As software products continually evolve, each release brings valuable enhancements, and QuickBooks Desktop 2023 is no exception. This latest version offers tools to simplify inventory management, streamline transactions, and provide better insights into cash flow. To learn about the latest QuickBooks 2023 features, keep reading.
What’s new in QuickBooks Desktop 2023?
1. Inventory management improvements
In QuickBooks’ latest release, organizing inventory has become even more straightforward.
- Inventory categories: Group items into categories to keep your inventory organized and gain better insights when running reports.
- Inventory expiration dates: Add mandatory expiration dates to serial or lot numbers, reducing the risk of selling expired items and aiding in sales decisions.
Turn on Advanced Inventory to start benefiting from these new features. Here’s how.
2. Intercompany transactions
Are you managing companies that conduct business with each other? With QuickBooks’ latest release, you can now issue a bill or check between two separate company files.
Transacting between companies is helpful if “you have separate but shared companies that conduct business with one another. Or if your businesses share a common set of accounting practices.” quickbooks.intuit.com
Learn how to use intercompany transactions.
3. Cash Flow Hub
Get a comprehensive view of your company’s current cash status, making it easier to monitor and improve cash flow, with Cash Flow Hub.
Access Cash Flow Hub by selecting:
- Company, then
- Cash Flow Hub
It really is that easy! Watch this helpful tutorial for more information about using the Cash Flow Hub.
4. View-only mode
View-Only Mode is exactly what it sounds like: Users can view reports but can’t create any transactions.
Using this mode would be helpful if your subscription is canceled or expires. You won’t be able to edit data without a subscription; however, you still own that data and can export it at any time.
5. Money transmission license (MTL) payments compliance
An MTL “is a type of license that legally allows money transmitters to provide financial services. It’s a legal requirement for every money transmitter business to hold an MTL.” (BitDegree.org)
And now, QuickBooks makes it easier to stay in compliance. MTL-specific fields—Payment Amount, Total Amount, Date of Transaction, Payment Method, Authorization Code—are now displayed on Payment Receipts.
6. Vehicle mileage tracking
Use the QuickBooks mobile app to track business mileage and import it into QuickBooks Desktop, simplifying mileage deduction calculations for tax purposes.
7. Payment links
Quickly collect payments for items that don’t require an invoice by sending payment links to customers.
Get the latest QuickBooks version automatically
We hope you enjoyed learning about what’s new in QuickBooks Desktop 2023.
Don’t forget: For the latest process improvements, bug fixes and more, keep automatic updates set to “yes”. However, if you choose to update manually, ensure you’re checking for a new version at least once a month, per Intuit.
Not only could you potentially miss out on a great new feature, but not updating may put you at risk. Vulnerabilities are often patched during updates; would you want to expose your client data to a threat by neglecting your software?
Keep data safe and secure, and work with the latest and greatest from QuickBooks today. For more information about keeping QuickBooks data secure, visit us at rightworks.com/quickbooks-hosting.
A note for our QuickBooks hosting customers
The Rightworks team already has automatic updates turned on for QuickBooks hosting customers. If you have a hosting subscription with us, you’ll get the latest QuickBooks Desktop update as it happens.
If you’d like to learn how to upgrade your company files to match the latest version of QuickBooks, click here.
