What’s New in QuickBooks – Tariff Management and more
Happy New Year 2025! Yes, it is already February and still at liberty to say it!
We are proud of our team for the continuing participation in the development of new features of QuickBooks. Mendelson Consulting has been part of the QuickBooks Enterprise Product Council for more years than any other consulting team!
In the past, Intuit released a new year version of QuickBooks around the fall of each year, and we would publish an article about “What’s new in QuickBooks …” Starting with version 2024, Intuit revamped the release process so that users do not have to wait for an annual release to get access to improvements and enhancements, replacing that with ongoing periodic slip-stream releases. Now, you will get a message within QuickBooks Enterprise to install the latest updates as soon as they are available; simply accept the periodic in-product update notifications to ensure you have the latest feature and security updates.
The latest set of features help businesses maximize profit and gain automation efficiency:
- Get paid faster with customer prepayments on estimates and sales orders
- Improve profitability by gaining clear insight into your inventory turnover with key metrics.
- Speed up order fulfillment and improve customer satisfaction by linking Sales Orders with associated Purchase Orders.
- Save time and improve the readability of key reports with new zoom functionality and printed grid lines.
- Improve margins and the impact of tariffs with the landed cost calculator
In this short article, we will delve into a few of the above and discover how the new capabilities of QuickBooks Desktop Enterprise can benefit users.
Prepayments (Customer Deposits)
With version 2024, Intuit added the ability to record Prepayments (Customer Deposits) on Sales Orders. With its latest release, this is also available on Estimates.
This feature allows users to receive prepayments (customer deposits) on Sales Orders or Estimates and track them. This is a feature available only to QB Enterprise.
Before this was available, there were mainly two options for how to handle such prepayments. Either accept a payment without an associated invoice (resulting in negative accounts receivable, a no-no under GAAP) or use an elaborate workaround with a two-sided item requiring additional transactions to offset a prepayment against a subsequent invoice.
But with this feature, prepayments get credited to an other current liabilities account you designate and get posted (on the debit side) to undeposited funds. Then, when the Sales Order or Estimate is converted to an Invoice, the prepayment can be applied and reflected on the Invoice.
Inventory Turnover report
The Inventory Turnover report in QuickBooks Enterprise helps businesses track how quickly inventory is selling or turning over. This report helps businesses improve cash flow, reduce holding costs, and make better decisions about pricing, promotions, and purchasing.
Impact of Tariffs
The cost of acquiring inventory products includes more than just the material costs of the items. In today’s world, the impactful nature of tariffs cannot be understated. With the Landed Cost feature that has been in QuickBooks Enterprise since v20, users have greater visibility into actual product costs by factoring in freight-in, tariffs, insurance, and other related costs incurred during the purchase cycle, calculated by quantity, value, weight, or volume. All very key for your pricing strategy and protecting the bottom line.
In the latest release, the Landed Cost calculator has been improved to include the Memo field in the Calculate Landed Cost screen to easily identify the relevant Bills; suggest item Selling Price with proper markup to maintain appropriate margins; and center alignment of New selling price window with updated content message for customers.
Private cloud hosting
For businesses that want to move to the cloud but do not want to downgrade to QuickBooks Online, the best-of-both-worlds solution is provide by NOOBEH. Its QuickBooks on Azure servers are custom built for your business with all the software you require to succeed and grow. NOOBEH delivers private cloud solutions from the Microsoft Azure platform. Offering massive scalability and freedom from hardware considerations, Azure services from NOOBEH create agile and adaptable infrastructure to support current demand and changing business needs.
QuickBooks Desktop Enterprise is here for the long haul
QuickBooks Enterprise continues to be the cornerstone of small and midsized business accounting. From very small business to the growing enterprise, QuickBooks Enterprise delivers the functionality that companies needs to manage their inflows and outflows, customers and vendors, and all banking activities. Intuit continues to add capability and enhance features and usability to keep QuickBooks as the most popular finance and operations product on the market.
Mendelson Consulting was the first and is the oldest Intuit QuickBooks software partner. We have the experience to help your business get the most out of your investments in software, systems, and training. Contact Mendelson Consulting today to find out how much more you could be doing for your business with QuickBooks!
