QBPH - Is There Anything New in QB Desktop?

Normally this is the time of year when we discuss what's new in QB Desktop 2025. Believe it or not, there are a few things to mention. Michelle and Dan will chat about these features and ponder the future of QB Desktop

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/

Transcript

Michelle Long: 0:30

Welcome everybody for another QB power hour and today's topic. Is there anything new in QB desktop? Very glad to have you all joining us today. My name is Michelle Long, CPA and an MBA in entrepreneurship. The owner of Long for Success. I'm very glad to announce that I'm recently retired, but glad to be joining you guys today for this QB Power Hour. Formerly trainer with the Intuit Trainer Writer Network, or whatever it was called before it was put to sunset, or whatever they called it. Put to bed, or retired, or like I am, or whatever. That's

Dan DeLong: 1:07

enough. Discontinued.

Michelle Long: 1:09

Yes, discontinued. Go ahead, Dan.

Dan DeLong: 1:13

My name is Dan DeLong, owner at Danwidth and schoolofbookkeeping. com. Worked at Intuit for nearly 18 years. Co hosting today, as well as over at School of Bookkeeping. We do the workshop Wednesdays, oddly enough, every Wednesday. Do some tech editing for the QBO for Dummies book series. A little bit about the details of the webinar. They are now eligible for CPE credits. So today's today's webinar is eligible for a one hour CPE session. It will typically be the first webinar of the month, but as our. Friends at Makers Hub might have some availability for other ones we'll let you know when those are eligible, but just as a rule of thumb, the first webinar of the month, not the first week of the month, but the first webinar scheduled for that particular month. Should be eligible for the CPE credit but you can always go to qbpowerhour. com resources and download the pdfs of the slides, recording, podcasts, and other resources there as well. And in a moment, I'll put in the Q& A or the chat, the The slides for today but if you have questions about things that we're going to be talking about here today, specifically, please put them in the Q and a, because it makes us it makes it real easy for us or a lot easier for us. To follow up if we do need to put something on the parking lot and can't answer that. Particular question live. If you have general comments about EA chiefs or blue eagles, whatever the case may be please put those in the chat. And then we also have the links there for the handouts. So new for 2022, we are simulcasting, which just reminded me, I didn't share that to the Facebook group. So I got to do that real quick here. And but if you are watching in the Facebook group and you want to comment on something. Please put please use that QR code to allow Facebook to see the streaming platform. And then that will allow us to see who you are when you chat with us live on the webinar. We also have a QB Power Hour swag store where I you YouTube can have a pink hat like me I need to get one so that I can see that live Would I look good in pink? Yeah. October is the breast cancer awareness, so maybe we will don a pink QB power hour hat for that. So as I mentioned Makers Hub is our CPE sponsor they are gracious enough to be able to get, provide us with CPE credit, one hour you just need to participate, meaning to participate in the poll questions, so there'll be three polls during this webinar you need to make sure that you answer all three of those. As well as evaluate in the survey at the end if there is one, I don't believe I actually set up a post survey survey, post webinar survey. There we go. So let's talk a little bit about what we are going to talk about. We'll be, uh, typically around this time of year is when QuickBooks releases its new product for desktop. And this is, this year is a little bit different. We're going to be talking about some of those differences. We'll be recapping the stop sell price sorry, the stop sell date for Pro Premier Plus, as well as the discontinuation of the Premier Plus. ProAdvisor discount for enterprise. We'll we'll recap that. We did talk about that a couple of webinars ago. But we'll want to unpack some of the new ish desktop features. There's payments on estimates, inventory turnover reports, and some other smaller enhancements. And then we'll pontificate on the future state of QuickBooks Desktop, because there's no 2025 version this year, so what does that mean? And is there an alternative online solution coming? And then we'll talk about some QA stuff at the end. So our first poll question is, do you need CPE credit for this? And Michelle, you want to talk about when we were meeting here to talk about this this webinar. You were like, I'm just going to be support because I don't even know desktop. Talk about your transition from desktop to online. Cause you've been doing this for years, right?

Michelle Long: 5:37

Isn't that amazing, Dan? Because initially I did not want to go to QBO, cause QuickBooks online, a lot of people don't realize QuickBooks online was really around since 2000 or 2001 or whatever. But I remember Stacey was the only one, practically, of the trainers or any of us that were using QuickBooks Online. And I checked it out and I was like ew, I didn't really like it, ew, I was like, I don't like it, I don't want to use it. And I tried using it and I'm like, it's too slow. I don't like it. Anyway, I finally realized, intuit, this was it. This is what Intuit was going to, and if I wanted to keep doing training and things that I really needed to get on the, on board with it and stuff, and so I printed out the little keyboard shortcuts and things like that, and I just forced myself to start working with it and everything, and once I learned some of the navigating shortcuts and learned how to do some of that, once I understood that it isn't the same, it is different, and once I Forgot that and just embrace learning it and learn some of the new things that it can do and things like that Then I really got to know it and like it a lot better And then I got to where I didn't like working in desktop and it seemed clunky and dated And then pretty soon I got to where I didn't want to work in desktop at all anymore You know And it just, it was a transition to where, I realized what Intuit was doing and why they were doing it, pushing us to QuickBooks Online and they were ahead of the curve. They were teaching us freedom in the cloud and going to the cloud. Intuit spends, millions of dollars doing all this research and stuff, seeing where the industry is going. And pushing us there, and it really did help us once COVID hit, we were all working from home and doing all this, we were ready for it, ready to support our clients and help them to do all this remote stuff. We were ready, and we were well ahead of the game, whereas a lot of people were caught and stuff. But by embracing QuickBooks Online and stuff, that helped a lot. But, so I did get away from desktop and I had been a long time desktop user since the mid nineties, but there's still things. And QuickBooks Online that are lacking and especially in the inventory area and job costing. It just simply wasn't as powerful, and so I know that there's a lot of people still kicking and screaming and not wanting to give up desktop, but.

Dan DeLong: 8:07

Yes, they're the Charlton Hestons of of QuickBooks. They're fried desktop from my cold dead hands. But it is. And I always compared the two different platforms like QuickBooks Desktop as a dog and QuickBooks Online as a cat, right? And if you're a dog person or dog lover, you really don't like

Michelle Long: 8:25

that. Yeah. Oh, yeah. Or Apple and Android. Yeah, exactly. You're

Dan DeLong: 8:34

wherever you sit on both on, on either side, if you get really annoyed by a green text in a group chat boy, then that's where you, that's where you see the Apple people come to life there. But yeah it definitely like you mentioned it's, it takes some unlearning of what you already know to do some of the same things that, that you're used to doing and QuickBooks Online, of course, has its advantages and some of it is the disadvantages, and the biggest disadvantage is that feature gap. Of the things that you were used to using in the workflows that you were wanting to, that you did knew, did know in, in QuickBooks desktop. And now you have to learn a new way to do these things. So we're done with that 1st poll question. So let's go ahead and recap the pricing updates with regards to QuickBooks online or desktops using because It's all going to take place around the end of this month. So this is a very finally discussion. And we did have a good discussion about it. A couple webinars ago. So you can always go back and review that where we go into a little deep, deeper dive, but I'm just going to highlight. The pricing changes as they relate to QuickBooks desktop. ProPremier Plus active subscriptions are going to increase on October 1st. Now, this does not mean that on October 1st, all of your customers that are on ProPremier Plus Those active subscriptions are going to have an increase. It's when it comes time for them to annually renew that when those those increases will go into effect. If they just renewed, last month, they're not going to get another charge on October 1st. It's going to be whenever that is due, right? Or whenever that billing date happens. 10 months from now or whatever date that happens to be. So pro premier plus active subscriptions will increase pro premier Enhanced payroll is actually going to be stopped sold. So there's a stop sell date. That was The end of Jan July. There's too many months that have J in them. The end of July was supposed to be the stop sell date for Pro, Premier, and Enhanced Payroll. But that has shifted so this is an example of Intuit responding to feedback. So that day even though it was the end of their fiscal year it probably made more sense for them to do it on the end of July. They heard the feedback and pushed that to the end of this month. So that stop sell date is actually going to be taking effect the end of this month. So September 30th 2024, unless they changed their mind in between now and then. So who knows there is an enterprise pricing change, not. necessarily for the MSRP or the pricing change, but there is a discontinuation of discounts that might be. That would certainly impact your enterprise customers, as well as the accountant pricing change. Desktop is going up significantly for pro plus and Mac plus is going up, this is just a one user cost from 649 for pro to 999. So 250 increase year over year. Premiere Plus is getting 350. I'm doing the math right? Nope. Yes. No, that's 450. Sorry. Heh. So a one user Premiere Plus will go up to 1, 399. The additional user cost had traditionally was 200 for Plus. And 300 for premier. I don't know intimately if that is the same thing this year or this coming year. But again, that is that price increase will be, uh, effective. October 1st, but only on their annual renewal with desktop payroll there still is a basic payroll subscription out there basic payroll is enhanced without the ability to e file and e pay But those are going up The base is going up 150 for base basic as well as a one dollar for employee charge An enhanced payroll is also going up 150 and a 1 per active employee charge. That was actually started September 1st is the date for those. Again, if they're annually they won't get the increase until that annual the annual is up. With a QuickBooks Enterprise. The difference is that the ProAdvisor lifetime discount, which was 20 percent for seats up to 10, and if they had over 11, 11 or more, it was 12 and a half percent of the MSRP. After October 1st, any new modification to an existing license will no longer have a discount, and if it's a new, newly equipped enterprise after October 1st there won't be any possibility for for a lifetime discount. Doesn't mean that they won't have discounts. It just, they won't have that lifetime discount typically enterprise subscriptions or any subscription that you're purchasing through Directly through into it. We'll have some kind of promotional discount, but just like direct TV or any other service that you do with your internet service provider the, they give that discount and it's temporary. And then once that expires, then you're paying the MSRP. As long as their license is unchanged though. So if you have existing enterprise clients and they are using an active subscription, as long as that goes unchanged discount, if there are current discounts, they will remain in place. So if you have a client with a, with an active enterprise subscription that is. Subject to your pro advisor discount referral or whatever, however it got there, it will stay there as long as they don't make a change. Now, if they up their feet or change different metals, go from silver to gold or gold to platinum or downgrade from platinum to silver or what have you that will be viewed as a new subscription. So if it's, if it happens after the 1st of October, those discounts will peel off. Just keep that in mind. If you're working with a client and they're thinking of adding seats have them do that before October 1st with the accountant. Desktop accountant is is going up 200. As well as the ProAdvisor Premier bundle. So if you're, if you have an add on onto your ProAdvisor ProAdvisor membership for just the Premier, that annual subscription will go up 200. The ProAdvisor Enterprise bundle will go up 300 and that's if you have Enterprise and Premier as part of your desktop ProAdvisor membership. And that will be October 1st, again, on, A new renewal. Now they're no longer actively selling accountant enhanced payroll for accountant, which allows you to have up to 50 EINs. They stopped doing that several, I think a couple of years ago, or at least 18 months ago. So if you have, and this is an example of, yeah, they stopped selling it, so that's that stop sell date for pro and premier, but they are honoring the subscription as long as it remains active. If it doesn't go inactive, you have 30 days to reactivate it. They do give you a grace period to make sure that you're billing information, if you change your credit card or what have you. And it doesn't go through you do have 30 days to reactivate it before it goes totally inactive and they can't reactivate it, but the enhanced payroll for accountants, if you had it as part of your pro advisor, that's not bundle up above, you get a 50 percent off of it. You get a 50%. Discount off of the base subscription costs. But they did sneak in here that this is going up dramatic dramatically, and drastically it's doubling in price, that, that baseline. Is going from what it is now is 1, 400 a la carte and you get 50 percent off with with that is going to 2, 800 a year if you have an a la carte, but again, you get the 50 percent off of that and the direct deposit fee. So this one's a little bit different than other payroll services. And instead of having the The per active employee surcharge, this is only a charge if you're actually doing the direct deposit. It could really add up, especially if you're doing weekly payroll and they're all direct deposit. Just keep that in mind. And again, that, that will go into effect on October 1st after the renewal. All right. So sticker shock going on all of the pricing increases to take a breath there and I am not going to make any claims that these these features that I'm going to talk about are worth the price increase that is more of a strategy of removing the cost factor from the equation of, do I go with the cat of QuickBooks Online or stick with the reliable dog? QuickBooks desktop. And I think,

Michelle Long: 18:03

I think Dan Don Bobbitt's comment here just hits the nail on the head. They really do not want people using desktops. I think the pricing is just geared towards getting people it removes price from the equation because that's where people used to You know, say, they just take price out of the equation and so I think he hit the nail on the head there.

Dan DeLong: 18:28

Yeah, and the and the big thing about it though is it still may be cost effective to stay with desktop, especially if you have multiple entities. Because with with QuickBooks Online, each company represents its own subscription whereas Enterprise or any desktop product, as long as you have the hard drive space, you can create as many company files as you like. That's one big thing about comparing Apple's and Apple's.

Michelle Long: 18:54

And the other thing is, too, the consideration of third party apps is, if desktop, you may not need those third party apps if you get Premiere, and you've got the, some of the inventory features, whereas with QBO, you may need third party apps, but anyway.

Dan DeLong: 19:10

Yeah, and I saw somebody mentioned about QBO inventory is terrible. It is terrible if you need, build assemblies and if you need, multiple units of measure and you need some of the advanced inventory functions that are in QuickBooks desktop. But. For a reseller of, I buy this stuff and I sell the same stuff a little later. Could be what they need, right? So it just depends on what they're needing. Were you going to say something there?

Michelle Long: 19:38

I was just going to say too, the vast reality is, the vast, Majority of small businesses don't have any inventory, I'd say 80 percent of the small businesses don't have inventory. Most of them are service based businesses when you really think about it. With QBOs looking at the majority of the businesses are not inventory based or service based businesses. Anyway, did you mention the new price of enterprise and with that, I don't remember the

Dan DeLong: 20:08

pricing decisions aren't going up. I'm sure they will because it's just another thing and another nail in the coffin. But the prices on enterprise are not going up. It's just the removal of the discount. On new subscriptions after October 1st. Look for a price increase, but historically those price increases on enterprise happened in February. They're likely probably doing the. Going off of that, I am one, one disclaimer here is that we are on under no knowledge of the shenanigans that are, we are just seeing what is the, what is currently external and available to you as the public, you can always check these things out on the firm of the future webinar or from the future website. And we are just pontificating just as much as anybody else based off of what they. What they've done in the past and how they might have might be doing these things in the future So we are under no no Insider knowledge or anything like that. This is all just what's happening. Currently and what we've been told external right, so

Michelle Long: 21:20

And miriam is asking where she can find the 2024 subscription. She doesn't know where she can get that so Do you want to answer that one as well?

Dan DeLong: 21:29

Yeah, so for Pro and Premier, there is a website, and we'll put it on the QB Power Hour website so you can get to it. There is a link. With Pro and Premier, As long as you're within that, sell through date, you got to call and do it, right? You got to get to, you got to do it directly through Intuit. There's no other way to, to get an active new subscription. Enterprise you should be able to to find it on their, on, on the website and purchase it there. Scrolling down to the bottom. But there is a stop, they'll like a backdoor, um, website where you can activate new pro plus subscriptions up until that stop. So they occurs and then you would purchase one, one user license, and then within the product, then you would add your seat once you were able to download it, but with with the QuickBooks desktops now filled up. 2024 years version what they're doing instead of releasing new products, instead of releasing a 2025 this year they're just adding that and any new enhancements and features into the latest version, right? So long as you're on 2024 and you're actively updating, you will get these new feature enhancements. So what we're going to talk about here was actually an Released in June with the R7 update, they're already on R8. So when you are in QuickBooks and you press the F2 key or control one to see the product information window you'll be able to see what release that you're on, if you're not on release seven, you won't have these features in 2024. At least if you're not on at least release seven. So as and then they're planning to release these feature enhancements quarterly instead of waiting for one year's version to come out and then releasing a new product that you have to download and install and update and all that stuff. Should be an easier process to get these new features because you already have. QuickBooks point 24, assumably already installed. You just update it and then you have these new features. So with these with the new features with with R7 and then the next one is actually expected in October, so we may have a, another token QuickBooks desktop webinar, we'll talk about those new features. But with with R7 we have now prepayments on estimates. They already had it with with sales orders. So opened it up with being able to take a prepayment on estimates for those folks with inventory. Inventory turnover report is now a function. We'll talk a little bit about that. And then there are some old desktop versions. We'll have a few slightly I don't know what superficial feature enhancements. Print grid lines on reports and you'll be able to search the class field. So I am not gonna make any claim that's worth two$50 a year increase for your pro and plus subscription. But that is they do get those options now. And then there's a link there in the slide for the release notes, so you can check that out. Um. The articles that come along with with those launches. So on estimates, you'll now be able to see this receive payments button in the upper right. And what it allows you to do is to take payments against estimates using those familiar workflows. It's typically you have an estimate or an invoice and then you have, you receive a payment against that. And a lot of people will continue to use that, receive customer payments when they're accepting customer deposits or prepayments on those invoices, and then that causes a host of other purchases. Accounting nightmares when you're doing it that way, because that will affect the customer's overall a are balance and and then what do you do with that open credit? And it's not technically. Accounting wise, not correct Michelle? You don't necessarily want to receive a customer payment when you don't have an invoice to apply it to, right?

Michelle Long: 25:43

Then you have a credit sitting in AR and it can do funny things And this is where, too, I was asking you I'm like, okay, wait a minute. An estimate is a non posting transaction. So now what's going to happen? And how does this post? And do I need to go test this? Dan, what happens in the background? What's it going to do?

Dan DeLong: 26:07

What this does is it will use another current liability account instead of Accounts receivable as the offsetting thing. And typically there's a workaround when you don't have this, where you're setting up a sales receipt to account for the movement of money and putting it into the bank account. And then you have to create some kind of credit memo or account for. When that actually does become invoiced, I got to apply that towards towards the open invoice to lower the overall balance of the invoice. This will do that automatically, as as Intuit loves to say. It applies those open deposit balances once it's invoiced, and it really just simplifies the workflow. You, what people are used to doing, I'm receiving money, and, I will take a payment. When you introduce another transaction type like a sales receipt or just a specific workflow, it does cause some confusion. But we did a demonstration of that on on the workshop Wednesdays. You can check that out where we go a little deeper dive into that thing. But let's just talk a little bit about some of the requirements here for this particular feature. It can only be used with or it can be used with both sales orders and estimates. I never really haven't really dove into what if you receive it on an estimate and then turn it into a sales order and then turn it into an invoice, but that will likely be something to look into but you can do it on either. You can take prepayments on sales orders or estimates that can be used with progress or non, non progress based in estimates. The caveat, the yeah, but is it can't be edited once it's applied to an end. So once you turn that prepayment into an invoice or once you turn that estimate into an invoice and have a prepayment that you're going to apply. Because it'll give you a it'll give you a message. Say, hey, do you want to apply the prepayment? You say yes. Once you've done that, you cannot modify the prepayment transaction. It's locked down because it will, the way it actually does it is it creates two different journal entries when you do that to move the the balance from the other current liability account to to apply it towards towards the invoice. And those transactions are not Connected, right? So they're not linked together. So if you modify the payment the prepayment transaction it's not going to have any impact on those two journal entries. So you just really want to delete and start over, right? And if this was actually recorded through a QuickBooks payment, then that's going to be another host of challenges with with how you correct that. And it also cannot be used if you have multi currency turned on. If you have multi currency on you, you won't be able to see this at all. So there's a couple of settings that you want to activate. And I was double checking when I was doing this yesterday, let me go the wrong way. Oh my goodness, where'd it go? This screen is what it's trying to get to if you click on receive payments on an estimate because you'll see this button here whether you have the feature turned on or not, but when you hit click on Receive payments on an estimate. It will take you to the preference and allow you to set it up because it'll say hey You don't have this set up. Would you like to set it up now? On the payments section of of the preferences, there's going to be this button that says prepayment settings, and when you click on that it's just a checkbox to turn on the prepayment, and then you're going to be specifying what liability account you want those prepayments to go to. And that's really all the settings or preferences that you need to do. Because you're just specifying that that process here. So I do have, I did have, where is it? There it is. Okay. Did have the QuickBooks up here in the background and while that's waiting to come up, we'll move on to the Inventory Turnover Report. Maybe we'll just demonstrate both of these at the same time. So the Inventory Turnover, as the CPA of the two of us Michelle, What does that mean? What is inventory turnover? Typically, you don't want, you don't want inventory, you don't want employee turnover, but you do want inventory turnover. What's the, what is the concept of inventory turnover?

Michelle Long: 30:38

We, the idea is that you keep it moving, right? You want to, you don't want your cash tied up in inventory. For example, I had a client that had a sporting goods store, right? And he would buy stuff that he thought was cool, not stuff that was selling, and we were joking in the old days, it was the dust test, right? You could walk around the store and if it was dusty. It's time to mark it down and sell it, right? You want to sell the inventory to convert it to cash so you can buy more inventory that your customers want to buy, not what you think is cool. What is selling? You want to turn the inventory over the faster you turn it over. And the more that you're selling. Then you know the higher your sales are and the more profitable you are theoretically if you're pricing it correctly, right? So the more you're turning your inventory theoretically the higher your sales and the higher your profit So it's a good thing to have a high inventory turnover, theoretically

Dan DeLong: 31:44

And like most things it depends right based on what you're selling and those types of things but right but ideally you would want to time it so that you're Purchasing and selling is almost in synchronous, it's synchronized. One, you don't have shortfalls of inventory, like back orders and things like that, and you also don't have the burst effect of, I've got dust just sitting on the shelves that's collecting dust. That's what you, your dust stack, as you were mentioning. So this inventory turnover report is going to give them insights into a frequency of time. And is it typically in a year that you look back on this or does it really matter? Or it's again, is it depends on. The period of time that you're looking at your it's going to

Michelle Long: 32:28

it's going to it's going to depend on the industry Some industries have you know a longer, sales frame, if you think about a car Their sales cycle is going to be different than mobile homes versus grocery stores or walmart or a jewelry store different industries have different Turnovers and stuff like that. It's going to depend on the industry and that's where they need to look at the industry averages and know what's normal for our industry. What should our turnovers be? And that's where they can use these reports to help them. To know how are they doing with industry averages and that's where I'll put this in the chat But there's a website called biz stats b i z. I'll put it in there bizstats. com Where you can go see what are the industry turnovers, you know What should it be for our industry and you can go get an idea and help them to see You know, are we turning it five times eight times? Is that what it should be for our industry? And these reports can help them to see that to know if they're turning their inventory as much as they should be.

Dan DeLong: 33:33

All right, so let's go ahead and go into this report because it's just built in as a default report now. So I go to inventory reports. Now I see this option here. Inventory turnover by item. First time that you launch it, it's going to give you a little idea of what you're going to get out of it. You can choose the option. Don't show this again if you want, or go into the article I did post in the in the slides Input has made a nice little inventory turnover page on their website where they talk about some of the distinctions of the there's actually two ways to calculate it. You can base it off of your your sales or the cost of goods. And QuickBooks is using the cost of goods sold method. So here we make this a little bigger so people can see it. So here's every item it's got some, general information about the. The item itself, but it will tell it these two columns here, turnover ratio and turnover days are the useful turnover information during this during this time period. So this is looking at one year's worth of sales or transactional information. So this is a sample company. So it's dated in the future. So don't concern yourself with the time traveling that I'm doing here by going into detail. But this particular item it has a turnover ratio of, and it takes three, four days, go over turn this over. So if I go back here and the dog is bark and can't get to, so this will also give during that time period, it'll show the cost of the sold during that year the closed stock, opening stock, purchases that you've made during that time period, and then what the average inventory is, because that is something that you would need to be able to to tell what your what your turnover actually is. This is calculating, Okay. The cost of goods sold divided by the average inventory during that time period and then giving you the turnover ratio and the turnover date. To figure out what that average inventory is, it takes a lot of calculation because especially if you're doing that during the during the course of a year, you have to get the ending stock figures during each of those months and then add them all together and divide by six. So the inventory turnover report is doing that for you, as you see, the quick zoom, the little magnifying glass that you get for all of these QuickBooks reports would allow you to drill in typically for any of those amounts. But unfortunately, all this does is take you to edit the item, so you cannot confirm any of these any of these items or any of these amounts in here because every place that you click on this report is only going to give you to edit the item that you're clicking on. That's a feedback session here that that would be super helpful, if you wanted to confirm your cost of goods sold for that year for that item, it would be really helpful if you could just drill in and see the detail there but now you got to run another report in order to confirm that just the same as your average inventory as well. Michelle, you're pointing your finger like you're going to say something.

Michelle Long: 37:10

Could we launch a poll question?

Dan DeLong: 37:12

Yes.

Michelle Long: 37:14

Since this is a CPE one, I think we maybe should do that. Yeah. And yeah, there you go. And then I thought we could continue talking while they're doing. There we go.

Dan DeLong: 37:25

There you go. Thanks. Then the other, thing I can really show here, that's come in is this report with gridlines is a new function from the print dropdown. So if you wanted to see this is. This report is going to show all of your inventory items, which if you have a lot of inventory items, that's going to show it's going to be hard to read, right? So the report with gridlines show the preview here. It just gives a line for each one to make it a little easier to read, especially when you've got a report with a lot of detail on it and you want to be able to make sure that you're not flipping from one line to the other. So that is That's an honorable mention feature for QuickBooks Desktop, but it is a new one. And then, the other thing about this report is you really can't customize it too much, right? So you can change the report date range, but adding, taking columns away, those types of things are not available just yet. You can filter. Filter the report. There is a dropdown here to show different types of items. You can choose multiple items from here to be able to, make things a little easier. And then, of course, you want to, if you categorize your inventory you can filter by, by categories. But, These columns are hard set in here you can drag and move, remove them but as soon as you run this report again, if you didn't memorize it, it will bring up those those those columns again. But you can't reorganize, wait, can you, yes, you can reorganize them but you can't add additional columns if you wanted to see that. So that plus the drilling in is a. It's a little yeah, but for me, but it's, uh, if you just needed to get the turnover ratio and the turnover days, it's a it's a valuable add on the reporting. Let's go into an estimate, show the show some of the options here on taking a prepayment. So this estimate here is 17, 250. I have my received payments option. Again, it won't, it will tell me. You won't be able to make any changes on the prepayment once you apply it to the invoice. And now, you can tell that this is a prepayment because it says so here. So it gives that little stamp that this is a prepayment, which corresponds with this checkbox here that this prepayment is for an estimate or sales order. So you do have the option to change that. Incidentally, if you Did close this here, clear it first and then close it. We did inadvertently go to a customer to see who's customer is. This is Jen Crandall. So if I went to create a payment, where are they? Enter customer payment. I'm lost. Where'd it go? Receive payments. There it is. It doesn't have the prepayment, but as soon as I check this, Or this is a prepayment on a sales order or an estimate. And as soon as I choose that customer, now that estimate shows up here. So you can do it from either direction whether it's coming from the estimate into the payment, the prepayment, or going from the payment to the estimate. But you just wanna make sure that you have that check mark in there, that this is a prepayment in the transaction type, in order to have that workflow partake, you know. Having that workflow in use. So if I hit save, oh, I got accused. Oh, and I locked it up Go back to the estimate.

Michelle Long: 41:34

Did these all go to one deferred liability account? Are you able to set up different liability accounts or is it just one default? Liability, it's only one. It's

Dan DeLong: 41:45

only one default Yeah, it's only one default which will feed into the the built in report on prepayments. Okay. But let me go back here. I'll just choose this one

Michelle Long: 41:59

and we'll go

Dan DeLong: 42:00

there.

Michelle Long: 42:02

And then can you get a report of the open prepayments that you have?

Dan DeLong: 42:08

Yeah, there's a built in report. So let me record this for 5, 000, it'll apply it towards the estimate save and close that no, it has to be after the date of the estimate, so because we're future based here, so this is 3 7 20 30, let's make sure I'm in the future of the future. Save and close. All right, the sound of the sound Then we

Michelle Long: 42:36

have in here under customers we have Open

Dan DeLong: 42:53

prepayments by customer. So now there's that estimate for that individual for jen crandell. She's got a five thousand dollar prepayment. And when I look at the the estimate, go back to it, there it is. So there it shows the prepayment is applied to the estimate. So it gives me the balance due of the invoice, or the estimate as 5, 000 less. Now I can turn this, when it's time, I can turn this into an invoice. I'm just going to create it for 100%, right? So far, it doesn't look like it's doing anything just yet because I'm just creating a, an invoice out of the estimate itself. It says I hit save and close. It tells me the transactions in the future date. This customer has available credits that can be applied. Would you like to do that now? Say yes. There is our 5, 000 prepayment. It's already pre selected. And I'll just hit done here assuming it's going to allow me to do that.

Michelle Long: 43:59

What would be nice is feedback for Intuit. What would be nice is when you create that estimate, or I'm sorry, when you create that invoice, if it would allow you to put that on there, like you had to save it first before it asked you that, didn't it? I had

Dan DeLong: 44:20

to save.

Michelle Long: 44:22

Did you save this invoice before it said you had those credits? You had to click save first, didn't you?

Dan DeLong: 44:29

Yes. And then it recognized that there is an outstanding prepayment in order to order to apply it to, because what it's doing is it's using those two, it's creating two additional entries to move the money around. So it does need to know that you're ready to do that. Gotcha. Do that. And then when I do that my open prepayments by customer report is blank. Because I don't have a prepayment available anymore. And then if you looked at the transaction history, you would see that, there's journal entries tied to things as opposed to the customer payment because of the fact that there's no AR on that prepayment. So that's how it handles those things. And then I think the last feature, Oh yeah, the ability to search the class list. Ooh big deal, right? So I have a class list of five, so I don't need the ability to search. I can see it all there, but if you have pages of classes and you want to be able to search for them, now you can. Search for it in the search field at the top. They're slowly but surely adding search fields on list and class list is the next one on here. Go back here and launch the poll. Do you feel like these would be, will be helpful? It looks like it's pretty well mixed there. But the biggest one is nope. Don't have any, don't have any customers with with these workflows. Let's talk a little bit about the future state of desktop. Again, oh, you were going to say something, Michelle.

Michelle Long: 46:09

No, just some people are wanting us to launch the last poll, because they have to jump. Can we launch it while we talk about this, maybe?

Dan DeLong: 46:18

We can do that, yes, absolutely.

Michelle Long: 46:20

Thank you. Sorry. This is a,

Dan DeLong: 46:22

this is a, this is again, this is not foreshadowing anything, but if desktop was not around, we What would that mean to your business is the last poll, poll question. But the disclaimer here is that there's no official announcement to me. As a matter of fact, if you talk to Intuit they'll say desktops here for as long as there's a hard drive on computers. And that's really the, the bottom line is as long as there's a need for it. It will be available but it may be a little more costly or in the future as history is predicting the future, but it's very very telling that there is no 2025 version this year because I think Hector brought this up and one of his webinars and I happen to agree with them. It aligns with the service discontinuation policy with 2024, right? Being the latest version of QuickBooks Desktop Into its service discontinuation policy is to support the most recent version minus two. And as those years go on 2022 is going to be the next Version that will be on service discontinuation and that will be May 31st of 2025, and then 2023 will be May 31st of 2026. So that would mean that 2024, if there is not a new version, and again, we're just, guessing that 2024's service discontinuation date would be May 31st of 2027. So if there is a date that QuickBooks Desktop is not going to be available that would be the date. The target date doesn't mean that's what's going to actually happen on that date. We've seen things change. Within a month, right? The stop sell date change those types of things. And that doesn't mean that all desktops will be discontinued on that date. It may be that there is still a viable need for enterprise. But I would see, I would foresee the way things are today. If I had to read the tea leaves today, Pro and Premier would not be actively supported or continued on that date because they made claims that QuickBooks Online is on Feature Parity with Pro, at least, maybe Premiere if you're not using the inventory functions. Other Intuit channels are aligning with this timeline as well. And I would expect additional price increases in that three year window to again, eliminate that, that part of the conversation. On October 3rd, Intuit is Announcing an online mid market announcement. So don't know what that's going to foresee, but we'll be talking about that after October 3rd once we actually hear what they had to say. And they've made claims that enterprise will be the flagship desktop product until it's not right. It's like predicting the stock market, right? Things will go up. Until they don't, things will go down until they don't. So we shall wait and see and and see that. But if somebody, pinned me down or tied me down and had that, gave me a ask for, when is desktop going to go away? That date May 31st of 2027 seems to be a date that will make sense as to what we're seeing today. And potentially see it in the future, but, the future holds a lot of possibilities and potentially other alternatives between now and then. Three years is a long time for a tech company to to be saying, Michelle. Yeah.

Michelle Long: 50:05

It'll be interesting. It'll be interesting. We'll see. I, it is interesting because that big mid market announcement on October 3rd is before QuickBooks Connect, which is tending to be, I'm sorry, Intuit Connect, which is tending to be a mid market conference from what I'm hearing. But it is changing with kind of a new focus this year as well. So

Dan DeLong: 50:30

yeah, we shall see. And hopefully in October we'll be talking about, what new features are in desktop because they're planning for another quarterly update to happen around that time. So we'll have lots to talk about in October. What's new, what's with the new new version of this announcement. I suspect I'll be outrageously underwhelmed by that, whatever that announcement might be very similar to when QuickBooks Online Advanced was announced it was like, oh, that's it, but. I

Michelle Long: 51:00

suspect it'll have some AI flavor in it, and I do suspect it'll probably be a lot of hype, and then disappointment that it won't be as much as we think or whatever, but I suspect it'll have AI in it, and a lot of bells and whistles around AI is what I'm thinking. That it'll have a lot telling you about the numbers and stuff coming from AI is what i'm thinking But I will be on a cruise ship in australia on october 3rd And then going off of new guinea after that i'll be back towards the end of october So I will miss it and have to catch up when I get back after my trip. So You have to tell me what I missed

Dan DeLong: 51:45

We'll look forward to filling you in and enjoy your trip and we'll see you at, so let's see everybody on the next QB power hour. We appreciate you joining us today. Have a great day, everyone.

Michelle Long: 51:56

Thanks Dan. Thank you everybody. Thank you everybody.