QuickBooks 2023 R3 Released

Intuit has released QuickBooks 2023 R3, the first bug release update of the new product. I always recommend that you avoid using an R1 release, because we know that they are already working to fix bugs when they first release a new product year, based on the last minute reports from the beta testers. There is a short list of bug fixes this time, as well as at least one update/change (depends on how you look at things). But the big issue, to me, is how Intuit deals with your data if your subscription expires!

This update should be available via automatic updates. You can also go to the QuickBooks Update site to download the patch.

Should you get this update? If you are using QuickBooks 2023 R1, you definitely SHOULD. But, if you are using an older version of QuickBooks, every year I recommend that you wait a bit longer before you jump into the new version. I don’t know of any problems, but since this is a very new product you don’t want to experiment with your company accounting process. Besides, we are getting close to most people’s year-end, why mess around with something that you know is working properly at this critical time?

Important! Changes if your Subscription Expires

This is important. QuickBooks 2023 is only available as a subscription. You can’t purchase a lifetime copy as has been available in the past. What happens if your subscription expires? Well, according to Intuit, starting with QuickBooks 2023 R3 you have one year to be able to view or export your data.

When your subscription expires you won’t be able to update your data. You can export it, or view it, for one year. After that your only option, if I understand this, is to renew your subscription.

I strongly recommend that you read the Intuit information on this at the Renew your subscription or use view-only mode in QuickBooks Desktop 2023 page!!

There are a number of caveats and limitations that are listed by Intuit. I have not been able to test this to see exactly how things play out. Understand what the limitations are!!!

Bug Fixes in QuickBooks 2023 R3

There are a few “issues” in the R1 release that have been fixed. Intuit doesn’t call all of these “issue fixes”, but the way I read them, they are (I prefer “bug fixes”, they don’t use that term).

• The Inventory Valuation Summary Report now works with the add-on developer’s kit API. I’m going to guess that there aren’t a lot of add-ons that access this report (actually, I do have one that can use it, so I’m glad this is fixed). Not something that most people will run into.
• If you are using price rules, Invoices will now support the price rule on an item that has a sales price of $10,000 or more.
• If you are at the No Company Open window, the enter key will now open the selected company file.
• If you are using QuickBooks Enterprise V23, the new category list view has been enabled. It may have been available in the R1 release, but it is no longer available in R1. To me, this sounds a lot like a bug fix for the feature in R1, but Intuit doesn’t call it that?
• There are several “minor bug fixes and experience modifications” in the Cash Flow Hub. Intuit doesn’t say what they are, though. Dang it.
• You can include direct-connect banks in the All Accounts section of the Cash Flow Hub. Is this a bug fix? I’m not sure.
• Payment Receipts generated after Online Payment Processing are now MTL compliant. Maybe not a bug, maybe just an update for changing requirements?

Changes in QuickBooks 2023 R3

There is one change that I won’t list in the “bug fix” section:

• There are several changes for the 1099 NEC & MISC forms to get things up to date with IRS requirements, such as changing the year placement, changes to the FATCA filing box number, and so forth.

Changes in QuickBooks Enterprise V23 R3

Some of these updates may actually just be features that were announced for R1, but were not enabled to now?

• There is a new Expiration Status report for QuickBooks Enterprise V23 (Platinum, Diamond, Accountant only) if you use lot or serial numbers. This was announced for R1 but I think it wasn’t enabled then. It should be now.
• Intercompany transactions, also introduced with R1 (only available in Platinum, Diamond, Accountant):
  • Use date-range filters in the Intercompany dashboard and reports.
  • You can edit an Intercompany General Journal entry for all fields except Amount and Account.
  • You can change the default due-to-account when you approve intercompany transactions.

Tags: 1099 Misc, 1099-NEC, Expiration, Intercompany transaction, Inventory, Price Rules, QuickBooks 2023, Subscription

Category: QuickBooks 2023