UPDATE: The latest Skinny on the Canadian QuickBooks Online Version

Posted by on Oct 1, 2014 in News Updates | 1 comment

qbo logoSince most of us that are Certified QuickBooks ProAdvisors are constantly upgrading ourselves, and taking advantage of the Webinars that Intuit offers us, here’s the latest info that I learned about the Canadian QB’s Online (QBO) version.

  • Although you can export the company file information to QBO, it will have to be done using the “Lists”, i.e. Customer, Vendor, Items, etc.
  • One of the more important areas that I was interested in was JOB COSTING. QBO Payroll still does not have the capability to Job Cost, meaning your Employees cost to various jobs will not be picked up. So if that is a prerequisite, then stay with your Desktop version until Intuit makes that change.
  • And.. there is no third party add-on for Job Costing either
  • although QBO does supply you with five Templates for Customizing Invoices, you still can not design you own – but it is getting better
  • For those external accountants that are not using QBO, Intuit has NOT developed any way to export the Reports in CaseWare readable files
  • A plus that I was looking for was the ability to print from anywhere. As log as you have set the network printer up correctly, that should be doable.

I do like this version of QBO and if you are a Service type of company, then this will work just fine for you. For other types, NO this will not do BUILDS in Inventory and if you want specific type of costing, then stay with the Desktop version. Otherwise, simple types of Inventory – QBO will work with. Also, as QBO progresses, you will see more third party add-ons being developed for your use.

Some of the other plus’s that I like:

  • that it is backed up automatically
  • you always have the latest updated version
  • always secured
  • anyone who has been setup as a user, including Accountants, can access it anywhere
  • the printer ability from anywhere – so if you are doing the books, and cheques are in the printer, you could do a cheque run for the company
  • with this newer version, its design is more user friendly

So if you are one of those businesses that I have described above and has been waiting for Intuit to improve their QBO, I feel that you can now take the plunge. If you decide to make this change, remember to wait until your year-end, and for sure – have a Certified QBO ProAdvisor assist you. Don’t forget – you can always run in parallel for a brief period.

Don’t forget, you will have your Desktop company file as a source of  prior history and comparables until you have completed two fiscal years with QBO.

The Canadian QBO has come a long way in about two and a half years, but its not where the US version is – yet!

I hope this has added some insight for you.

QuickNotes: www.quickbookstrained.com is now mobile friendly. From the web address you can choose Options/Mobile formatted and the site will appear in its entire living colour for you to view. Check it out.

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One Response to “UPDATE: The latest Skinny on the Canadian QuickBooks Online Version”

  1. A feature in the Canadian QBO missing from the US is the merchant services option for Pay Now on invoices. Just got off with support, the support person didn’t know when it might be available, but they did suggest using Square (not a route I want to go down…I’ll stick with Stripe)

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