Thanks to the cloud, if there is one thing that is consistent about QuickBooks Online, it’s the ability to evolve the product for a business owners accounting needs. Here is an overview of two latest evolutions: The new Chart of Accounts experience and Custom Tags.
New Chart of Accounts
A new Chart of Accounts experience is rolling out in QuickBooks Online and is designed to help business owners not only correctly categorize transactions, but also provide guardrails to help eliminate clutter and errors from being created in their account.
There are two key benefits:
- A standardized Chart of Accounts is applied to a new QuickBooks Online company based on the industry and tax entity type selected in the new company setup wizard. This eliminates the guesswork when setting up and structuring the Chart of Accounts.
- Accounts are suggested when a business owner records a new transaction in the Transactions tab.
The new Chart of Accounts experience began rolling out to a limited number of new users in February 2021, and will not be retroactively applied to any existing QuickBooks accounts.
Users can now start tracking the most important information about their business with help from Custom Tags in QuickBooks Online.
Tags are customizable labels that let business owners track their money however they want in order to gain deeper insights into their business. This is a great feature because Lucey Accounting can now help clients understand their business in much more detail.
To get started using tags, go to “Banking” in the left navigation, then click on “Tags.”
If you are overwhelmed with accounting, bookkeeping, taxes, we would love to help! Reach out today!