened and it had to reconnect me. So what did I miss? What was the
Dan DeLong:question? I'm just launching the first poll question. And and it was wondering what we talk about while we're, did you see anything in the chat or the comments that That we want to talk about while people are answering this first poll question
Michelle Long:Not yet. I did not see anything this time, but we did want to thank makers mark for doing cte for this
Dan DeLong:I was talking with ted and maybe that's their slogan is like With by using makers hub, you won't need makers mark
Michelle Long:Yep, there you go. I typed it right in this The chat I did thank him correctly in the chat. I apologize It kicked me out and rebooted and that kind of threw me off there. Sorry about that
Dan DeLong:The struggles of doing a live webinar, that's for sure. I
Michelle Long:tell you
Dan DeLong:Yeah, okay. It looks like most people have answered the first poll question. So i'll go ahead and stop that And we'll move on here Okay. So a little bit about the QB power users Facebook group, you want to talk about some of the history behind it with you and Hector and And those types of things
Michelle Long:well we created the facebook group because we would have these great, webinars and things and then we want to finish the discussion and people You know wanted to continue talking and chatting with one another and all that stuff And so we created the facebook group and we kept it in closed groups we didn't just let anybody in trying to keep the spammers down and Also trying to keep the clients out so we could discuss things without clients seeing everything You hopefully I mean they still can slip through the cracks so you never want to post anything online Assuming that your clients would not see it always assume they can't anyway It is a place where we help one another Where we can go out and say has anybody ever used this app or I need an app for this or you know What are your thoughts on this app or? I have this problem. What do you suggest? And it's a place for people to ask help hey I'm new getting into e commerce but I got this client what does somebody suggest? It's a place for us to help one another we all have to learn and get started and we all You know need to help one another one time and that's the thing that I have always loved is, you know I started my practice Is From my basement back in the day where we used to have suite a for attic and suite b for basement Because you were embarrassed to tell people you were working out of your home, and it was really tough because You were on your own and we had to go to chamber luncheons and go to meetings and stuff And you didn't talk about the fact that you worked from your home So you didn't have your peers to bounce ideas from and it was so much harder whereas today we have You know social media and we have the ability to network with our peers all over the place And that's where you know going to these conferences scaling the heights or whatever, and being able to meet people in real life, being able to meet them online in these Facebook groups, you get to know other people, and you meet people that you can network with, so you can bounce ideas off of them, and you can then have a group of peers. So you're not totally alone.
Dan DeLong:So you can
Michelle Long:be like, Hey Dan have you used makers hub and what are your thoughts on it and does it work for you? And is, you think that would be a good fit for my client? I think I'm going to reach out to Ted and see what he can do to help me. You know you can exchange those kind of ideas with people so much easier And so this facebook group has been a great support system for a lot of people On that have their own firm or a small firm to help each other and the idea is when you need some help or have a question you post your stuff out there But then you turn around and when you've got a few extra minutes some time and you want to sit down have a break and You know drink your coffee or your tea that you sit down, maybe you answer a couple of questions and help somebody else as well. So it's all about us helping one another so like you posted up there, people helping people, you get help when you need it, but you also turn around and you help one another. And initially, I know I, when I first started and Hector, who We put a lot of time into it, and I know you and Hector still do but a lot of it is self sufficient, where people really do a lot of it themselves now so I think that's great.
Dan DeLong:That's one of the things that I've noticed lately I felt initially, hey I gotta, go in and make sure everybody's given getting, the right information and those types of things, but now, It's one of those things where I'll see a post and I'll go and I'll look at the comments and it looks like it's already been answered. And that's, what's really amazing about this community and this Facebook group is that, the willingness that, that people are, have that have to be able to help each other, it is an election year and, Emotions are high, I guess it's probably the nicest way to say that, and social media isn't always the best place, to air those grievances sometimes and sometimes that comes in, because we are human after all, and, that's that's just one of the things that we want to keep in mind when we're When helping each other is to keep it solution focused rather than bringing up more problems but we'll definitely see some of the problems that have been, brought up over, over the course of the past six months as we go through this. And one of the things that we've been trying to do with, with the Facebook group, because people are putting in so much valuable time is giving back, to the to the, community in the world at large because I've seen some really great answers. And we'll, talk about one of them today from, Alicia Cat Pollock, this is somebody that's not they, are, a rock star in the, QB, QB community, accounting community, and gave gave an answer for a lot of people that have just been struggling over the past six, seven weeks, and we're trying to figure, I'm trying to figure out a way to be able to. Give back to the world. When you see something that is solved and then information Is so valuable to the community or at least the original poster of their question, and it's not the facebook group is not designed to bypass into it but sometimes you're just not able to get the right answer, that first time and working within the community sometimes that, that, is a faster answer but there's some value in that and we want to be able to, give back to charitable, charitable organization. We're trying to figure out a way to operationalize that. Like, when I do see that it is an answered question or the issue is solved, maybe putting in a way that donations can be made whatever you feel is the value of the answer that you were given, hey, give that back to to your charitable organization. Charitable organization of choice. Ooh, can't say that. But this way it'd be people helping people. All right. So let's talk about our agenda of things that we're going to be talking about today. The biggest hot topic that we want to talk about, and hopefully this doesn't take the whole webinar again, because we really want to get to these other things too but the ACH funding change with recurring transactions we want to talk about. Why that happened, and and, what else what options are, available. Importing journal entries, using products now on the, bank feed, being the ability to text invoices now texting a link directly from, to your customer's phone. Payroll corrections. Hey, we've been dying for this for a long time, so we want to talk a little bit about some advancements in correcting payroll instead of QuickBooks Online. But And finally, role based firm and client access in QBOA. We'll jump into that. If you are unaware, there was a change with regards to ACH with regards to, QuickBooks Online ACH payments. And we'll we'll try to unpack What happened, why the change occurred, and and steps to move forward, with regards to that. But around mid July started seeing a lot of posts about, hey, there was a, delay in ACH payments. Done through QB QB payment and started seeing a lot of fervor around that, it usually is next day funding, right? Once you have a QB payments account and start collecting payments, and once that first deposit. Is reviewed, into it switches you normally to next day funding after that's done, right? This caused Some understandably, some surprise and confusion and then on top of that there was a recent pricing announcement with regards to qb payments, which also added, to the confusion. So let me try to unpack You the normal situation, what would normally happen. So when you have a new account for QuickBooks payments, normally you're set at five days with regards to the first deposit, whether it's credit card or ACH. And the whole reason behind that is, They don't typically there's no limitations specifically for the dollar amount that you're that you're able to charge and process through through QB payments. So it needs to be reviewed, and monitored, right? So when there is a credit card payment or DCH, They have to, there's a big risk when it comes to money movement and they want to make sure that the, that everything is working properly in the past. If you charged more than, or if you said that you charged more than 10, 000 in a month you had to, Do a lot of underwriting steps, right? You had send ins, bank statements to prove that you had the funds because when it comes to payments in any payment industry, there is, there are three parties involved. There's the there's the charging the customer there's the receiver of the funds, and then there is the payment processor that's in between and that payment processor in between takes on some risks when it comes to moving money, from, one bank or one financial institution to, to another, and they want to mitigate the risk by making sure that those transactions are going to flow from customers to, To to the source and it goes depositing a bank account. So the way they solve that and, avoided a lot of the headaches of having to upload all of the bank, six months of bank statements and those types of things is is by doing this review process, for new accounts. So they review the transactions, which unfortunately, if you're charging every day that kind of. Makes a logjam, and then they review that first deposit, and then everything flows in. And then they switch things over to next day deposit, which the next day is based off of 3 p. m. Pacific time cutoff. So as long as those transactions are done prior to that 3 p. m. Pacific time cutoff, then credit card, PayPal, Venmo, ACH, with a caveat of through e invoice. So you send somebody an invoice and they pay and enter their banking information. That way that will be next day, and it is still that way. You can see what your funding time is is by going to the gear, account settings, and payments. And then you'll be able to see the deposit speed right there. This is actually my business, in there and it, that for bank transfers, it says one to five days, so that's a, that's quite a spread. And I actually did get an ACH payment. I sent an invoice and right before right before the power hour, I got three emails. One saying it was money's on the way and then another one that said it was instantly available. So it, ACH, and they were paid by ACH. And, so that, that tells me that when you send it in the e invoice and they pay through bank, that is not this funding delay that we're, referring to here today. I, wanted to put a an article in here about the ACH basics to, give an idea of what happens, in an ACH process. So as it flows through here customer there's, two there's two options when it comes to ACHs. One is a push where you're sending money and our friends at Makers Hope can talk all about that. And then there's a poll where it's coming from someone's bank account into, your own. So the ACH process is you see some of these icons here and there's a link for for the article there. One thing, the main thing I want to point out here is at no point do the two banks actually talk to each other. The way I had always described it to, to, folks is that the ACH process is this game of telephone where it goes to the next the next step and then it can basically take, hours or even days to realize that the funds didn't actually get deposited into the, destination bank account. So there's a delay, right? Basically, there's a delay and that's why this ACH delay actually occurred is because Intuit, again, wants to go back to that, less risk option of making sure that the destination bank account received the funds and it takes a lot of, signals going back and forth. It's not as instantaneous. As we would, hope, because there's actually files involved here being moved between three different financial institutions. One is the destination, one is the receiver, and then the other is the payment processor in between. And when we're talking about QB payments in ACH, that payment processor in between is to its financial institution that could potentially take on the risk of a chargeback or Any of the 20 different rejection codes that can potentially happen with it with an ACH wrong account was put in fat fingered or the account was closed or there's all sorts of different rejection codes when it comes to Why? Why it failed but because of this process it it's very Not necessarily archaic, but it is it does have some flaws built into it and when something happens in this process, then it's basically got to start all over with regards to getting a new a new funding, option. Another thing I wanted to point out is that next day does not equal instant. So there's a, there, this is also creating a little bit of confusion is because next day and instant funding are two different things. As soon as the transaction is charged for in, if it's eligible, it's eligible for instant funding and you can set that setting but there's a caveat, right? There's a, there's an additional fee. You see a lot of these with, like Melio and Bill and other things that, that, that will be wanting to send you funds and you can say, Hey, I can get it to you faster, but there's going to typically be a 1 percent or some kind of charge. To get that money faster because now that intermediary financial institution, whether it whoever is processing the ACH is now incurring the risk of something going on, going wrong. They offset that risk, charge back fees and things that comes back, come back from the bank by levying an additional fee. Now in QuickBooks payments, the instant fee is 1%, but it is waived. If you're using QB checking as your deposit account. So if you're using the QuickBooks Checking bank account I think it's funded by or the underlying financial institution is green.bank, or Green Bank. Do I, I'm not sure there's a green in there somewhere. But that fee is waived if you are use, if you use instant deposits. And you're using QuickBooks Checking as your destination or funding account, and then if you have your other bank accounts linked to that, then you can transfer funds to that, or you can use the envelopes and use use the, built in functionality associated with that. That is, that's a, that, that is a unique or a different circumstance than the next day funding that we were all used to. Alicia Katz Pollack, we want to call her out give her, shout her out, give a shout out here to Alicia, she shared the answer as to why this is all why this all was taking place in her her group is training for QuickBooks users there's a link there for it, you can join that group to really find out what, what was happening here, but I summarized it here as well. Recurring ACH transactions. This is where things really are, the caveat to all of this, right? So when you create a re a recurrent monthly recurring transaction, the, it's going to be the banking information is entered by you as the processor, not by the bank holder, right? So that is in and of itself, a higher risk transaction because. You have to either send some kind of form, an authorization form to the, customer assuming that they are typing or entering their banking information. God forbid they write it down. Lots of, different numbers look like other numbers, especially in certain people's penmanship. And then they got to send that information back to you. All of that could be, A risky behavior, right? If they're sending that over through, email or some non secure method of getting that information back and forth. But what's going to be happening is that we talked about this on a prior QB power hour about the the new invoice template, love it or hate it. It's there. But the new invoicing template will change that process when it comes to monthly recurring ACH transactions, right? So instead of, that process of you entering the sales receipt, putting in the banking information inside of your QBO, saving that as a recurring transaction, when you when you invoice them, they'll have the ability to save and store their banking information. On their end, right? So that is less of a risky money movement behavior than than, in the past. While they're working on that, they changed the the funding time for recurring ACH transactions to be the default funding time, which is around five days. Because again, we need that telephone game of, hey, I sent you money. Did you get it? Yeah, I got it, so on and so forth down the chain until it actually gets deposited and all that takes about five days. Incidentally, the e invoices paid by bank or ACH do not, this is not part of this
Michelle Long:problem
Dan DeLong:That's been identified. This is only dealing with ACH charges that you enter in the banking information, inside of, QBO, whether it's a recurring or you're receiving a payment and putting in the banking information, those are more riskier than if the customer does that, because I, again, I got I got a payment paid by ACH today, and it's funded already. So the challenge here is that Intuit. In its wisdom of communication, had no communication about this change. Customer care as I was seeing the, The information or the, as I was seeing the comments and the posts coming into the Facebook group they were only getting standard answers of maybe maybe it was rejected or, those, types of things. Because what happened was, there was a whole bunch of recurring charges or transactions that were recorded and those funds were, held, which was the, wasn't the normal expectation, for, that, because they've already had that history of, Hey, this worked fine last week or last month, or last time I had done these sorts of things. So that was part of the, I think that in and of itself is part of the the challenge of, this whole situation is that there wasn't any communication, To, the end customers that this was going to happen. So it was all very much a surprise. And if you're used to getting ACH or getting funded within a day, then you've planned for that for your business. And had we known ahead of time that this was going to be taking place, we could have planned accordingly and we couldn't because of this, issue. And then that just causes more additional frustration when it comes to, The account, especially the accountant community and and Intuit, right? Many users are looking to switch. It's just another example of that degradation of trust that is, happening or occurring. And it's not really the, problem really doesn't seem to lie in the change in the terms of service because we're all well aware that Intuit can change its terms of service at any time. And it does. It's just that lack of communication. So adjustments could have been made, didn't happen. And then really it just took so much time to get a straight answer. And typically a lot of monthly recurring charges happen around the first of the month, and to compound things, there was a delay in those actually getting charged. The volume of, charges that, were happening on the first of the month, On top of all of this just added, it was I think the word is shitshow. With regards to that. And, Michelle were you hiding in the background or did you get kicked out again?
Michelle Long:No, I've been hiding. So Dan, I do have a
Dan DeLong:couple of questions.
Michelle Long:So yes, it was
Dan DeLong:a shit
Michelle Long:show. And again, it's the lack of communication, but so a couple of questions here. And so I can understand this and yes, I've been communicated. It would have alleviated a lot of the shit show and the frustrations and the people wanting to switch and all this, but okay, so I understand the mitigating risk and I understand, okay. Even if an intuitive said look, you know when you the accountant enters the information It's not good. We want the client to enter the information, right? They need to enter their own credit card number or their own bank account number. So we've got to make a transition How are they going to be able to make a transition because we can't expect the clients or us or whatever let's say i've got a homeowners association with Hundreds of these things already set up to automatically charge their dues or whatever whether it's homeowners association And a daycare center or a fitness center or whatever where we have all these recurring sales receipts already set up Are they going to be able to transition these things to the new way? Or they're not really going to ask people to have to redo all of these, are they? And ask them to sign up and enter the banking information themselves?
Dan DeLong:That's a really great question because this is all part of the new invoice template, which has nothing to do with sales receipts. If you've created these memorized sales receipts with, the banking information on it, Yeah that, that does tend to lead me to believe that. Yeah, you're going to have to recreate these as invoices, send those to your customer and hope that they set up their banking information properly. And I can see by your mouth home alone.
Michelle Long:Yeah. Yeah. You see the guy on that picture. Yeah. A lot of people, I think this is not only that, but you would think if that's what's going to have to happen in order for this to happen. I can understand them saying, okay, because of this and because of this transition, we have to change the funding period for a period of time during this transition. I would think a communication would come out and say, look, this is what you have to do, and because of that, we also need to change the funding period during this transition so we don't have overlap. You would think it would all take place like at the same period of time or something during a transition period. Again, it makes no sense. And I think we're going to have more of this frustration coming down the line, I'm afraid.
Dan DeLong:Yeah, I time will tell if there actually is a, migration plan. I I, shudder to use the word migration again because that always tends to, Lead with with problems or issues like that. But, yeah it's given the choice like, okay, you can keep it the way you have it today. Just expect those funds to be to take a little longer because they are, this is that this is the reason why and then there's some expectations that with regards to that, or you can move these things over maybe take a handful of customers and clients and do those things because the alternative is what other people are doing is they're, looking into other alternatives and none of those have great clientele. Funding options either when it comes to, getting, those, funds on a, faster basis, because they are, they're, beholden to the same processes as well. So, a couple other things that I want to talk about with regards to those alternatives and what I've seen, bubble up with regards to. People moving to other things there's, Anchor which is a, great platform and I want to talk a little bit about them. There's Ignition and I had a workshop that I did with David Leary when he was at Melial about ways that you can set up as a, bookkeeper, you can set up, ACH, funding to yourself on a recurring basis and then basically it's free. But of course. All of those, all of these things have the same funding time, but that's, pretty much the standard. And Anchor, if you used Anchor before, their funding for ACH is even longer because of their business model, right? And they're actually looking on being able to, change that. But if you haven't checked out Anchor, I have a link in the in our landing page where the replay and everything, you can check them out. One of the things that I think that's really unique about Anchor is there's no their business model is just based on usage. So if you don't have any subscriptions, it's pay as you go. It's free to to, to set it up and, try it out and use it. And you don't pay them anything until you get paid, right? And that payment is 5 per payment, right? So if you have 20 or 100 recurring transactions, you can do the math and figure out how much that is going to cost you because that's 5 per payment, whether it's ACH or credit card. One of the unique things or things that I like about Anchor is that, you can defer the credit card fee to the client, right? If you're all under that I want to charge the credit card fee. I'm going to take credit cards, but I'm not going to, I don't want to take the fee. You can say the customer has to pay that. When you send out your engagements through them. But basically it's you can use it to be able to create engagement letters they can sign them through that, through, through the portal they're saved for, them. And it also allows people to manage subscriptions. So this whole idea of subscription based recurring you can set up the good, better, best. Options already in, the proposal and then when they start to creep into the higher, subscription you can just have them go in and change their subscription right there because they already have, they already have that. Established for you in their platform, which is really nifty And I do really like their integration with with qbo the invoices the payments the fees automatically synchronized into and into your quickbooks and then there's just some more information about what it does. It's a it's a proposal to paid automation a platform and so we want to ask Again, we're running out of time to talk about these other features.
Michelle Long:And perhaps this polling question does, do you use QuickBooks Payments to charge ACH? Yes. No, but I'm changing.
Dan DeLong:Yeah. Yeah, I did that. And for some reason, the polling question didn't get updated. So I don't have the poll question to launch. Ah, okay.
Michelle Long:Years ago I was using payments and all of a sudden they started charging me like 20 a month. They changed my plan from the free plan to the paid plan without my approval or authorization or anything. I do have
Dan DeLong:the poll question, I just labeled it. There
Michelle Long:you go. Looking into other
Dan DeLong:options. There you go. And I interrupted. What were you saying?
Michelle Long:No, I was just going to say, I was on the free plan of QuickBooks payments. As a pro advisor, we had options. You could get the paid plan or free plan. And I was on free plan. And all of a sudden they changed me for some reason to the plan that was like 19. 95 a month. I didn't give them that authorization to change me or anything. I don't know why they did But they just automatically changed me to the pay plan and i'm like, why did this happen? And I had to call them and get them to change it back And then they refunded me the fees, but still I don't know why that happened So it's just they do things like that all the time And somebody said that out there. Yes.
Dan DeLong:Somebody else said that too. Let's go ahead and I'll leave that poll question up for a little bit longer, but let's let's move on into, some of the, newer functions, that might be useful and allow you to look past some of these shenanigans. The ability to import journal entries is now available in the U. S. version of QuickBooks. And we did a webinar with Hector and Mark from WriteTool. And Hector actually went through this process of of importing the journal entries. So I put a link there for for that replay. You can take a check out for that. It's funny to see Hector stumble a little bit, but it's a good way for him to work through these things well, but you can import a CSV file. With up to 100 rows of data to be able to bring in journal entries into your QuickBooks without using spreadsheet sync or, any other type of, third party process it's built in natively in all versions of QuickBooks. So
Michelle Long:if you have payroll entries or something like that, great opportunity.
Dan DeLong:And then I'm not sure the rollout of all of this, but With regards to bank feeds, you are now able to associate a product or service inside the bank feed when you're accepting transactions, right? So you, instead of just categorizing and doing the splits and those types of things, you can actually just use all products or services now to be able to do that as well. Makes it a little easier to create transactions from the bank feed. I have a little mixed feelings about this because a lot of people tend to do. run their business in the bank feed. And, this is a little bit of a challenge. Sometimes I think if, if they're actually doing workflows like those invoices, those are going to have the products and services on them. And then they can potentially, again, still cause duplication of recognition of revenue or those types of things by Encouraging people to do all that in the bank fee, because you can do splits. You can add your products and services associated to customers, classes, and all the things that a sales transaction would do with the exception of tracking your sales tax, doing that right from the bank fee. Michelle.
Michelle Long:Mary just had a great question. What about quantity if it is inventory?
Dan DeLong:Yeah, I wouldn't, I wouldn't go that route. If you're wanting to put, I think the default is one, but I don't think there is. Quantity column, in there as well, but knowing that it's there and that's, the we're the G. I. Joe of of QuickBooks here. We just want you to know that it's there, and knowing is half the battle.
Michelle Long:I think it would be really good on the purchases side where you have, Construction workers or contractors or people who are doing job costing where they're tracking Their purchases and stuff on the income side Maybe for non profits, but not so much on the sales side, you know Just for that purpose you can't track that quantity and stuff and I would be more cautious on the sales side On the purchases For tracking the expenses, definitely, but the job costs besides. Absolutely,
Dan DeLong:I think that's a great point. But
Michelle Long:not for inventory.
Dan DeLong:Another thing we want to talk about as well is that you can now send your invoice through text. So this is an enhancement of the QuickBooks payment, this may be an alternative to sending out all of those invoices. You can just send it to them through text and they can enter their bank information there. Hopefully their thumbs are as nimble as they should be to make sure that they enter in their banking information properly. But with when you have QB payments. This is different than your than your shareable link that you can then copy and text to them. It'll ask at the top to be able to, for the, customer's phone number, and then you can when you say, as soon as you save it, it sends them a text as well as the email for the invoice. So this is just another way to communicate. Hey, pay me to, to your customer. And this long awaited for payroll corrections. You can now adjust your paycheck even after it's deposited or your employees paychecks, I should say. You, just can't adjust it if taxes have been already paid, right? So if if you've already made the deposit to, to pay the The tax payments to the IRS or the state or what have you, then you won't be able to make adjustments to the paycheck, but you can make adjustments to a check, even if it has been deposited. So you can just make those edits within there. Of course, if it changes the net of the pay the paycheck, you definitely want to make sure you're communicating that to your to your employee doing that. But this is a step in the right direction to be able to make your paycheck adjustments or payroll adjustments within, with inside of QuickBooks Online Payroll. I forgot to end the poll here. And this other one is a really great one, which is the role based access to client's books. Transcribed I think I'm trying to remember. I think it was July or April of 2020 when Intuit announced that the yearbook section of QBOA was always plus up to that point, was finally getting, Online advanced functions inside of the yearbook section of QuickBooks. And, the one of the things, the last thing to make its way into that is the roles cause QuickBooks online advanced had these various other roles and customizations that you can do with, regards to, team access. And that was always a sticking point with with your team, when you invite a team member inside of QuickBooks into your firm, there was just a basic, full, and a custom, which really just gave them access to, the, company admin side of things are managing the subscriptions and those types of things with all you could do when you're inviting a team member and give them it was, a light switch as far as the role is on or off,
Michelle Long:all or nothing,
Dan DeLong:and this was now this is, mirroring the role based permissions from QuickBooks Online Advanced. Inside of the team. So when you're inviting, or adding a team member inside of your QBOA you can now give them accounts payable access on or off and all of the the various check marks where you can maybe they're, they need to be an approver for, bills and those types of things. So the bill clerk and the bill approver as well as the standard accounts for receivable accounts payable. Customer access and those types of things. So this was a welcome change, and really great final one of the, what took you so long, but it did, it was very complicated from my understanding of user access and they wanted to do it right. And they, I from all things that I've seen so far, this has been a non issue because it's just An ability to do, these things inside of inside of your firm, Michelle,
Michelle Long:do you know, and I haven't tested it, do the user accesses, does that the user roles and access, does it also work on the mobile app to restrict access on the mobile app?
Dan DeLong:I think it's a lot of the, a lot of the restrictions or the abilities to do inside of the mobile app requires you to be a company admin for a lot of those functionalities. I have not actually tested a team member. Now you've given me homework.
Michelle Long:Sorry, Dan, I didn't mean to. It used to be, and I haven't tested it in years. And so I don't know. I'm not going to say, because I don't know. I haven't tested it in a long time.
Dan DeLong:I'm in my own firm many times, so it shouldn't be too hard to check it out. I'll try it out after the webinar today, and we'll see. I
Michelle Long:haven't done that testing, so I don't know.
Dan DeLong:All right, so this Real quick, highlight of those new functions or features, and there's, plenty of others to really talk about and, we'll pick that up in our next one, next iteration. But which of these new features do you find most useful? And I've, I even put the ACH funding change in there. Oh, I didn't put it as an option. That's okay.
Michelle Long:I can't vote but the one on the products in the bank feed from the perspective of purchasing and tracking and job costing that would be my best. I would be excited about that one from that perspective.
Dan DeLong:Yeah, it's a it's like the uncle Ben, with great power comes great responsibility. I think that is a great ad in the bank feed. And and like I said I have, mixed feelings about that. Because I, I. I, I tend to see, challenges with QuickBooks being workflows are broken, right? And if they are using workflows in one area of a estimate to an invoice, to a payment. That could certainly be a problem. And then if they're using bills to bill payments, and then using the products and services on the expense that once that's hit, that could also be a problem as well. But yeah, if you, know what you're doing. Yeah. If
Michelle Long:is the big word in that one.
Dan DeLong:Exactly. Appreciate you joining us here. My other laptop just rebooted in the middle of it. So I don't know if I can stop the live feed.
Michelle Long:Let's see
Dan DeLong:about that. I can stop our recording, but not the live feed. Sorry. The webinar is fine, it's just where it's posting on YouTube and in the Facebook groups. So I'll probably have to reboot that machine again and log that out, but we appreciate you joining us. And, Seeing our struggle. You may struggle more than anybody else. But Michelle, it was great to
Michelle Long:see you. It's been a pleasure as always, Dan. You've done fabulous as always. for all your work. And thank you everybody for joining us.
Dan DeLong:We'll see you next time on the Power Hour. Have a great day, everyone.