QuickBooks has gained huge popularity over time due to its smooth accounting capabilities. The online accounting application, available in both on-premises as well as cloud-based form, has proved to be extremely beneficial for small and medium-sized enterprises (SMEs), helping them manage their business payments, pay bills, and discharge other payroll functions. It has been one of the fastest-growing online accounting applications worldwide.
“According to Intuit’s Investor Day, 2019, QuickBooks, in the US alone, witnessed a growth of more than 25 percent in terms of its online subscribers, in FY’19, compared to that in 2018. It added more than 3.3 million subscribers from the US during 2019.”
QuickBooks offers both online and desktop enterprise solutions to help you meet your accounting requirements. While the QuickBooks online application, being a cloud-based software, give you the freedom to access your accounting resources as and when required, the QuickBooks Enterprise offers a more customizable and robust accounting environment with comparatively additional features.
Intuit has introduced the next version (v21) of its QuickBooks product line-up. The already feature-rich QuickBooks Enterprise application has received a significant feature upgrade, bringing in great improvements in the overall product.
The following are the new and improved features of the QuickBooks Enterprise version 2021:
1 Better Data Level Permissions
This is an important feature upgrade that offers greater confidentiality and more granular security. It offers more customized user access for viewing, editing, or deleting particular customer or vendor information from a group. It further limits users to have defined access to specific information, transactions, and account reports which only they are responsible for, in order to improve data secrecy.
These improved data level permissions power enterprise administrators to restrict access to customer and/or vendor records and information by defining specific users or roles. Administrators can now create several roles with limited access for avoiding the need to assign or enforce responsibilities manually. All the private records together with the related financial and transactional information can be accessed only by the users having appropriate authorization permissions.
It should be noted that the Data Level Permissions functionality is scheduled only for the customers having the Platinum and Diamond subscriptions of the QuickBooks Desktop Enterprise 21.0 (or v21), during the initial release.
2. Improved Batch Delete Sales Records
Accountants are now able to batch delete those sales orders which are not linked with any invoice. This feature will help businesses effectively manage client files. Prior to this update, the accountants were able to void or delete the invoices, bills, and checks in batch.
The Batch Delete, being a mighty feature, is only accessible in QuickBook Enterprise’s Accountant Version. It is a reasonable decision considering the amount of professional judgment required to exercise the feature. The functionality, aimed at offering the accountants better control and management over clients’ data files, cannot be undone. Hence, it is recommended to exercise great caution and carefully analyze the unintentional consequences it will have on the impacted data, before using Batch Delete Sales Records.
The Batch Delete functionality can be accessed from the Batch Delete/Void Transactions option available under the Enterprise Accountant in the menu bar.
3. Better Landed Costs
Landed Costs feature, originally released with version 20.0 of the QB Desktop Enterprise, allows users to allocate shipping, freight, and other related charges to an item’s prize. The latest release gives users more flexibility and control on how they calculate and divide landed costs.
Users, while setting up the feature, can select any of Other Current Assets or Cost of Goods Sold as the account type to capture the landed cost charges. The feature enhancement also allows computing landed costs for vendor bills in closed accounting periods. The QuickBooks users now have better freedom and control over their sensitive information, as they can print bills including or excluding the landed cost information.
The functionality can be accessed by selecting the Landed Cost option available under the Advanced Inventory Settings of the Company Preferences, under Items & Inventory of Preferences, under the Edit option of the File menu.
It is important to note that the feature, as of now, schemes only for customers with the Platinum and Diamond subscriptions of the QuickBooks Desktop Enterprise version 2021. Further, the feature is being released for the users in the United States first and will be followed for those in Canada, similar to the Landed Costs feature released in 2020.
4. Improved Alternate Vendor Reports
It is another feature that was introduced with QuickBooks Desktop Enterprise v20. The feature makes available an information center, having vendor contact and pricing information, for letting users make more informed purchasing choices. It helps you easily create a purchase order that automatically includes vendor information. Version 21 enhances the user experience by adding the Alternate Vendor column under specific reports.
Users, in order to access the feature of Alternate Vendor Reports, can go to the menu bar and select Reports, then Inventory, Inventory Stock Status by Item, or Inventory Valuation Summary, respectively. Further, in order to include the Alternate Vendor column, users need to choose the Customize Report option and then scroll to select the column on the Display tab.
The initial release of the Improved Alternate Vendor Reports feature is accessible to only users having the Platinum and Diamond subscriptions of the QB Desktop Enterprise v21. The update is being released to the United States as well as Canada together.
5. Fresh Barcode Label Prices
QB now lets you automatically include the sales prices, besides Item Name and description, on printed barcode labels. The feature brings great transparency as far as the pricing visibility is concerned. Giving principal pricing details on each inventory item to your customers offer an enhanced shopping experience to them, thereby helping you attain greater customer satisfaction.
The feature, accessible only to the Platinum and Diamond subscription customers of the QuickBooks Desktop Enterprise 21.0 during its initial release, can be accessed under the Labels option of the Print Forms in File, from the menu bar.
6. Enhanced Serial/lot Numbers Required on Transactions
This feature mandates you to enter a serial or lot number prior to saving a transaction, helping you keep your inventory organized. You can set the preference to make it mandatory for global or individual inventory items.
The advanced inventory serial/lot number functionality was slipstreamed in the recently rolled-out R8 update of the QB Enterprise version 20 (v20). For the QuickBooks Desktop Enterprise 21.0, the feature will release for the Platinum subscribers after R1.
You can set the preference for global inventory by selecting the Edit option from the menu bar. You would further need to select Preferences, Items & Inventory, Company Preferences, Serial/Lot Numbers, respectively. You can finally choose the default setting to enable serial/lot numbers requirements. In order to mandate it for an individual inventory item, select Lists from the menu bar, and go to Item Lists. Next, select the item and right-click to edit. Finally, choose the serial or lot numbers option, available on the right side, and select to Make it Mandatory.
With all the improvements mentioned above, the QuickBook Desktop Enterprise version 2021 (v21) brings greater freedom, flexibility, control, and transparency for both the businesses as well as their clients. These new and enhanced features benefit small enterprises with complex business needs. If you aren’t already a QuickBooks user, you can consider hosting QuickBooks Enterprise with Sagenext to enjoy reliable, secure, and private services. It offers customizable and cost-efficient QuickBooks services with a sophisticated backup system that is extremely beneficial for your business.