Explore all newly-added features in QuickBooks Online at a glance!
June 2020
Things to remember
1. The reminder is triggered twice during the day. 6 am IST and 6 pm IST.
2. Only one reminder is sent per invoice per day. So even if Reminders 1, 2, and 3 say on the due date, QuickBooks will send a single reminder e-mail.
3. There is no cap on the number of invoice reminders sent per day per company file. Earlier this was 7.
TDS thresholds and deduction rates have been updated for all existing TDS sections in QuickBooks for FY 2020-21. The updates include the TDS rate changes (25% reduction) announced by the Ministry of Finance as part of the COVID19 economic stimulus.
Please note that no new sections have been added and calculations happen only for purchase bills and expenses.
May 2020
1. Use your Gmail address to send invoices
QuickBooks now permits sending invoices directly from a Gmail account.
Enabling this will activate a widget on the dashboard showing a graph of Money In and Money Out transactions in connected bank accounts.
March 2020
1. Payment enabled invoices—Razorpay
QuickBooks now lets you receive online payments on your invoices using Razorpay, a leading Indian electronic payments processor.
February 2020
1. GSTR3B now includes Debit Note transactions
The GSTR3B has been updated to pick Debit Notes, i.e. Supplier Credit. The sections which will show Debit Notes are Sections 4A1, 4A2, 4A3, 4A5, and Section 5A Inter-State Supplies. The conditions for a Debit Note being picked up are the same as for other transactions being picked up in these sections.
January 2020
1. New improvements in the GSTR 2A reconciliation report
- The report is now available for the current financial year, i.e. FY 2019-2020.
- Customers are now able to run the report per month in a financial year or by financial year quarter.
- The option “Whole of financial year” will be available only for a financial year that’s over. Else it will be grayed out.
- The option “This FY to last month” will be available only for a financial year that’s currently in progress.
You can now import purchase bills in batches to QuickBooks Online.
December 2019
1. New options available in Profit and Loss Reports
Two new options are now available in the Profit and Loss report for comparison purposes.
- When selecting Compare another period, users are now able to set a Custom Period for comparison with the current Custom period being used.
- E.g. if the P&L is run from Nov 3, 2019 – Nov 9, 2019, (that is, 5 days), on selecting Previous period >> Custom Period, the user is presented with the 5 days preceding the selection and is allowed to change it as well.
- Customers are also able to select a Previous year-to-date (PY YTD) which will run the report for the previous financial year start to today’s date in the previous financial year.
- E.g. if the P&L is run for Nov 2019, selecting this option will add a column showing Apr-Nov 2018.
2. Changes to the left navigation bar, + menu and color scheme
- The + icon is being relocated to the left navigation bar from the top right and is being renamed to + New. The left navigation bar will be shaded grey.
- The color scheme has been changed slightly as well.
- There is no change to the contents of the + New menu.
3. Pay down credit card
A new transaction type named Credit Card Payment (Pay down credit card) has been added to QuickBooks. The purpose of this form is to provide an easy flow for users to move money from a Bank account to a Credit Card account. It is essentially a more limited Transfer form. This feature is still being tested and hence hasn't been made available to all users.
4. GSTR-1 Save
QuickBooks now lets users save their GST related data (tax liability) directly on the GST portal. This feature aims at simplifying GST filing for the users.
November 2019
QuickBooks Online Accountant launched in India. Helping CAs take their practice to the next level, QBOA comes with the following features:
✔ Real-time document exchange
✔ Higher team productivity
✔ Automatic bank updates
✔ Dedicated training and support
✔ Anytime, anywhere access
October 2019
1. Barcode Scanning in QuickBooks
Barcodes are widely used to capture and identify inventory data. With this new feature release in QuickBooks, you can now read barcodes and simplify your inventory management.
September 2019
1. Direct Feeds in QuickBooks: ICICI Bank
QuickBooks now connects to ICICI Bank Business using a direct connection to simplify access to your accounts. It is faster and more reliable. This means fewer sync errors and your account transactions stay up to date in QuickBooks. All you have to do is permit your financial institution, and your bank sends us a token that we use to access your account. This establishes an authenticated and secure connection between your QuickBooks company file and your bank.
August 2019
1. QuickBooks now has an option to let businesses based in Kerala handle the Kerala Flood Cess that went into effect from August 1, 2019. This has been levied to support the reconstruction of the state after the devastating floods in 2018.
QuickBooks is now available for FY 2018-19. Yippee!
June 2019
1. GSTR 2A reconciliation in QuickBooks introduced to provide you an Excel report that lets you reconcile and compare your purchases in QuickBooks with your supplier’s invoices (GSTR 2A) uploaded on the GST portal.
2. The GSTR 9 report in QuickBooks introduced to give you all the tables filled in based on the books of accounts. It will also highlight the input tax credit reconciliation difference to be reported in GSTR 9 return.
May 2019
1. Share invoices with WhatsApp Web. You will now be able to send invoices via WhatsApp Web to your customers. A new option called Save & Share (WhatsApp) is now available within invoice transactions in the Save button drop-down.
2. We have now added support for GST 6% rate in all transactions. You’ll be able to see this tax rate in the Tax drop-down in purchase and sales transactions.
April 2019
1. QuickBooks now goes beyond 90 days when fetching data from a newly added bank account! Add a new account and choose from a date range starting Today, This month, This year or a Custom date that allows you to go back up to 24 months subject to availability of data at the bank's website.
Here's some more information on the default selections that QuickBooks will make for you if you do not choose a starting date.
- If the account addition is being performed between January and July, a default option of April 1, Previous Calendar Year will be provided as default.
- For example, an addition is performed on May 10, 2019. The default start date will be set to April 1, 2018.
- If the account addition is being performed between August and December, a default option of April 1, Current Calendar Year will be provided as default.
- For example, an addition is performed on October 10, 2019. The default start date will be set to April 1, 2019.
- QuickBooks now lets you import invoices from a spreadsheet.
- Credit Notes can now be linked to Source Invoices (i.e. the invoice which triggered the creation of the credit note). This is required for compliance with GSTR1 reporting requirements.
- Credit Notes will now show in GSTR 1 Summary of Outward Supplies. 2 new sections have been added to the GSTR1 Summary of Outward Supplies report in QuickBooks, viz. Section 9B Credit/Debit Notes (Registered) and Section 9B Credit/Debit Notes (Unregistered). Credit Notes will affect Sections 7, 8, 9B Registered, 9B Unregistered and 12.
March 2019
- Progress invoicing introduced. Learn how to enable and utilize progress invoicing to help you bill a customer for work done in phases.
- New summary invoice email template to highlight your brand and help your customers easily see what's on the invoice
