Introducing QuickBooks 2023 Desktop

Intuit has announced the QuickBooks 2023 desktop version (for the US). Here’s my quick impressions of what is new, and changed, for this year. This is just a quick summary with some opinion thrown in. I’ve not had a chance to actually play with all of these features in detail. Please note that I’m talking about the desktop versions for Microsoft Windows for this article.

If Intuit’s release schedule works as it has in the past, this might be released to the public in late October, or perhaps November.

All QuickBooks 2023 Desktop Versions for Microsoft Windows

Mileage Tracker

You can record, track, and view business mileage in a single place, using either the Desktop product or your mobile phone. This helps you create accurate mileage reports for the IRS and chargeback customers, including a mileage log with trip location details.

Again, note that this will require you to log in to your Intuit Account as with the Cash Flow Hub feature, which isn’t surprising since you will have to be able to connect your phone with the desktop. Note that the remote features will only be available on iOS enabled mobile phones (at least for now).

This may be a very useful addition, but it all depends on the details of how it is implemented. Intuit has a tendency to just to the “light” version of a feature like this. There are many mileage tracking apps out there, but if this works and links well with QuickBooks, that would be great.

Cash Flow Hub

This provides you with a dashboard that lets you monitor your cash flow in and out, all in one place. Note that you will have to log in with your Intuit Account to be able to access this feature, which some people might find annoying (but it shouldn’t be a big deal).

You get some nice summaries and graphs that give you a good overall picture, and you can click on these to drill down to more details. You will find separate sections for “money in” and “money out”. I’ll have to see how this works, BUT it looks like it will be very helpful.

Equifax Verification

If you are using QuickBooks Desktop Payroll, Intuit is partnering with Equifax to automate verification of employment and income. Employees are assessed and (if appropriate) quickly approved for loan, credit, or other aid applications. I’m not clear how often this would be used? We’ll have to see.

Integrated 401(k)

If you have an active QuickBooks Assisted Payroll subscription you can set up a fully integrated 401(k) plan through Guideline. Contributions and deductions will be handled automatically. I’ve not seen the details of the kinds of plans offered to be able to evaluate how good this will be. Certainly it would be helpful to have this integration, BUT does Guideline provide you with the kinds of plans that you want?

Feature Improvements

• Intuit has improved how bank feeds work, hopefully making the user interface a bit simpler. Note, though, that it uses a different connection system, and some banks might not support it (yet).
• Payment Links are improved with a new dashboard and interface.

QuickBooks Enterprise V23

These features are only available in QuickBooks Enterprise 2023 (V23). Most are only available if you have a Platinum or Diamond subscription, or Enterprise Accountant. Some are available in all subscription levels, as I will note.

Intercompany Transactions

If you have two QuickBooks company files that use the same Intuit Account, you can create intercompany transactions such as vendor bills and company checks. You will have the ability to review and approve (or reject) these transactions, and user permissions will control who can perform these tasks. (Platinum, Diamond, Accountant only). There are some companies that will like this very much, but many don’t do this kind of transfer.

Purchase Order and Bill Workflow Approvals

You can set up a purchase order and bill approval process using a single dashboard. There will be a detailed transaction log / audit trail. Note that each user will need to have a separate Intuit Account to be able to use this feature. Approval workflows are important for larger companies, as long as you stick with the plan. However, having an Intuit Account for each user that accesses this might be a hassle for some companies. (Platinum, Diamond, Accountant only).

Inventory Lot Number Expiration Dates

I’ll be VERY excited to dig in to the details of this. You can assign an expiration date to a lot (if you are using the Lot Number feature). There are reports on expired and soon to be expiring lots. You will see the expiration date on transactions, such as bills. What I want to examine closely is how the system handles lots that are expired (other than reporting) – can you still sell the item? How strong is the warning if you can? (Platinum, Diamond, Accountant only).

Inventory Item Categorization

You can now add a “Category” label to inventory items (up to four levels deep). I believe (but I could be mistaken) that this will only show up in reports, as a column that you can sort and filter by. (All editions of Enterprise).

For More Details…

For more detail on these new and improved features, along with some screen shots, I recommend that you see the Intuit product announcement. My friend Laura Madeira at ACS, Inc. has been writing these product announcements for Intuit for many years now, and I know that she spends a lot of time ferreting out the details of the new releases. Laura is one of the most outstanding QuickBooks training and troubleshooting experts in the USA!

What do YOU Think?

Tell me, what do you think of this list of new features? Is it enough to support the idea that you have to subscribe to the desktop program to be able to continue using it?

There are some good features here, but for a small company that doesn’t use QuickBooks payroll, that isn’t using QuickBooks Enterprise, it is a bit light. Intuit continues with several trends that I’ve talked about in the past (either in this blog or in other venues):

• Inventory improvements are primarily found in QuickBooks Enterprise. If you really are managing a complicated inventory, you probably need to be using one of the more expensive subscriptions in the Enterprise lineup. Or, use a more comprehensive integrated inventory system such as Acctivate.
• Intuit continues to push you into using your Intuit Account, and have an account for each user. I don’t see this as being a big problem, it is more of an annoyance (particularly for small businesses that don’t have separate user accounts for each employee).
• There is a continued push into online-enabled features. This makes sense with something like the mileage tracker, where you are connecting with a mobile phone. But Intuit is playing the long game, they want to get you used to using online features, so that someday you’ll be OK with switching over to QuickBooks Online.

Tags: 401(k), Advanced Inventory, Assisted Payroll, Bank Feeds, Cash Flow, Equifax, Intuit Account, Lot Number, Mileage, Payroll, QuickBooks 2023, QuickBooks Enterprise

Category: QuickBooks 2023