Michelle and Dan discuss recent posts from the QB Power Users FB Group to provide some clarity and discussion about the most recent developments with Intuit and QuickBooks.
QB Power Hour is a free, biweekly webinar series for accountants, ProAdvisors, CPAs, bookkeepers and QuickBooks consultants presented by Michelle Long, CPA and Dan DeLong who are very passionate about the industry, QuickBooks and apps that integrate with QuickBooks.
Watch or listen to all of the QB Power Hours at https://www.qbpowerhour.com/blog
Register for upcoming webinars at https://www.qbpowerhour.com/
Michelle and Dan discuss recent posts from the QB Power Users FB Group to provide some clarity and discussion about the most recent developments with Intuit and QuickBooks.
QB Power Hour is a free, biweekly webinar series for accountants, ProAdvisors, CPAs, bookkeepers and QuickBooks consultants presented by Michelle Long, CPA and Dan DeLong who are very passionate about the industry, QuickBooks and apps that integrate with QuickBooks.
Watch or listen to all of the QB Power Hours at https://www.qbpowerhour.com/blog
Register for upcoming webinars at https://www.qbpowerhour.com/
Welcome everybody to another QB Power Hour. We're very glad to join, have you joining us today. Today's topic is hot topics. We're going to be talking about QBO updates and issues from the QB Power users and Facebook group. Go ahead, Dan. My name is Michelle Long, and I'm a CPA and MBA Never mind. My name is Michelle. I want you guys to know who I am, the owner of Launch for Success. I'm having a bad day today. Anyway, very glad to have you guys all joining us. You guys know who I am. There's the links to the Facebook group. We'd love to have you guys join us out there. And it's good to see everybody again. Hope you guys are enjoying it as the summer winds down and the kids are going back to school and everybody's getting back in the groove of everything.
Dan DeLong:Dan, go ahead. Yep, my name is Dan DeLong, owner of Danwith. Worked at Intuit nearly 18 years, doing the co hosting today, as well as over at Workshop Wednesdays over at schoolofbookkeeping. com and just trying to wrap up the tech editing duties of the QBO for Dummies series, which some of these things that we're going to be talking about today has thrown a curveball in someone trying to write a book about, about an online book. Technology. So we'll hopefully unpack some of that throughout today. Some of the details about the QB Power Hour webinars are every other Tuesday at 12 Eastern, which now I am on Eastern time. Yay. I can figure out what time it actually is, but we're not eligible for CP credit, but if you want to check out the website for upcoming events, our next topic. Is actually another one of those in the series of niche nuances where we'll be having Monique Swanson joining us to talk about the cannabis industry so let's that I've got a bunch of dad jokes for that, but it should be a dope Topic, right? Hopefully it won't go up in smoke. But that is a unique industry for sure and definitely has some unique requirements. So hopefully you can join us the next time on the Power Hour about that, but you can always check on the upcoming events on the website, as well as the PDFs of the slides, recordings of podcasts. We're approaching a protein. encroaching. We are getting close to about 20, 000 downloads on the podcast. So it's a pretty an awesome experience over the time. If you are listening to the podcast, we would appreciate a written review on the podcast because of it. If it's useful, if you find it useful as a podcast, we'd love to get in front of other people if you feel like it's useful for others, but you can always go to those that page on the QB power hour. com website slash resources for all of that. As we go through some housekeeping here. So if you have specific questions about any of the topics that we're going to be talking about today, please put them in the Q and a. So it makes it easier for us to follow up with that. If you have just general comments about like, how you Michelle, which I just see everybody. Some of those things you can please put those in the comments. And then, of course, we have the link there for the webinar archive, as well as the handouts. And I'll put in both places, the link for today's slides, because you may want to make some notes, ultimately, with some of these things. All right, so this is our agenda today. So hopefully we have enough time to cover all of these topics. Michelle and I were just talking about maybe we should have a timer on each slide just to make sure that we don't get bogged down into, by going into the weeds with some of these things. But we are going to talk about some pricing changes with regards to QuickBooks Online and Desktop the bill pay. Some emails that came out about the bill pay service and what how that impacts with Melio another email that caused a lot of questions about the business view and accountant view some transactions and then we'll go into some posts that were in the facebook group The transaction journal missing from the new invoice experience setting up employee permissions and some of the other things. We're gonna, just talking about some Q B O updates, just so that everybody's on the same page and we'll unpack some of those things. One of the things before we get, actually get into that one, one of the things that I was noticing as I was creating the presentation for today is the Facebook group itself. Michelle, if you want to talk a little bit about, how it. How it came to be. I saw Hector floating by. So when that, when did that first start, the Facebook group? Oh my
Michelle Long:gosh. Hector and I started it. And he remembers better than I do. But when we first started the Our was probably seven, eight years ago or so, and that's about when we started the baseball group and we kept it a closed group. So people have to actually ask to join and they're supposed to say, are you a bookkeeper or an accountant or whatever? And all that. So we kept it a closed group. So we were trying to keep it, not end users, but accounting professionals and stuff. And it has really grown, but we wanted it to be accounting professionals helping other accounting professionals. So we didn't want our clients out there, so that it was. Us helping each other and that's what's made it so awesome. And we love the fact that we get into it as well as some of the vendors out there as well because they can ask, answer our questions. When people have questions about, the transaction journal missing from the invoice, I see we get into it, people out there and responding to things or, with Emilio out there, we get some of the vendors responding to things and clarifying some of our questions and stuff. So it is actually a great place and it's also a great place for networking. When you have questions about something, hey, how does this app work or what do you think of this? It is a great resource for information about all things. So if you haven't joined it yet, please do.
Dan DeLong:Yeah Hector says October 20, 2014 was when the when that first started and one of the things that I was noticing, when when I'm in there as a. Quote unquote, admin of the group. You can see some engagement and some analytics things. And of the last 28 days, we have about 15, 000 members. About Close to 10, 000 of those in the last 28 days were active users, right? So it is a very active group. And we, of course we there's a lot of monitor moderators and other admin folks in there. And so we keep the it's not spammy, right? Like it's really, people helping people, which is really the the goal of the Facebook group is so that people can help each other. And and then we also have that like you said the Intuit presence and other vendors that can that can help if needed be if need be. So let's go I guess in most cases when people say good, I've got good news and bad news, they typically want to start with the bad news to get it over with. So let's talk about the pricing increases, which is always a hot topic in the Facebook group. I think once that there was an announcement, there was probably about four or five posts all at the same time about the. About this message. So with the qbo pricing increase this year it's it's a little bit minimal. So this is actually like a grain of salt, I think type of thing so the only account sorry, the only subscription levels that were impacted this year with a price increase was self employed. So most accountants hate self employed anyway. It's probably not not on people's radar there. But all three flavors of self employed got an increase. And then only essentials and plus. Simple start and advanced were were spared this year with any kind of update. So it's only been five bucks a month, right? I think Michelle, would you agree that pretty much everybody is raising their prices within the last year, not just into it, but across the board.
Michelle Long:Absolutely. And we as accounting professionals should be raising our prices as well. If you haven't planned on doing that yet, now, as we approach the beginning of the year, you should be doing that. We should be doing that every year, annually. Just to keep up with the rising prices because everybody is, when you go to the grocery store, all the prices everywhere are increasing and yes, Intuit is increasing their prices just like everybody else. Yeah, everybody complains. Oh my gosh, they're increasing their prices again. Everybody is. So Intuit is doing what everybody else is doing.
Dan DeLong:I just got my renewal for my insurance and it went up significantly. When I called him and asked what did I do to cost such a, it's prices have increased for replacements replacement parts. And, even though I'm never driving in the area I'm insured but that seems to be the case is that everything is increasing. Prices are increasing as well. So with with regards to the QBO price increase when that is happening, as far as the dates 8 1 for new, right? So if you're, if you have a client, or if you're creating a subscription that is it's already past eight, one. So any new subscription will be part of this new pricing model. If you have an existing client relationship, or if you're paying for the the, if it's firm build your those prices will be increasing after. And then if you're on the pro advisor, preferred pricing with regards to the discounts or anything like that, your discount will be based off of the new base price, whatever that happens to be. The discount remains the same at 30%. But it's just going to be based off of whatever the new base price is after nine. I have a link on the slides there for for discussion that we had about about this with Matt Fulton over at School of Bookkeeping on the workshop. We did unpack a lot of these things. So the next thing that was part of that same announcement is QBO payroll. QBO payroll prices are Changing but very slightly. So with regards to the flavors, core premium and elite, elite, there's no change. So if you have any clients or you're on the elite payroll, if you're on the elite payroll in QBOA, that's free. So there's no cost there. So that's not going up. But your your clients there's no change with elite. With premium, it's the base price. And with core, it's the employee charge. So the employee charge for for core is increasing 1 per employee. And then the premium, the base price is increasing 5. It seems like that was the that was the common thread with regards to all the price changes. If it was five bucks, right? So it made it a little simpler to track. So client build subscriptions are going to increase 8. 1. So if you have a client who's paying for their pay for their own payroll those increases Would be impacted already. If you are doing the account and build subscriptions, that's going to take effect 9 1 right and again, we unpack that the biggest and I think the most significant changes is Involves around qb payments, right? So the qbo payment price changes this probably takes more time than we have than we want to have allotted to it but basically there is a standard rate, and then there's the pro advisor rate, like if you refer people as a pro advisor through through whatever channel that you have there's a pro advisor discounted rate. And then there's the standard rate, which is just when somebody activates QB payments inside of QBO or goes, directly to QuickBooks website and ops in or fills out the application right there or within the product, right? So that's the standard plan. And then the ProAdvisor ProAdvisor plan. So those are going to be undergoing I think it's more of a simplification ultimately because there were two, there. As of, prior to all these changes, there were two options. There was a monthly fee, which gave you lower rates, and then there was a pay as you go. So they're eliminating the monthly option. Which means that's more simple because then you got what is the rate? Which is the best rate for me? What is the break even point of monthly charges until those fees make up the difference of the monthly rate? So that makes it a whole lot easier. So in essence, they're instead of having four options, standard, right? With the monthly and ProAdvisor with the monthly, now it's just two, right? It's the standard or the ProAdvisor. So that makes it a little easier to understand the pricing matrix. So the key changes here is the monthly fee option is being removed. And then the per transaction fees are being removed. So in the past, right? You had the way that the transactions were processed, whether it was through a card reader or is keyed in. Or invoiced out, right? You send an invoice out of QuickBooks and then they pay it online. So those three transaction options were, had different fees associated with them because there, there's a different level of risk when it comes to that, right? If you're doing a card reader, the key or sorry, the the card is present. And so somebody sees the card, it's able to be put in a device. So that's a lower risk of that card being compromised. Keyed in, that's just somebody typing in the card number. So as long as that is a legitimate card, it will process, but those are a little bit more risky. And then the invoice is somewhere in between. So all of those Fees prior to all of this had a percentage based on the risk, and then a per transaction charge, which was just, for the sheer pleasure of, or the, of being able to process a credit card transaction, immediately there was a 25 cent fee, right? So those 25 cent fees are disappearing. So you those won't be part of that, right? The what I have here is the is the pro, no, these are the standard. Yes, these are the standard rates on the screen that you're seeing here. So the card reader was 2. 4% plus 25 cents for car charging the card through the card reader. Now it'll be 2. 5%. So as that seems like an increase from 2.4 to 2.5. Yes, that is true. But without the 25 cent charge you're looking at, somewhere I can't remember the off offhand, what the breakeven point is for that 25 cents. But if you just did a hundred dollars charge the fees for that under the other plan were 2.65%. So there's gonna be a point of. Diminished returns, right? Where that where that 25 cents is no longer, part of the equation. Smaller dollar amounts, it's actually going to be less. So 2. 99% for invoiced and 3. 5% for keyed in. All right. So one of these oh, and then the big thing, the big change, and this is where accountants and bookkeepers want to make sure that they do offer a a way for their clients to avoid this is the ACH. So before that before the changes, ACH transactions which are bank transactions was a 1% fee up to 10 for for an ACH transaction, right? So if you charge somebody a thousand dollars, That would be 10. If you charge somebody 2, 000, that would still be 10. You'll notice there's no cap on the on the standard rate plan, right? Now that 2, 000 charge on an ECH is now 20, or a 5, 000, or a 10, 000, it's, there is no cap. On, on new new accounts. And these changes are going to take place 9 5 for new accounts. Coming up in... In a couple weeks, anyone that is going to be opted into a new new account they will be under this account this pricing structure if they are not being referred to as an accountant. And then September and October is when existing accounts are going to be undergoing this this change. And again we've had this discussion pretty well in the workshop Wednesday that we did with Matt Fulton. Definitely check that out. Okay. Then so if you are a an accountant, let me go back to the ProAdvisor pricing that's over here on the right side, right? You can see. The discount is there and also that one, that max of 10 still holds if you are referring your client through through ProAdvisor, right? So definitely if that's a conversation to have with with your clients inside of QBO, if they are using the QB payments. You definitely want to make sure that you refer to them so that, that could be a substantial cost savings to them with regards to the ACH transaction. Now, there's This is a kind of a side topic that was in the Facebook group with regards to migrating clients from desktop to online people. I think in the post, there was a. It was a message. They clicked okay without reading it, but they noticed that it was something about payments, right? And this is what it boils down to quote unquote, seamless reactivation of your QuickBooks online payments account. So desktop migrators. People coming from desktop and moving to QuickBooks Online, if they have a payments account in their desktop they will have a new account automatically created in QuickBooks Online. And there's some caveats to all of that, that there is, they will be provided a new merchant ID, that's the MID there, so it's not going to be the exact same account, as in, from desktop and then online. But they're saying that the pricing will be the same. Now there's actually a different pricing structure for desktop merchant accounts than there is for online. So that remains to be seen with these pricing changes that I just mentioned. What is that pricing structure going to be for desktop migrators, right? Because they will ultimately still be able to process transactions in both desktop and online because they are separate. So we're just going to need to wait and see what that looks like when it comes to what the pricing will be, but ultimately it's just going to boil down to, probably the same pricing that we just shared with you. But I can't confirm nor deny. What that pricing structure will actually be. Any questions that you saw, Michelle, that were popping through about any of these things dealing with the pricing changes or payments? Oh, you're muted. Yeah.
Michelle Long:Yeah, I did see somebody was saying, hey, what about my 50 cents that I'm getting for transaction on ACH? And it sounds to me like their account is going to be migrating in September and October. That all existing accounts, if you had that 50 cents for ACH, that you're going to be migrating to the new pricing in September, October, it sounds
Dan DeLong:yeah, I would fully expect the new pricing structure. If you had a, if you had a pricing structure that was different than what it was, it will be migrated or modified into the current pricing structure of the standard versus ProAdvisor. And then whatever those rates are for that. Okay,
Michelle Long:and then we have a lot of questions and people saying, hey, How do I know if I got preferred pricing for my clients or can I switch my client to be under me for pay?
Dan DeLong:Yeah, so if it's a long Existing account like they've been using it for more than 30 days in qbo I would suspect that ship has sailed Or at least expect that to be the answer if you want to switch, but if you can If it's relatively new, you can contact the merchant service team or if you have an account rep or salesperson that you work closely with, definitely reach out to them and see if you can do that. If you yeah, so that that remains to to be seen as well, if you can switch them, but we've been able to do that if you catch it early, the cat, the catch there is catching it early because Intuit is very aggressive, right? We did a workshop where we actually did a demonstration of creating a brand new QBO account and through the setup process. There's an easy setup interview where it just walks you through. It just makes it seem like setting up a payments account is part of the setup process, right? If create a QBO subscription for your client, even if you've done it inside of your QBO accountant, right? And then you just invite them to it. And then you just start walking through the setup process. They may have opted into a QBO account or a QBO payments account without even knowing that, right? Because, they make it seem like it's just part of the process. Let's get you paid. Yeah, I like money and then they they opt in and they have the information already in there about, your business and, you've already entered in your EIN and so they'll take some of that information and make it super easy to set up. But to answer the question about what the fee structure is, if you go into payments the payment settings, so year, and then account and settings, and then there's a section in there for payments you can view the statements. And then inside the statements, it'll have the breakdown of the charges and what those rates are. So you can compare that to to what we have here on the slides and see whether they are. So it's not going to say anywhere. It's these are ProAdvisor preferred rates or these are standard rates. You just have to do that with with your client or with within your clients as a as an accountant, right? You're going to have access to be able to see those statements. Thank you. So as long as you are invited as an accountant user inside of QuickBooks, you'll be able to access those statements without having to ask your client, hey, give me a statement so I can just double check. But if it, if they've been using it for a while it's not something that you can go into it later and say, hey, I would like to give them a discounted rate because they've already, that that ship has sailed. With regards to that. Any other questions that you saw there, Michelle?
Michelle Long:No, we just have some complaints about some of our wonderful clients who may be doing sales and collecting receipts through Zelle and not telling their accountants about that because they we've all had clients like that and evidently Kathleen has had one and now, you know Of course, they have all these unreported sales that came through Zelle and they didn't tell her about that. So
Dan DeLong:Kathleen yeah, so Kathleen said so for ACH there's no discount rate for ProAdvisor is correct, right? So There's no discount on the rate, but there's a discount on the cap, right? So So in essence, that's a discount, right? So it'll be 10, the maximum is still 10 for for pro advisor, preferred pricing. So if you have those large dollar amounts and that's not a, that's not on a, based off of a batch that's per transaction. If you're not. Invoicing or not charging ACH charges for for more than 1, 000, the cap means nothing, right? So 500 will be 5 regardless if you're dealing with an ACH transaction. And those are those yeah, we don't want to get into the weeds about refunds with ACH and those types of things, but it's a different animal altogether when it comes to charging. We'll just say that. All right. With with QBO pricing changes comes desktop pricing changes and those are those are going into effect September 1st for new and renewing accountant and ProAdvisor bundle subscriptions September 20th for new and renewing ProPlus, PremierPlus, and MacPlus subscriptions, and then October 1st for new or renewing enhanced or basic payroll. Subscriptions. The general idea is and it's quite clear where where QuickBooks and Intuit are encouraging people to go. And they're doing that by pricing people out of the desktop subscriptions right? So just within Pro Plus, right? Which is the lowest version of QuickBooks desktop. The current annual price is ba and this is just based on one user. Four, four, I'm sorry, 5 49. And that is increasing to 6 49. Go a hundred dollars. And then if they have multiple users the increase is gonna be, more than that because they've got a per user cost for Pro Plus premier Plus going from 7 99 to 9 49. So a hundred dollars or$150 depending on, which flavor just for one user for desktop. It is quite. apparent that this is what's driving people to look at QBO when they look at the pricing of their desk. Now, people love the desktop and we, we've talked pretty extensively about the dogs and cats analogy where, QuickBooks Desktop is a dog. It's very loyal. It's trainable. You know what you're in for with the dog. But and QBO is a cat. Where, you're just sharing the same space as a, as QuickBooks in that case, and as long as you feed and water it and don't show the bottom of the bowl you'll be good to go and just don't get scratched on that. Any any comments you had on the desktop pricing?
Michelle Long:Just some people are talking about the pro advisor renewal and what that's going to be for enterprise and assistant payroll and stuff I can't remember but the pro advisor renewal has one up as well for enterprise if you want to pay for advisor program, I can't remember the pricing But it has gone up as well. I'll get the link and get that out
Dan DeLong:there. Yeah it's down at the bottom here. If you click on the desktop pricing changes that, that should link and and take you to that one surprise. There's some things that you can't get anymore, right? Once this once 2024 comes out, which will probably be at some time in the October timeframe the only channel that you'll be able to get Pro and premiere is direct through into it, right? So there's no discount for that. First year. You can't find a reseller that be able to sell it or a quick book solution provider. You can only purchase it by contacting into it. Now. I don't know if they're going to drive phone calls for that because then now they're going to offer, if you're going to upgrade, why don't you go upgrade to QBO, right? I don't know what that conversation or that, that is going to be looking like, but that is going to be the only way to be able to do that. And one of the other And so you won't be able to do assisted payroll anymore. So there was an enhanced, basic and enhanced and assisted payroll. Assisted payroll is going away. And prior to all this, the enhanced payroll for accountants, new subscriptions were discontinued. However I did notice that The pricing for the renewal price for an existing enhanced payroll for accountants is doubling, right? So that was 700 if you just had it as an a la carte. That's jumping to 1400 for the enhanced payroll for accountants. And it's discounted 50% if it's part of your ProAdvisor bundle, so that that doubling just got cut in half, so it, if you had it as part of your ProAdvisor Subscription that will be 700 in addition to whatever it is your ProAdvisor membership is costing you as well, which is also increasing. Always a wonderful topic to, to discuss about desktop pricing increases. But that is, the advantage of desktop is you can have as many companies as you want, as your hard drive can hold. So as long as that Risk versus reward, not risk versus reward, but the return on investment is make, makes sense, then it's still, part of the conversation. All right, so shifting gears to Melio and there's always the the debate of, how do you pronounce this this term? Is it Melio or Melio, right? It's tomato, tomato. Exactly. But Melio is a bill payment service for business to business transactions. And if you have been living under a rock, you may not have noticed that Melio provided the bill payment service inside of QuickBooks Online, right? There are two flavors of Melio and there's Melio Purple, which that's their branded color which is what you see when you're outside, when you log into Melio outside of QuickBooks Online. But inside of QuickBooks, because QuickBooks is all about green the QB the QB bill, I'm sorry, the bill, QuickBooks bill pay service inside of QuickBooks was powered by Melio and that, Is what is being discontinued, right? So that particular function of being able to schedule your your bill payments inside of QuickBooks is being discontinued. Now there was a communication, and this is what this post is all about. There was a communication for people who had set up the service but never used it. And so if they never used or scheduled a bill payment or did anything, On September 12th, they will no longer have access to be able to do that, but this, of course, and this is all part of Intuit's Achilles heel, is you can never explain it properly enough, right? And so that everybody understands the ramifications, right? You can still use Melio. Melio is not going away. The subject of some of these emails is that Melio is going away, right? Melio is not going away. It's the ability to be able to schedule a bill payment from within QB directly that is being discontinued because what's happening is that QuickBooks is creating its own service, right? And this is all part of the QuickBooks payments. Ecosystem, right? So being able, QuickBooks payments has always been receiving money, but now they're expanding their money movement offering to sending money as well, right? And this is Caleb, I think Caleb Jenkins mentioned this in maybe another Facebook group that could be commuted live, but This whole idea of the business network of QuickBooks and now this money movement actually makes a really nice ecosystem, I think, for for this this approach. And I'm cautiously optimistic to be seeing how this kind of plays out because. The business network, it gives you the ability to to attach to a QuickBooks user that's already using QuickBooks. Their contact information comes in and if you send them an invoice, it could turn into a bill over and over in their QuickBooks, if you're both using QuickBooks. So now if you throw this whole money movement on top of that, the reality is we could actually have, payments being made. Just by being both QuickBooks users in this case, because you got both sides of the money movement, both sides of the the sides of both sides of these things all holistically Michelle, you have any thoughts about that aspect? I'm
Michelle Long:sorry, I was double checking something else. I think it's great that Melio is still there. I think they could have recorded it a whole lot better to avoid the confusion because what it really is QuickBooks is trying to do their own thing. And so they're just kicking Bill and Melio integration. Out of QuickBooks, they're just getting the integration out so they can do their own thing and make their own money. You know what I
Dan DeLong:mean? Yeah, and if you turn back the clock this is why I wanted to include this slide here. There have, QuickBooks as far, QuickBooks Online, as far as initiating a reality sending an instruction to a financial institution to, have money to be outside of QuickBooks dictating the reality has always been, a tall order, right? When I worked at Intuit, we Intuit had a partnership with Bill Bill. com at the time, right? Bill. com is probably like the the litmus test of AP money movement, right? But it's fairly expensive per user and whatnot. So they created a light version of the online bill pay. Which allowed that to be utilized inside of QuickBooks online directly, right? So back then it was like ten dollars a month and then the transactional charges and then There was always this feedback from accountant users that couldn't access it and that's that sort of thing. But that was the initial Offering of paying bills and sending money movement outside of to the reality of that coming out of QuickBooks online. And then I think it was around 2019, right before the pandemic, they arranged a partnership with Melio. And Melio is very free ish, as they always said it. We had, david Leary, when he was with Melio, come on the QB Power Hour to talk about it. Their model and their pricing model was free ish to use, right? And they always put the ish at the end because you could. Do things that would cause a fee with that. And they've changed their model with sending checks and things like that. But it was deeply integrated. If you didn't know that it was that you were using Melio you didn't because it was all scheduled the payment inside of QuickBooks. It activated the bill payment service and you never had to leave. QuickBooks in order to utilize that, that service. And, unless you're reading like the fine print on the screen, which, people don't see the big print sometimes, it's hard to see the fine print. And you could do you could do the thing, same things outside of QuickBooks if you're using the Melio service as well. So there is a green and a purple and that's the distinction that they had with it, with that. But once you were using Melio, you couldn't use the BillPay service from Bill, right? So now, QuickBooks as Michelle had mentioned, QuickBooks is wanting to, partake of this too. And this is a new offering. It's part of QB payments and those first ACHs are free. There's a link there to learn about the service. There is a there's a lot of resources in that link there as well as far as the pricing and They mentioned a basic subscription. So that leads me to believe that there is more of a premium subscription and those types of things remains to be seen what that actually looks like but the bottom line is that You can still use these other services if you had them it's just you do them outside of QuickBooks if you need to. Alright, I think we can put that one to bed. Wow, it's 1240 already, so keep moving. Keep this truck moving. All so business view and accountant view this is what's caused a big to do over at the the qbo for dummies because we the author was actually focusing on business view inside of the book and here comes this announcement. So this announcement was sent to accountants Where the business view and the accountant view if, again, if you if you hadn't noticed, there's two different views, one for business owners and one for accountants. And the terminology is change, changes between the two where banking versus transactions and the whole idea is to make it business focused, like what a business owner would expect to see as far as the terminology and the placement of things, pay and get paid. So that, that's a workflow terminology for a business owner, whereas expenses and sales is more of an accountant terminology, but. Okay. This is also an example of Intuit responding to feedback, right? So accountants, I think pretty much hated the business view. Would you would you agree with that assessment?
Michelle Long:Yes. One of the things that we just hate is the fact that we're not looking at the same thing as our client, and we don't mind a few differences, like customizing, customers can be called, clients or something like that. Some differences are okay, but when there's too many differences, that makes it difficult for us supporting our client.
Dan DeLong:And Yeah. And if you're doing, if you're doing a sending, sending them an instruction, it's okay, yeah, click on sales. And they'll be like, Oh, I don't see sales or pick on click on banking and it says, yes, yeah. So the timeline of all this is is certainly up in the air. But ultimately the navigation is going to revert back to the accountant view. Yay. The accountants win on the terminology is concerned. It's going to be a phased approach. Initially there will be an opt in. Where they, where people can opt in to just switching back to the accountant view after that, there's going to be a gradual rollout of this process. Some accountant or some accounts or QB accounts are going to. Be a little bit different than others. And then there's that whole idea of the different terms. They're gonna change that kind of after everybody's in the same hierarchy of the menu. And then and then they'll work on homogenizing the terms. It does make sense.
Michelle Long:It does make sense to change banking to transactions because now that area is holding a lot more in than just banking So that does make sense
Dan DeLong:to me. Okay, you get a you get an honorable mention From the terminology, yeah, okay there is a new I mean there has been a new invoice experience for a long time I've tried to look at all of The companies that I have access to and I don't think I have anybody on this new invoicing experience. Do you have anyone?
Michelle Long:I was looking last night as well, and I couldn't find it either and I couldn't find it in the CFO companies the regular one or the advanced temple company either so
Dan DeLong:I couldn't find one either. Yeah, it's but Based on this post if you are in the new experience there is a transaction journal that accountants love, right? You love to see the debits and credits of what a transaction's impacting but if you're in that new experience, you don't see the option. So that's a sore point, right? With the new experience. And I saw on the post itself Hector chimed in, he hates it as well or drives him bonkers, right? That's the that's the Hector terminology. But you can customize the sales form on the spot. But, and you should be able to turn that off, right? So definitely send feedback. If you look at the post, if you go into the post, you can see that this is one of those examples of Intuit being able, being present in the Facebook group and being able to provide that feedback from the Facebook group to the product manager or whoever happens to be driving that initiative that that, that feedback is certainly important to them. Thank you. But also I threw in here a a way that you should be able to access the transaction journal, even if you are not or if you're in the new experience, you can't change it back. I highlighted the areas that need to be corrected, but this is the link that happens when you click on transaction journal. And as long as you have, Okay. The date, the right date in there and the name of your business. And also keep in mind that if you've got a space in your business, there's a what's the word I'm looking for? If you've got a space in your business, there's a character that you need to add in there. You just can't type in your business name unless it's one name one word and then the transaction number, which you can get that transaction number from the URL before you flip. Try to go into the transaction journal. So it'll have that at the top. If you're on an invoice. It's not the invoice number. It is the transaction number for inside of the QuickBooks company file, and it'll have a number in there like 967 or, whatever it says there. So if you modify the URL, like you could save this as a bookmark or put it in a text or maybe mark and And Hector can can figure out a way to, to make this work with the right tool component of that by, by just making these things available. That would be awesome. But that's that's that's a way to modify the URL for the transaction journal, if you can't see it. And it looks Hector did say, yes, we did. So control alt Y is a keyboard shortcut to bring up the the transaction journal, yay, Hector. Thank you. Alright, so this is another thing to update folks on. And this is the what took you so long department. With employees and team members inside of QuickBooks Online Accountant. When you are inviting team members and you wanted to, and you were tracking your books in the your books section. It was, they had access or they didn't. It didn't have granular, any kind of granularity to it. Finally there's been an initiative to actually spread that out amongst the different areas, right? If you just wanted to give somebody time access, couldn't do it, right? So now you should be able to get a little granular with the team member and firm user access within the yearbooks section. So there's a link there for that. So we'll just keep continuing on cause we're running out of time here. Cause we want to talk about sales tax economic nexus. So Michelle, you want to come to talk through this one?
Michelle Long:Yeah, this is one that's just been out there hidden and it's been out there for a while and I'm not sure why I've not seen it in the updates or anything like that. Have you seen it anywhere, Dan? I haven't seen them. Talk about
Dan DeLong:it anywhere. But anyway, no, I've not seen any discussion about it. It was just I discovered it by accident. When I saw the button Yeah, same
Michelle Long:here and it's been out there for six months or a year and that's why i'm surprised I haven't really heard anything or seen anything about it. But anyway In the sales tax center you'll find that economic nexus button out there And so if you'd like to go out and check this out and play with it if you go into the sample company You can actually turn on the sales tax center. It's not turned on by default But all you have to do is turn it on And I guess we don't really have time if we want to have time for q a here but if you turn on the sales tax center and there's To do that, you actually have to set up, go back up one more real quick for me, Dan. You have to actually set up California and Arizona. All you have to do is select those two agencies. And to set it up and turn it on it takes one minute to turn it on to enable the sales tax center and then you'll see economic nexus So then when you click on the economic nexus button, you'll see the next slide This is where you'll see all 50 states and it's going to start tracking for you The sales tax or the sales within the 50 states because that new law because of the wayfair ruling You know all of these different states now they have different laws and it's really cool Actually, I should if you go in there, it'll say Once you're in there, it'll say something about learn more if you click on It allows you to select which state you're interested in so you can see what the rules are for Arizona or california or kansas or missouri or pennsylvania And you can see a lot of these states have a rule that if the sales exceed a hundred thousand Or 200 transactions. So 200 sales within a state, or 100, 000, then that company has triggered economic nexus, meaning they have to file sales tax in that state. So because of the Wayfair ruling, a lot of companies that are shipping products throughout the United States now have to file sales taxes in states, if they trigger economic nexus. So this is tracking that for you. So you can see the transaction count as well as the sale volume. So you'll want to check this out because a lot of your clients if they're shipping products across the u. s They may be triggering economic nexus and you're not aware of that please check this out and be aware of that and go find it out because 200 sales or a hundred thousand dollars for a lot of states. That's not really that much so go check that out there and then here's the details. Some more details as well as a link to an article where you can go learn some more about that. But I think it's a great tool to help you to monitor that. And I'm surprised because it is such a big deal. I'm surprised we have not heard more or seen more about that out there. Yeah.
Dan DeLong:Yeah. I think the when I saw it and I just went and looked at it again on where I did see it in, in a couple of company files before you could run a report, like you could say, you could select, if I wanted to select Arizona, and I can run a report and in true Intuit fashion and QuickBooks is really great at looking back. It's a rear view mirror versus the windshield type of thing. So it will look back, but not necessarily actively. As you're driving the car tell you, hey, you're getting close to so that's that might be if you're if you have a lot of dates that this could potentially you could potentially cross over that threshold. There are other ways to do that. This is not like a heat map where you can see. Okay. At any given time, I might be getting close to the threshold. I might start to wonder about that. That's where, our tax jar, those types of things they can monitor that stuff for you. But this is more of a. Do it yourself economic nexus to be looking back to that. But the important thing is that to realize is that of the all of the 50 States and of the 45 States that do collect sales tax, potentially they have different criteria for what that economic next nexus is. And this gives you an idea of how to track that for your, for yourself so that you're not surprised. By a tax notice from a state that you didn't even know that you were in Because they don't look kindly on that And
Michelle Long:i'll just point out right there where it says where do you need to pay sales taxes see to learn more That's where you want to click and it will show you all 50 states And it will give you the details and allow you to learn more for the 50 states And then we had a question about professional sales for services not products Does it say do you have to pay sales tax on this? And no, it doesn't tell you about that. And that is very important that you set something you do need to find out because some states require that, some states don't. Some states require if you bundle, let's say you create a package. And it's, 1, 000 a month to do the bookkeeping, and it covers your bill subscription and your QBO subscription. For 1, 000 a month, we do your, your bookkeeping and the subscriptions. If you bundle those app subscriptions with your services, it may make your services taxable. In certain states on some stage, you have to invoice those two things separately. Your services on one invoice and your app subscriptions on another invoice. So you need to know those things. And that's where Avalara or others can help you with those kind of things, because it is important that you know that. And that does vary by state. That is above my pay grade and my knowledge
Dan DeLong:level. You definitely don't want to get into that if you're not if you're not into, you're not into that. Definitely. That way. And
Michelle Long:then managing pig status just came out as well it is in QBO advanced subscriptions only. QBO advanced. Subscriptions only so not in plus or essentials or anything like that. You can go in and set up new assets. Their cost. The salvage value put in a depreciation schedule is only calculating book depreciation is not calculating tax, so you can choose straight line, double declining balance, or 150% declining balance. So you can't choose any tax depreciation, just straight line, double declining, or 150%. It'll only make the depreciation entries for the future. So if you're trying to put existing assets in there, it's not going to do historical depreciation for you. You would have to make journal entries to make sure that you've got that in there. It's also not recording the purchase or a disposal of an asset. You would need to do that yourself. All you're doing is putting in there these assets so that it can calculate the depreciation schedule and record future depreciation journal entries for you. So it will record that moving forward. Not retroactively. But it looks like this is a V1. It looks like it may, in the future, have more capabilities of doing some things and stuff like that. But it is a good first start. You can enter the assets one at a time, or you can go in and bulk set them up. It's got a spreadsheet like feature where you can actually customize the columns, and then you can cut, copy, and paste. To set up multiple assets at one time and Dan's got the little link there for a little video where you can go watch and it gives you a little demo, of that so you can go in and see that there.
Dan DeLong:Yeah, so download the slides Yeah, I don't think we'll have time to do the video today, but it's there in the slides We'll put it on the kube power our website so you'll be able to access and review that at a later time if you want I also wanted to point out that we did a session with ash He created a net tracker tool so You know, for all those yeah, but questions that that Michelle just pointed out of all of these other things scenarios that you wanted to take care of. And this main may or may not address. As of today he created a net tracker tool for for fixed assets as well as, revenue recognition, prepaid expenses, and those types of things, which kind of covers all of those things that we end up having to do as a, as accounting and bookkeeping professional. Feel free to watch the, watch that webinar series or watch that webinar about that and if that makes sense to, to maybe try that, give that a try, as opposed to. This new feature because it's only works for QBO advanced. What about the plus subscriptions that we have that you might want to do that to as well. No, don't go. All right. So while we figure out some questions to answer in the last couple minutes, I just want to launch our one and only poll question. Did you learn something new? Because Michelle and I love to try to make this educational and make sure that people Are aware and we want to want you to continue the discussion on the Facebook groups as they are I did notice a few intuit folks, joining us here So they are listening
Michelle Long:Dan janice had a question She's been disallowed from managing our client's bank feeds and qb desktop as an external account user She has to go in as admin to do it Any insight as to that change on version 21 and 22?
Dan DeLong:I am not i'm not 100 sure on why you can't do that. I know that only one person can do that and usually it's there's like a message that says hey only one person can access the bank feeds and would you like to do that? And it's a yes or no question, but I've never seen it where it's been disallowed as an account user and having to go in as a, as an admin to do that. That is a good, that is a great question. And we should try to follow up for that. Any other questions that you saw there?
Michelle Long:That was a big one that I didn't know. Yeah, I'm not sure on that.
Dan DeLong:All right. It did look like a lot of people learned something, which is good. When we close out of the webinar there will be a survey, so we appreciate any feedback there, because we do read that. And then hopefully you can join us next time on the Power Hour which where we'll be talking about the cannabis industry and niche nuances. Should be a good time.
Michelle Long:Are we going to do some research on that, Dan?
Dan DeLong:I don't know. We'll see. We may have to. All right. We appreciate you joining us, Michelle. It's always great to see you. And hopefully we see you next time on the QB Power.
Michelle Long:Thanks everybody. Have a great day.