Quickbooks Online Accountant

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Editor’s note: This article was updated with new content on Aug. 19, 2020.

Speaking to accountants and bookkeepers like you, we’ve learned about the challenges of creating and following a consistent process for closing your clients’ books on a monthly basis. Ensuring the books are accurate and complete is time consuming and stressful.

For those of you managing a team of bookkeepers, you have the added challenge of creating an easy-to-replicate process that maintains a consistent quality of work, without feeling like you are constantly breathing down your bookkeepers’ necks!

To help you spend more time focused on your client’s growth and success, and less time worrying about administrative tasks, we’re excited to share month-end review, a new accountant-only feature found exclusively through QuickBooks® Online Accountant that we’ve built to help you and your teammates close your clients’ books with more accuracy – and in less time.

What can it do?

When designing month-end review, we first spoke with accountants and bookkeepers who have successfully implemented a monthly books-closing process in their firms. We then combined these best practices with the power of QuickBooks to create an easy-to-follow workflow. Throughout the process, month-end review automatically identifies and helps you resolve incomplete transactions, unreconciled accounts, and other common – and not so common – bookkeeping issues. Along the way, month-end review also provides recommended checklists that you can customize for the specific needs of each client.

To help you stay organized, we’ve added progress tracking, making it easy for you to check off your tasks as you go and see the monthly status of each client on your client list. For those managing a team, you’ll also be able to track progress at the bookkeeper level, making it easier to identify roadblocks before the end of the month and provide additional support to bookkeepers who need it (see how it works).

Where do I find it?

To access month-end review, sign in to your client’s books through QuickBooks Online Accountant. You’ll see month-end review on the left-hand navigation bar. You can also access it from the books tab in your client list.

How do I use it?

Inside month-end review, you’ll find three tabs that will walk you through the process.

1. Transaction review

Transaction review is all about setting your client’s books up for success. To get started, QuickBooks automatically identifies unaccepted bank transactions for you to review. By clicking on the link, you’ll be taken directly to those transactions, where you can accept or remove them. Once complete, you can then begin resolving open issues. QuickBooks automatically surfaces common bookkeeping issues, such as uncategorized transactions, transactions without payees, and unapplied payments; undeposited funds, and duplicate transactions will available soon.

As you click on each open issue, you’ll be directed to the transaction in question, where you can easily update and resolve the transaction. Once resolved, the transaction will automatically be removed from the list.

While completing each step, select to do to update your progress. You can select waiting to indicate a task in progress, or done to show a task as done. Updating the status of each task make it easy to assess your remaining work from your client list, share your progress with your manager, and jump back in to complete your month-end review.

Additional items: The customizable checklist includes tasks that we’ve heard are important. Don’t care about a task, or have a client-specific issue you need to remember every month? You can easily remove tasks from the list, or add a custom task. Once you add or remove a task from the list, you’ll see the same list of tasks for that client, month after month.

Quick tip! Have a client who sometimes struggles to categorize their transactions correctly? Encourage them to categorize transactions that they are uncertain about as “ask my accountant.” Then, create a checklist item to review these transactions each month so you can categorize correctly and with confidence. You can even link directly to the report by going to the “ask my accountant” report, copying the URL from your browser, and pasting in the QuickBooks page link section.

2. Account reconciliation

The account reconciliation tab is where you make sure your client’s bank and credit card accounts are up to date and complete. Month-end review shows you all of the client’s accounts, the number of unreconciled transactions, and the date they are reconciled through. Click through to go to the account reconciliation page for each account. As the number of unreconciled transactions goes to zero as you complete your work, feel the joy of work being accomplished!

Coming soon! Outstanding transactions: The month-end review process is about more than just making sure the books are complete and accurate. It’s also about helping clients identify and resolve issues that impact their business health. Soon, month-end review will identify uncleared checks, payments, deposits, and credits. This will make it easier for you to alert your clients and help them come up with a plan to pay their vendors, get paid by customers, consider a write-off, or just resolve a clerical error.

Additional items: Once you finish reconciliation, look to your checklist for other tasks to complete before moving on to the next step. We included the reconcile loan accounts and review reconciliation report to get you started, but you can add others to meet the needs of your practice and your clients.

3. Final review

You’re almost there! The final review is all about ensuring your clients’ books are complete and accurate, and checking that you didn’t miss any special circumstances. We recommend reviewing your balance sheet and profit and loss reports to make sure changes month over month and year over year match your expectations.

Coming soon! Unusual or unexpected balances: In addition to reviewing the balance sheet and profit and loss report, it’s also important to look out for unique situations that may have accounting or tax implications, including the following:

Expenses that may be assets.
Assets that may be expenses.
Accounts receivable (90+ days).
Accounts payable (90+ days).

Soon, final review will automatically include these issues in a new “unusual or unexpected balances” section. You can click through to review each balance individually, make necessary changes, or choose to dismiss the issue.

What’s next

Month-end review is designed to help your firm create a consistent and best-in-class monthly process for closing your clients’ books. Our goal is to help you spend less time searching for issues, and more time supporting and advising your clients. In the upcoming months, look for more automation in surfacing common bookkeeping issues, and more tools to track your progress at the client and firm level. After trying out month-end review for yourself, let us know what you think by clicking on the in-product “Feedback?” link.

QuickBooks
Stable release
Developer(s)	Intuit Inc.^[1]
Initial release	1983; 38 years ago
Operating system	Microsoft Windows^[1] macOS (USA only)
Type	Accounting software
License	Proprietary
Website	quickbooks.intuit.com

QuickBooks is an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.

History[edit]

Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. After the success of Quicken for individual financial management, the company developed similar services for small business owners.

Initial release[edit]

The initial Quicken software did not function as a 'double-entry' accounting package. The initial release of QuickBooks was the DOS version that was based on the Quicken codebase. The Windows and Mac versions shared a different codebase that was based on In-House Accountant, which Intuit had acquired. The software was popular among small business owners who had no formal accounting training. As such, the software soon claimed up to 85 percent of the US small business accounting software market. It continued to command the vast majority of this market as of 2013.^[2] Professional accountants, however, were not satisfied with early versions of the system, citing poor security controls, such as no audit trail, as well as non-conformity with traditional accounting standards.

Subsequent releases[edit]

Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions. By 2000, Intuit had developed Basic and Pro versions of the software and, in 2003, started offering industry-specific versions, with workflow processes and reports designed for each of these business types along with terminology associated with the trades.

Options now include versions for manufacturers, wholesalers, professional service firms, contractors, non-profit entities^[3] and retailers, in addition to one specifically designed for professional accounting firms who service multiple small business clients. In May 2002 Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses.

In September 2005, QuickBooks had 74% of the market in the US.^[4] A June 19, 2008 Intuit Press Release said that as of March 2008, QuickBooks' share of retail units in the business accounting category reached 94.2 percent, according to NPD Group. It also says that more than 50,000 accountants, CPAs and independent business consultants are members of the QuickBooks ProAdvisor program.^[5] By then Brad Smith was the new CEO, though former CEO Steve Bennett had nearly tripled Intuit revenue and quadrupled earnings in eight years.^[6]

On September 22, 2014, Intuit announced the release of QuickBooks 2015 with features that users have been requesting from the past versions. The release includes improved income tracker, pinned notes, improved registration process and insights on homepage.^[7]

In September 2015, Intuit released QuickBooks 2016 that contains several improvements to the existing ones and new features such as batch transaction, bill tracking, continuous feed label printer support, batch delete/void transactions etc.^[8]

In September 2016, Intuit released QuickBooks 2017 with several improvements like automated reports, smart search and improved viewing of report filters among other things.^[9]

In 2017, Intuit released QuickBooks 2018 to give its users a better experience by adding features such as mobile inventory barcode scanning, multi-monitor support, search in the chart of accounts, mobile inventory scanning etc. ^[10]

On September 17, 2018, Intuit announced the release of QuickBooks 2019 with some unique features requested by its users, including history tracker for customer invoices, ability to transfer credits between other jobs of the same customer, payroll adjustment feature, and more. ^[11]

On September 16, 2019, QuickBooks 2020 was launched with the aim to improve the reliability and experience of using the software. All the desktop versions - Pro, Premier, Accountant, and Enterprise are packed with new features like the ability to add customer PO number in email subject lines, send batch invoices to customers, automatic payment reminders, collapse and expand columns, easy QuickBooks version update etc.^[12]

International versions[edit]

Versions of this product are available in many different markets. Intuit's Canadian, British and Australian divisions offer versions of QuickBooks that support the unique tax calculation needs of each region, such as Canada's GST, HST or PST sales tax, VAT for the United Kingdom edition and Australia's GST^[13] sales tax. The QuickBooks UK edition also includes support for Irish and South African VAT. QuickBooks Enterprise was withdrawn from the UKI market in 2014.

QuickBooks Desktop is only available on a rental / subscription basis for users in UK and Ireland.

The Mac (macOS) version is available only in the United States.

Features[edit]

Intuit has integrated several web-based features into QuickBooks, including remote access capabilities, remote payroll assistance and outsourcing, electronic payment functions, online banking and reconciliation, mapping features through integration with Google Maps, marketing options through Google, and improved e-mail functionality through Microsoft Outlook and Outlook Express. For the 2008 version, the company has also added import from Excelspreadsheets, additional employee time tracking options, pre-authorization of electronic funds and new Help functions. In June 2007, Intuit announced that QuickBooks Enterprise Solutions would run on Linux servers, whereas previously it required a Windows server to run.^[14]

QuickBooks Online[edit]

Intuit also offers a cloud service called QuickBooks Online (QBO). The user pays a monthly subscription fee rather than an upfront fee and accesses the software exclusively through a secure logon via a Web browser. Intuit provides patches, and regularly upgrades the software automatically, but also includes pop-up ads within the application for additional paid services.

As of May 2014, QuickBooks Online had the most subscribers for an online accounting platform, with 624,000 subscribers.^[15] compared to Xero, which reported 284,000 customers as of July 2014.^[16]

The cloud version is a distinct product from the desktop version of QuickBooks, and has many features that work differently than they do in desktop versions.^[17]

In 2013, Intuit announced that it had rebuilt QuickBooks Online 'from the ground up' with a platform that allows third parties to create small business applications and gives customers the ability to customize the online version of QuickBooks.^[18]

QuickBooks Online is supported on Chrome, Firefox, Internet Explorer 10, Safari 6.1, and also accessible via Chrome on Android and Safari on iOS 7.^[19]^[20] One may also access QuickBooks Online via an iPhone, a BlackBerry, and an Android web app.^[21]^[22]

In 2011, Intuit introduced a UK-specific version of QuickBooks Online to address the specific VAT and European tax system. There are also versions customized for the Canadian, Indian, and Australian markets, as well as a global version that can be customized by the user.^[23]

Quickbooks Online offers integration with other third-party software and financial services, such as banks, payroll companies, and expense management software.^{[citation needed]}

QuickBooks Point of Sale[edit]

QuickBooks Point of Sale is software that replaces a retailer's cash register, tracks its inventory, sales, and customer information, and provides reports for managing its business and serving its customers.

Add-on programs[edit]

Through the Solutions Marketplace, Intuit encouraged third-party software developers to create programs that fill niche areas for specific industries and integrate with QuickBooks. Intuit partnered with Lighter Capital to create a $15 million fund for developers designing apps for Intuit Quickbooks.^[24] The Intuit Developer Network provides marketing and technical resources, including software development kits (SDKs).

Intuit's Lacerte and ProConnect Tax Online tax preparation software for professional accountants who prepare tax returns for a living integrates with QuickBooks in this way. Microsoft Office also integrates with QuickBooks.

Criticism[edit]

As of November 2014, users of QuickBooks for OSX have reported compatibility issues with Apple's new operating system, OS X Yosemite.^[25]

References[edit]

^ ^a^bElsa Wenzel. 'QuickBooks 2008 Pro Specs'. CNET. Retrieved May 17, 2008.
^'USA TODAY Education - Careers TODAY'. USA Today. Retrieved October 31, 2013.
^'Nonprofit accounting software from QuickBooks'. Quickbooks.intuit.com. December 3, 2012. Retrieved October 31, 2013.
^'How To Face Off Against Microsoft'. Businessweek. September 4, 2005. Retrieved October 31, 2013.
^'Intuit Hits 50,000-member Milestone With QuickBooks ProAdvisor Program'. Intuit.com (Press release). June 19, 2008. Retrieved October 31, 2013.
^'Intuit Announces CEO Succession - Brad Smith'. Intuit.com (Press release). August 22, 2007. Retrieved October 31, 2013.
^Bonnie Biafore. QuickBooks 2015: The Missing Manual: The Official Intuit Guide to QuickBooks. O'Reilly. ISBN978-1491947135.
^'Intuit Releases QuickBooks Accountant Desktop 2016'. Accounting Today.
^'QuickBooks 2017 Has Arrived! Here Is What to Expect - Accountex Report'. Accountex Report. September 6, 2016. Retrieved January 19, 2018.
^'New and Improved Features in QuickBooks Desktop 2018'. Firm Of The Future.
^'Intuit Debuts QuickBooks Desktop 2019'. Accounting Today.
^'QuickBooks Desktop 2020: What's New'. Ace Cloud Hosting.
^Finis, Lauretta. 'Setting up GST in QuickBooks Online'. Intuit QuickBooks Australia. Retrieved September 3, 2016.
^'Intuit Press Release - Intuit's QuickBooks Enterprise Solutions Embraces Linux'. Intuit.com. June 13, 2007. Retrieved October 31, 2013.
^http://investors.intuit.com/press-releases/press-release-details/2014/Intuit-Reports-Third-quarter-Results-Revenue-Grows-14-Percent-Led-by-Cloud-Solutions/default.aspx
^https://www.xero.com/media/3261697/ceos-presentation-2014-annual-meeting.pdf
^'Accounting Software for Small Business - Intuit QuickBooks'. Oe.quickbooks.com. Retrieved October 31, 2013.
^'Intuit Launches the Completely New QuickBooks Online'. Intuit. September 23, 2013.
^'QuickBooks Online — Smarter Tools. Better Business'. quickbooks.intuit.com. Retrieved April 5, 2018.
^http://help.quickbooks.intuit.com/kb/WKlFnQ/supported-browsers
^'QuickBooks Comes To iPhone, BlackBerry - Personal Tech - Smart Phones'. Informationweek.com. August 26, 2008. Retrieved October 31, 2013.
^'Calling all Android users! | QuickBooks Online Blog'. Blog.quickbooksonline.com. February 5, 2010. Retrieved October 31, 2013.
^Howlett, Den. 'Intuit Q3 FY2016 provides important insights about SMBs and the cloud'. Diginomica. Retrieved September 3, 2016.
^'Lighter Capital Announces New $15 Million Fund to Help Developers Grow Apps Designed for Intuit QuickBooks Platform'. Intuit. Retrieved January 24, 2019.
^''Intuit community' Is an update to QuickBooks Mac 2014 Planned for Yosemite compatibility?'.