September 10, 2024 • 52 mins
Normally this is the time of year when we discuss what's new in QB Desktop 2025. Believe it or not, there are a few things to mention. Michelle and Dan will chat about these features and ponder the future of QB Desktop
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/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Michelle Long (00:30):
Welcome everybody for another QB power hour and
today's topic.
Is there anything new in QBdesktop?
Very glad to have you alljoining us today.
My name is Michelle Long, CPAand an MBA in entrepreneurship.
The owner of Long for Success.
I'm very glad to announce thatI'm recently retired, but glad
to be joining you guys today forthis QB Power Hour.
(00:52):
Formerly trainer with the IntuitTrainer Writer Network, or
whatever it was called before itwas put to sunset, or whatever
they called it.
Put to bed, or retired, or likeI am, or whatever.
That's
Dan DeLong (01:07):
enough.
Discontinued.
Michelle Long (01:09):
Yes, discontinued.
Go ahead, Dan.
Dan DeLong (01:13):
My name is Dan DeLong, owner at Danwidth and
schoolofbookkeeping.
com.
Worked at Intuit for nearly 18years.
Co hosting today, as well asover at School of Bookkeeping.
We do the workshop Wednesdays,oddly enough, every Wednesday.
Do some tech editing for the QBOfor Dummies book series.
A little bit about the detailsof the webinar.
(01:35):
They are now eligible for CPEcredits.
So today's today's webinar iseligible for a one hour CPE
session.
It will typically be the firstwebinar of the month, but as
our.
Friends at Makers Hub might havesome availability for other ones
we'll let you know when thoseare eligible, but just as a rule
of thumb, the first webinar ofthe month, not the first week of
(01:57):
the month, but the first webinarscheduled for that particular
month.
Should be eligible for the CPEcredit but you can always go to
qbpowerhour.
com resources and download thepdfs of the slides, recording,
podcasts, and other resourcesthere as well.
And in a moment, I'll put in theQ& A or the chat, the The slides
(02:20):
for today but if you havequestions about things that
we're going to be talking abouthere today, specifically, please
put them in the Q and a, becauseit makes us it makes it real
easy for us or a lot easier forus.
To follow up if we do need toput something on the parking lot
and can't answer that.
Particular question live.
If you have general commentsabout EA chiefs or blue eagles,
(02:43):
whatever the case may be pleaseput those in the chat.
And then we also have the linksthere for the handouts.
So new for 2022, we aresimulcasting, which just
reminded me, I didn't share thatto the Facebook group.
So I got to do that real quickhere.
And but if you are watching inthe Facebook group and you want
to comment on something.
(03:05):
Please put please use that QRcode to allow Facebook to see
the streaming platform.
And then that will allow us tosee who you are when you chat
with us live on the webinar.
We also have a QB Power Hourswag store where I you YouTube
can have a pink hat like me Ineed to get one so that I can
(03:26):
see that live Would I look goodin pink?
Yeah.
October is the breast cancerawareness, so maybe we will don
a pink QB power hour hat forthat.
So as I mentioned Makers Hub isour CPE sponsor they are
gracious enough to be able toget, provide us with CPE credit,
(03:47):
one hour you just need toparticipate, meaning to
participate in the pollquestions, so there'll be three
polls during this webinar youneed to make sure that you
answer all three of those.
As well as evaluate in thesurvey at the end if there is
one, I don't believe I actuallyset up a post survey survey,
(04:07):
post webinar survey.
There we go.
So let's talk a little bit aboutwhat we are going to talk about.
We'll be, uh, typically aroundthis time of year is when
QuickBooks releases its newproduct for desktop.
And this is, this year is alittle bit different.
We're going to be talking aboutsome of those differences.
We'll be recapping the stop sellprice sorry, the stop sell date
(04:31):
for Pro Premier Plus, as well asthe discontinuation of the
Premier Plus.
ProAdvisor discount forenterprise.
We'll we'll recap that.
We did talk about that a coupleof webinars ago.
But we'll want to unpack some ofthe new ish desktop features.
There's payments on estimates,inventory turnover reports, and
(04:51):
some other smaller enhancements.
And then we'll pontificate onthe future state of QuickBooks
Desktop, because there's no 2025version this year, so what does
that mean?
And is there an alternativeonline solution coming?
And then we'll talk about someQA stuff at the end.
So our first poll question is,do you need CPE credit for this?
(05:15):
And Michelle, you want to talkabout when we were meeting here
to talk about this this webinar.
You were like, I'm just going tobe support because I don't even
know desktop.
Talk about your transition fromdesktop to online.
Cause you've been doing this foryears, right?
Michelle Long (05:37):
Isn't that amazing, Dan?
Because initially I did not wantto go to QBO, cause QuickBooks
online, a lot of people don'trealize QuickBooks online was
really around since 2000 or 2001or whatever.
But I remember Stacey was theonly one, practically, of the
trainers or any of us that wereusing QuickBooks Online.
(05:57):
And I checked it out and I waslike ew, I didn't really like
it, ew, I was like, I don't likeit, I don't want to use it.
And I tried using it and I'mlike, it's too slow.
I don't like it.
Anyway, I finally realized,intuit, this was it.
This is what Intuit was goingto, and if I wanted to keep
doing training and things that Ireally needed to get on the, on
board with it and stuff, and soI printed out the little
(06:17):
keyboard shortcuts and thingslike that, and I just forced
myself to start working with itand everything, and once I
learned some of the navigatingshortcuts and learned how to do
some of that, once I understoodthat it isn't the same, it is
different, and once I Forgotthat and just embrace learning
it and learn some of the newthings that it can do and things
(06:40):
like that Then I really got toknow it and like it a lot better
And then I got to where I didn'tlike working in desktop and it
seemed clunky and dated And thenpretty soon I got to where I
didn't want to work in desktopat all anymore You know And it
just, it was a transition towhere, I realized what Intuit
(07:01):
was doing and why they weredoing it, pushing us to
QuickBooks Online and they wereahead of the curve.
They were teaching us freedom inthe cloud and going to the
cloud.
Intuit spends, millions ofdollars doing all this research
and stuff, seeing where theindustry is going.
And pushing us there, and itreally did help us once COVID
(07:23):
hit, we were all working fromhome and doing all this, we were
ready for it, ready to supportour clients and help them to do
all this remote stuff.
We were ready, and we were wellahead of the game, whereas a lot
of people were caught and stuff.
But by embracing QuickBooksOnline and stuff, that helped a
lot.
But, so I did get away fromdesktop and I had been a long
(07:46):
time desktop user since the midnineties, but there's still
things.
And QuickBooks Online that arelacking and especially in the
inventory area and job costing.
It just simply wasn't aspowerful, and so I know that
there's a lot of people stillkicking and screaming and not
wanting to give up desktop, but.
Dan DeLong (08:07):
Yes, they're the Charlton Hestons of of
QuickBooks.
They're fried desktop from mycold dead hands.
But it is.
And I always compared the twodifferent platforms like
QuickBooks Desktop as a dog andQuickBooks Online as a cat,
right?
And if you're a dog person ordog lover, you really don't like
Michelle Long (08:25):
that.
Yeah.
Oh, yeah.
Or Apple and Android.
Yeah, exactly.
You're
Dan DeLong (08:34):
wherever you sit on both on, on either side, if you
get really annoyed by a greentext in a group chat boy, then
that's where you, that's whereyou see the Apple people come to
life there.
But yeah it definitely like youmentioned it's, it takes some
unlearning of what you alreadyknow to do some of the same
things that, that you're used todoing and QuickBooks Online, of
(08:56):
course, has its advantages andsome of it is the disadvantages,
and the biggest disadvantage isthat feature gap.
Of the things that you were usedto using in the workflows that
you were wanting to, that youdid knew, did know in, in
QuickBooks desktop.
And now you have to learn a newway to do these things.
So we're done with that 1st pollquestion.
(09:18):
So let's go ahead and recap thepricing updates with regards to
QuickBooks online or desktopsusing because It's all going to
take place around the end ofthis month.
So this is a very finallydiscussion.
And we did have a gooddiscussion about it.
A couple webinars ago.
So you can always go back andreview that where we go into a
(09:39):
little deep, deeper dive, butI'm just going to highlight.
The pricing changes as theyrelate to QuickBooks desktop.
ProPremier Plus activesubscriptions are going to
increase on October 1st.
Now, this does not mean that onOctober 1st, all of your
customers that are on ProPremierPlus Those active subscriptions
(10:01):
are going to have an increase.
It's when it comes time for themto annually renew that when
those those increases will gointo effect.
If they just renewed, lastmonth, they're not going to get
another charge on October 1st.
It's going to be whenever thatis due, right?
Or whenever that billing datehappens.
(10:23):
10 months from now or whateverdate that happens to be.
So pro premier plus activesubscriptions will increase pro
premier Enhanced payroll isactually going to be stopped
sold.
So there's a stop sell date.
That was The end of Jan July.
There's too many months thathave J in them.
(10:43):
The end of July was supposed tobe the stop sell date for Pro,
Premier, and Enhanced Payroll.
But that has shifted so this isan example of Intuit responding
to feedback.
So that day even though it wasthe end of their fiscal year it
probably made more sense forthem to do it on the end of
(11:03):
July.
They heard the feedback andpushed that to the end of this
month.
So that stop sell date isactually going to be taking
effect the end of this month.
So September 30th 2024, unlessthey changed their mind in
between now and then.
So who knows there is anenterprise pricing change, not.
necessarily for the MSRP or thepricing change, but there is a
(11:26):
discontinuation of discountsthat might be.
That would certainly impact yourenterprise customers, as well as
the accountant pricing change.
Desktop is going upsignificantly for pro plus and
Mac plus is going up, this isjust a one user cost from 649
for pro to 999.
(11:48):
So 250 increase year over year.
Premiere Plus is getting 350.
I'm doing the math right?
Nope.
Yes.
No, that's 450.
Sorry.
Heh.
So a one user Premiere Plus willgo up to 1, 399.
The additional user cost hadtraditionally was 200 for Plus.
(12:08):
And 300 for premier.
I don't know intimately if thatis the same thing this year or
this coming year.
But again, that is that priceincrease will be, uh, effective.
October 1st, but only on theirannual renewal with desktop
payroll there still is a basicpayroll subscription out there
(12:31):
basic payroll is enhancedwithout the ability to e file
and e pay But those are going upThe base is going up 150 for
base basic as well as a onedollar for employee charge An
enhanced payroll is also goingup 150 and a 1 per active
(12:52):
employee charge.
That was actually startedSeptember 1st is the date for
those.
Again, if they're annually theywon't get the increase until
that annual the annual is up.
With a QuickBooks Enterprise.
The difference is that theProAdvisor lifetime discount,
(13:15):
which was 20 percent for seatsup to 10, and if they had over
11, 11 or more, it was 12 and ahalf percent of the MSRP.
After October 1st, any newmodification to an existing
license will no longer have adiscount, and if it's a new,
newly equipped enterprise afterOctober 1st there won't be any
(13:40):
possibility for for a lifetimediscount.
Doesn't mean that they won'thave discounts.
It just, they won't have thatlifetime discount typically
enterprise subscriptions or anysubscription that you're
purchasing through Directlythrough into it.
We'll have some kind ofpromotional discount, but just
like direct TV or any otherservice that you do with your
(14:02):
internet service provider the,they give that discount and it's
temporary.
And then once that expires, thenyou're paying the MSRP.
As long as their license isunchanged though.
So if you have existingenterprise clients and they are
using an active subscription, aslong as that goes unchanged
(14:24):
discount, if there are currentdiscounts, they will remain in
place.
So if you have a client with a,with an active enterprise
subscription that is.
Subject to your pro advisordiscount referral or whatever,
however it got there, it willstay there as long as they don't
make a change.
Now, if they up their feet orchange different metals, go from
(14:46):
silver to gold or gold toplatinum or downgrade from
platinum to silver or what haveyou that will be viewed as a new
subscription.
So if it's, if it happens afterthe 1st of October, those
discounts will peel off.
Just keep that in mind.
If you're working with a clientand they're thinking of adding
seats have them do that beforeOctober 1st with the accountant.
(15:13):
Desktop accountant is is goingup 200.
As well as the ProAdvisorPremier bundle.
So if you're, if you have an addon onto your ProAdvisor
ProAdvisor membership for justthe Premier, that annual
subscription will go up 200.
The ProAdvisor Enterprise bundlewill go up 300 and that's if you
(15:33):
have Enterprise and Premier aspart of your desktop ProAdvisor
membership.
And that will be October 1st,again, on, A new renewal.
Now they're no longer activelyselling accountant enhanced
payroll for accountant, whichallows you to have up to 50
EINs.
They stopped doing that several,I think a couple of years ago,
(15:55):
or at least 18 months ago.
So if you have, and this is anexample of, yeah, they stopped
selling it, so that's that stopsell date for pro and premier,
but they are honoring thesubscription as long as it
remains active.
If it doesn't go inactive, youhave 30 days to reactivate it.
They do give you a grace periodto make sure that you're billing
(16:16):
information, if you change yourcredit card or what have you.
And it doesn't go through you dohave 30 days to reactivate it
before it goes totally inactiveand they can't reactivate it,
but the enhanced payroll foraccountants, if you had it as
part of your pro advisor, that'snot bundle up above, you get a
50 percent off of it.
(16:37):
You get a 50%.
Discount off of the basesubscription costs.
But they did sneak in here thatthis is going up dramatic
dramatically, and drasticallyit's doubling in price, that,
that baseline.
Is going from what it is now is1, 400 a la carte and you get 50
percent off with with that isgoing to 2, 800 a year if you
(17:03):
have an a la carte, but again,you get the 50 percent off of
that and the direct deposit fee.
So this one's a little bitdifferent than other payroll
services.
And instead of having the Theper active employee surcharge,
this is only a charge if you'reactually doing the direct
deposit.
It could really add up,especially if you're doing
weekly payroll and they're alldirect deposit.
(17:25):
Just keep that in mind.
And again, that, that will gointo effect on October 1st after
the renewal.
All right.
So sticker shock going on all ofthe pricing increases to take a
breath there and I am not goingto make any claims that these
these features that I'm going totalk about are worth the price
(17:47):
increase that is more of astrategy of removing the cost
factor from the equation of, doI go with the cat of QuickBooks
Online or stick with thereliable dog?
QuickBooks desktop.
And I think,
Michelle Long (18:03):
I think Dan Don Bobbitt's comment here just hits
the nail on the head.
They really do not want peopleusing desktops.
I think the pricing is justgeared towards getting people it
removes price from the equationbecause that's where people used
to You know, say, they just takeprice out of the equation and so
(18:25):
I think he hit the nail on thehead there.
Dan DeLong (18:28):
Yeah, and the and the big thing about it though is
it still may be cost effectiveto stay with desktop, especially
if you have multiple entities.
Because with with QuickBooksOnline, each company represents
its own subscription whereasEnterprise or any desktop
product, as long as you have thehard drive space, you can create
(18:48):
as many company files as youlike.
That's one big thing aboutcomparing Apple's and Apple's.
Michelle Long (18:54):
And the other thing is, too, the consideration
of third party apps is, ifdesktop, you may not need those
third party apps if you getPremiere, and you've got the,
some of the inventory features,whereas with QBO, you may need
third party apps, but anyway.
Dan DeLong (19:10):
Yeah, and I saw somebody mentioned about QBO
inventory is terrible.
It is terrible if you need,build assemblies and if you
need, multiple units of measureand you need some of the
advanced inventory functionsthat are in QuickBooks desktop.
But.
For a reseller of, I buy thisstuff and I sell the same stuff
(19:31):
a little later.
Could be what they need, right?
So it just depends on whatthey're needing.
Were you going to say somethingthere?
Michelle Long (19:38):
I was just going to say too, the vast reality is,
the vast, Majority of smallbusinesses don't have any
inventory, I'd say 80 percent ofthe small businesses don't have
inventory.
Most of them are service basedbusinesses when you really think
about it.
With QBOs looking at themajority of the businesses are
not inventory based or servicebased businesses.
(20:00):
Anyway, did you mention the newprice of enterprise and with
that, I don't remember the
Dan DeLong (20:08):
pricing decisions aren't going up.
I'm sure they will because it'sjust another thing and another
nail in the coffin.
But the prices on enterprise arenot going up.
It's just the removal of thediscount.
On new subscriptions afterOctober 1st.
Look for a price increase, buthistorically those price
increases on enterprise happenedin February.
(20:31):
They're likely probably doingthe.
Going off of that, I am one, onedisclaimer here is that we are
on under no knowledge of theshenanigans that are, we are
just seeing what is the, what iscurrently external and available
to you as the public, you canalways check these things out on
(20:51):
the firm of the future webinaror from the future website.
And we are just pontificatingjust as much as anybody else
based off of what they.
What they've done in the pastand how they might have might be
doing these things in the futureSo we are under no no Insider
knowledge or anything like that.
(21:11):
This is all just what'shappening.
Currently and what we've beentold external right, so
Michelle Long (21:20):
And miriam is asking where she can find the
2024 subscription.
She doesn't know where she canget that so Do you want to
answer that one as well?
Dan DeLong (21:29):
Yeah, so for Pro and Premier, there is a website, and
we'll put it on the QB PowerHour website so you can get to
it.
There is a link.
With Pro and Premier, As long asyou're within that, sell through
date, you got to call and do it,right?
You got to get to, you got to doit directly through Intuit.
(21:51):
There's no other way to, to getan active new subscription.
Enterprise you should be able toto find it on their, on, on the
website and purchase it there.
Scrolling down to the bottom.
But there is a stop, they'lllike a backdoor, um, website
where you can activate new proplus subscriptions up until that
(22:12):
stop.
So they occurs and then youwould purchase one, one user
license, and then within theproduct, then you would add your
seat once you were able todownload it, but with with the
QuickBooks desktops now filledup.
2024 years version what they'redoing instead of releasing new
products, instead of releasing a2025 this year they're just
(22:35):
adding that and any newenhancements and features into
the latest version, right?
So long as you're on 2024 andyou're actively updating, you
will get these new featureenhancements.
So what we're going to talkabout here was actually an
Released in June with the R7update, they're already on R8.
(22:56):
So when you are in QuickBooksand you press the F2 key or
control one to see the productinformation window you'll be
able to see what release thatyou're on, if you're not on
release seven, you won't havethese features in 2024.
At least if you're not on atleast release seven.
So as and then they're planningto release these feature
(23:18):
enhancements quarterly insteadof waiting for one year's
version to come out and thenreleasing a new product that you
have to download and install andupdate and all that stuff.
Should be an easier process toget these new features because
you already have.
QuickBooks point 24, assumablyalready installed.
You just update it and then youhave these new features.
(23:39):
So with these with the newfeatures with with R7 and then
the next one is actuallyexpected in October, so we may
have a, another token QuickBooksdesktop webinar, we'll talk
about those new features.
But with with R7 we have nowprepayments on estimates.
They already had it with withsales orders.
(23:59):
So opened it up with being ableto take a prepayment on
estimates for those folks withinventory.
Inventory turnover report is nowa function.
We'll talk a little bit aboutthat.
And then there are some olddesktop versions.
We'll have a few slightly Idon't know what superficial
feature enhancements.
(24:19):
Print grid lines on reports andyou'll be able to search the
class field.
So I am not gonna make any claimthat's worth two$50 a year
increase for your pro and plussubscription.
But that is they do get thoseoptions now.
And then there's a link there inthe slide for the release notes,
so you can check that out.
(24:41):
Um.
The articles that come alongwith with those launches.
So on estimates, you'll now beable to see this receive
payments button in the upperright.
And what it allows you to do isto take payments against
estimates using those familiarworkflows.
It's typically you have anestimate or an invoice and then
(25:02):
you have, you receive a paymentagainst that.
And a lot of people willcontinue to use that, receive
customer payments when they'reaccepting customer deposits or
prepayments on those invoices,and then that causes a host of
other purchases.
Accounting nightmares whenyou're doing it that way,
(25:23):
because that will affect thecustomer's overall a are balance
and and then what do you do withthat open credit?
And it's not technically.
Accounting wise, not correctMichelle?
You don't necessarily want toreceive a customer payment when
you don't have an invoice toapply it to, right?
Michelle Long (25:43):
Then you have a credit sitting in AR and it can
do funny things And this iswhere, too, I was asking you I'm
like, okay, wait a minute.
An estimate is a non postingtransaction.
So now what's going to happen?
And how does this post?
And do I need to go test this?
Dan, what happens in thebackground?
(26:04):
What's it going to do?
Dan DeLong (26:07):
What this does is it will use another current
liability account instead ofAccounts receivable as the
offsetting thing.
And typically there's aworkaround when you don't have
this, where you're setting up asales receipt to account for the
movement of money and putting itinto the bank account.
And then you have to create somekind of credit memo or account
(26:31):
for.
When that actually does becomeinvoiced, I got to apply that
towards towards the open invoiceto lower the overall balance of
the invoice.
This will do that automatically,as as Intuit loves to say.
It applies those open depositbalances once it's invoiced, and
it really just simplifies theworkflow.
You, what people are used todoing, I'm receiving money, and,
(26:55):
I will take a payment.
When you introduce anothertransaction type like a sales
receipt or just a specificworkflow, it does cause some
confusion.
But we did a demonstration ofthat on on the workshop
Wednesdays.
You can check that out where wego a little deeper dive into
that thing.
But let's just talk a little bitabout some of the requirements
(27:16):
here for this particularfeature.
It can only be used with or itcan be used with both sales
orders and estimates.
I never really haven't reallydove into what if you receive it
on an estimate and then turn itinto a sales order and then turn
it into an invoice, but thatwill likely be something to look
into but you can do it oneither.
(27:37):
You can take prepayments onsales orders or estimates that
can be used with progress ornon, non progress based in
estimates.
The caveat, the yeah, but is itcan't be edited once it's
applied to an end.
So once you turn that prepaymentinto an invoice or once you turn
that estimate into an invoiceand have a prepayment that
(28:00):
you're going to apply.
Because it'll give you a it'llgive you a message.
Say, hey, do you want to applythe prepayment?
You say yes.
Once you've done that, youcannot modify the prepayment
transaction.
It's locked down because itwill, the way it actually does
it is it creates two differentjournal entries when you do that
to move the the balance from theother current liability account
(28:24):
to to apply it towards towardsthe invoice.
And those transactions are notConnected, right?
So they're not linked together.
So if you modify the payment theprepayment transaction it's not
going to have any impact onthose two journal entries.
So you just really want todelete and start over, right?
And if this was actuallyrecorded through a QuickBooks
(28:47):
payment, then that's going to beanother host of challenges with
with how you correct that.
And it also cannot be used ifyou have multi currency turned
on.
If you have multi currency onyou, you won't be able to see
this at all.
So there's a couple of settingsthat you want to activate.
And I was double checking when Iwas doing this yesterday, let me
(29:09):
go the wrong way.
Oh my goodness, where'd it go?
This screen is what it's tryingto get to if you click on
receive payments on an estimatebecause you'll see this button
here whether you have thefeature turned on or not, but
when you hit click on Receivepayments on an estimate.
(29:31):
It will take you to thepreference and allow you to set
it up because it'll say hey Youdon't have this set up.
Would you like to set it up now?
On the payments section of ofthe preferences, there's going
to be this button that saysprepayment settings, and when
you click on that it's just acheckbox to turn on the
prepayment, and then you'regoing to be specifying what
(29:52):
liability account you want thoseprepayments to go to.
And that's really all thesettings or preferences that you
need to do.
Because you're just specifyingthat that process here.
So I do have, I did have, whereis it?
There it is.
Okay.
Did have the QuickBooks up herein the background and while
that's waiting to come up, we'llmove on to the Inventory
(30:15):
Turnover Report.
Maybe we'll just demonstrateboth of these at the same time.
So the Inventory Turnover, asthe CPA of the two of us
Michelle, What does that mean?
What is inventory turnover?
Typically, you don't want, youdon't want inventory, you don't
want employee turnover, but youdo want inventory turnover.
What's the, what is the conceptof inventory turnover?
Michelle Long (30:38):
We, the idea is that you keep it moving, right?
You want to, you don't want yourcash tied up in inventory.
For example, I had a client thathad a sporting goods store,
right?
And he would buy stuff that hethought was cool, not stuff that
was selling, and we were jokingin the old days, it was the dust
(31:00):
test, right?
You could walk around the storeand if it was dusty.
It's time to mark it down andsell it, right?
You want to sell the inventoryto convert it to cash so you can
buy more inventory that yourcustomers want to buy, not what
you think is cool.
What is selling?
You want to turn the inventoryover the faster you turn it
(31:22):
over.
And the more that you'reselling.
Then you know the higher yoursales are and the more
profitable you are theoreticallyif you're pricing it correctly,
right?
So the more you're turning yourinventory theoretically the
higher your sales and the higheryour profit So it's a good thing
to have a high inventoryturnover, theoretically
Dan DeLong (31:44):
And like most things it depends right based on what
you're selling and those typesof things but right but ideally
you would want to time it sothat you're Purchasing and
selling is almost insynchronous, it's synchronized.
One, you don't have shortfallsof inventory, like back orders
and things like that, and youalso don't have the burst effect
(32:05):
of, I've got dust just sittingon the shelves that's collecting
dust.
That's what you, your duststack, as you were mentioning.
So this inventory turnoverreport is going to give them
insights into a frequency oftime.
And is it typically in a yearthat you look back on this or
does it really matter?
Or it's again, is it depends on.
(32:25):
The period of time that you'relooking at your it's going to
Michelle Long (32:28):
it's going to it's going to depend on the
industry Some industries haveyou know a longer, sales frame,
if you think about a car Theirsales cycle is going to be
different than mobile homesversus grocery stores or walmart
or a jewelry store differentindustries have different
Turnovers and stuff like that.
It's going to depend on theindustry and that's where they
(32:49):
need to look at the industryaverages and know what's normal
for our industry.
What should our turnovers be?
And that's where they can usethese reports to help them.
To know how are they doing withindustry averages and that's
where I'll put this in the chatBut there's a website called biz
stats b i z.
I'll put it in there bizstats.
(33:11):
com Where you can go see whatare the industry turnovers, you
know What should it be for ourindustry and you can go get an
idea and help them to see Youknow, are we turning it five
times eight times?
Is that what it should be forour industry?
And these reports can help themto see that to know if they're
turning their inventory as muchas they should be.
Dan DeLong (33:33):
All right, so let's go ahead and go into this report
because it's just built in as adefault report now.
So I go to inventory reports.
Now I see this option here.
Inventory turnover by item.
First time that you launch it,it's going to give you a little
(33:54):
idea of what you're going to getout of it.
You can choose the option.
Don't show this again if youwant, or go into the article I
did post in the in the slidesInput has made a nice little
inventory turnover page on theirwebsite where they talk about
some of the distinctions of thethere's actually two ways to
(34:15):
calculate it.
You can base it off of your yoursales or the cost of goods.
And QuickBooks is using the costof goods sold method.
So here we make this a littlebigger so people can see it.
So here's every item it's gotsome, general information about
the.
(34:36):
The item itself, but it willtell it these two columns here,
turnover ratio and turnover daysare the useful turnover
information during this duringthis time period.
So this is looking at one year'sworth of sales or transactional
information.
So this is a sample company.
So it's dated in the future.
(34:56):
So don't concern yourself withthe time traveling that I'm
doing here by going into detail.
But this particular item it hasa turnover ratio of, and it
takes three, four days, go overturn this over.
So if I go back here and the dogis bark and can't get to, so
(35:20):
this will also give during thattime period, it'll show the cost
of the sold during that year theclosed stock, opening stock,
purchases that you've madeduring that time period, and
then what the average inventoryis, because that is something
that you would need to be ableto to tell what your what your
turnover actually is.
(35:41):
This is calculating, Okay.
The cost of goods sold dividedby the average inventory during
that time period and then givingyou the turnover ratio and the
turnover date.
To figure out what that averageinventory is, it takes a lot of
calculation because especiallyif you're doing that during the
(36:03):
during the course of a year, youhave to get the ending stock
figures during each of thosemonths and then add them all
together and divide by six.
So the inventory turnover reportis doing that for you, as you
see, the quick zoom, the littlemagnifying glass that you get
for all of these QuickBooksreports would allow you to drill
(36:26):
in typically for any of thoseamounts.
But unfortunately, all this doesis take you to edit the item, so
you cannot confirm any of theseany of these items or any of
these amounts in here becauseevery place that you click on
this report is only going togive you to edit the item that
you're clicking on.
(36:47):
That's a feedback session herethat that would be super
helpful, if you wanted toconfirm your cost of goods sold
for that year for that item, itwould be really helpful if you
could just drill in and see thedetail there but now you got to
run another report in order toconfirm that just the same as
your average inventory as well.
Michelle, you're pointing yourfinger like you're going to say
(37:09):
something.
Michelle Long (37:10):
Could we launch a poll question?
Dan DeLong (37:12):
Yes.
Michelle Long (37:14):
Since this is a CPE one, I think we maybe should
do that.
Yeah.
And yeah, there you go.
And then I thought we couldcontinue talking while they're
doing.
There we go.
Dan DeLong (37:25):
There you go.
Thanks.
Then the other, thing I canreally show here, that's come in
is this report with gridlines isa new function from the print
dropdown.
So if you wanted to see this is.
This report is going to show allof your inventory items, which
if you have a lot of inventoryitems, that's going to show it's
(37:47):
going to be hard to read, right?
So the report with gridlinesshow the preview here.
It just gives a line for eachone to make it a little easier
to read, especially when you'vegot a report with a lot of
detail on it and you want to beable to make sure that you're
not flipping from one line tothe other.
So that is That's an honorablemention feature for QuickBooks
(38:10):
Desktop, but it is a new one.
And then, the other thing aboutthis report is you really can't
customize it too much, right?
So you can change the reportdate range, but adding, taking
columns away, those types ofthings are not available just
yet.
You can filter.
Filter the report.
There is a dropdown here to showdifferent types of items.
(38:35):
You can choose multiple itemsfrom here to be able to, make
things a little easier.
And then, of course, you wantto, if you categorize your
inventory you can filter by, bycategories.
But, These columns are hard setin here you can drag and move,
remove them but as soon as yourun this report again, if you
(38:57):
didn't memorize it, it willbring up those those those
columns again.
But you can't reorganize, wait,can you, yes, you can reorganize
them but you can't addadditional columns if you wanted
to see that.
So that plus the drilling in isa.
It's a little yeah, but for me,but it's, uh, if you just needed
(39:18):
to get the turnover ratio andthe turnover days, it's a it's a
valuable add on the reporting.
Let's go into an estimate, showthe show some of the options
here on taking a prepayment.
So this estimate here is 17,250.
(39:38):
I have my received paymentsoption.
Again, it won't, it will tellme.
You won't be able to make anychanges on the prepayment once
you apply it to the invoice.
And now, you can tell that thisis a prepayment because it says
so here.
So it gives that little stampthat this is a prepayment, which
(40:00):
corresponds with this checkboxhere that this prepayment is for
an estimate or sales order.
So you do have the option tochange that.
Incidentally, if you Did closethis here, clear it first and
then close it.
We did inadvertently go to acustomer to see who's customer
(40:25):
is.
This is Jen Crandall.
So if I went to create apayment, where are they?
Enter customer payment.
I'm lost.
Where'd it go?
Receive payments.
There it is.
It doesn't have the prepayment,but as soon as I check this, Or
(40:48):
this is a prepayment on a salesorder or an estimate.
And as soon as I choose thatcustomer, now that estimate
shows up here.
So you can do it from eitherdirection whether it's coming
from the estimate into thepayment, the prepayment, or
going from the payment to theestimate.
(41:09):
But you just wanna make surethat you have that check mark in
there, that this is a prepaymentin the transaction type, in
order to have that workflowpartake, you know.
Having that workflow in use.
So if I hit save, oh, I gotaccused.
Oh, and I locked it up Go backto the estimate.
Michelle Long (41:34):
Did these all go to one deferred liability
account?
Are you able to set up differentliability accounts or is it just
one default?
Liability, it's only one.
It's
Dan DeLong (41:45):
only one default Yeah, it's only one default
which will feed into the thebuilt in report on prepayments.
Okay.
But let me go back here.
I'll just choose this one
Michelle Long (41:59):
and we'll go
Dan DeLong (42:00):
there.
Michelle Long (42:02):
And then can you get a report of the open
prepayments that you have?
Dan DeLong (42:08):
Yeah, there's a built in report.
So let me record this for 5,000, it'll apply it towards the
estimate save and close that no,it has to be after the date of
the estimate, so because we'refuture based here, so this is 3
7 20 30, let's make sure I'm inthe future of the future.
(42:30):
Save and close.
All right, the sound of thesound Then we
Michelle Long (42:36):
have in here under customers we have Open
Dan DeLong (42:53):
prepayments by customer.
So now there's that estimate forthat individual for jen
crandell.
She's got a five thousand dollarprepayment.
And when I look at the theestimate, go back to it, there
it is.
So there it shows the prepaymentis applied to the estimate.
(43:15):
So it gives me the balance dueof the invoice, or the estimate
as 5, 000 less.
Now I can turn this, when it'stime, I can turn this into an
invoice.
I'm just going to create it for100%, right?
So far, it doesn't look likeit's doing anything just yet
because I'm just creating a, aninvoice out of the estimate
(43:37):
itself.
It says I hit save and close.
It tells me the transactions inthe future date.
This customer has availablecredits that can be applied.
Would you like to do that now?
Say yes.
There is our 5, 000 prepayment.
It's already pre selected.
And I'll just hit done hereassuming it's going to allow me
(43:58):
to do that.
Michelle Long (43:59):
What would be nice is feedback for Intuit.
What would be nice is when youcreate that estimate, or I'm
sorry, when you create thatinvoice, if it would allow you
to put that on there, like youhad to save it first before it
asked you that, didn't it?
I had
Dan DeLong (44:20):
to save.
Michelle Long (44:22):
Did you save this invoice before it said you had
those credits?
You had to click save first,didn't you?
Dan DeLong (44:29):
Yes.
And then it recognized thatthere is an outstanding
prepayment in order to order toapply it to, because what it's
doing is it's using those two,it's creating two additional
entries to move the moneyaround.
So it does need to know thatyou're ready to do that.
Gotcha.
Do that.
And then when I do that my openprepayments by customer report
(44:54):
is blank.
Because I don't have aprepayment available anymore.
And then if you looked at thetransaction history, you would
see that, there's journalentries tied to things as
opposed to the customer paymentbecause of the fact that there's
no AR on that prepayment.
So that's how it handles thosethings.
(45:17):
And then I think the lastfeature, Oh yeah, the ability to
search the class list.
Ooh big deal, right?
So I have a class list of five,so I don't need the ability to
search.
I can see it all there, but ifyou have pages of classes and
you want to be able to searchfor them, now you can.
(45:39):
Search for it in the searchfield at the top.
They're slowly but surely addingsearch fields on list and class
list is the next one on here.
Go back here and launch thepoll.
Do you feel like these would be,will be helpful?
It looks like it's pretty wellmixed there.
But the biggest one is nope.
Don't have any, don't have anycustomers with with these
(46:02):
workflows.
Let's talk a little bit aboutthe future state of desktop.
Again, oh, you were going to saysomething, Michelle.
Michelle Long (46:09):
No, just some people are wanting us to launch
the last poll, because they haveto jump.
Can we launch it while we talkabout this, maybe?
Dan DeLong (46:18):
We can do that, yes, absolutely.
Michelle Long (46:20):
Thank you.
Sorry.
This is a,
Dan DeLong (46:22):
this is a, this is again, this is not foreshadowing
anything, but if desktop was notaround, we What would that mean
to your business is the lastpoll, poll question.
But the disclaimer here is thatthere's no official announcement
to me.
As a matter of fact, if you talkto Intuit they'll say desktops
here for as long as there's ahard drive on computers.
And that's really the, thebottom line is as long as
(46:45):
there's a need for it.
It will be available but it maybe a little more costly or in
the future as history ispredicting the future, but it's
very very telling that there isno 2025 version this year
because I think Hector broughtthis up and one of his webinars
and I happen to agree with them.
(47:07):
It aligns with the servicediscontinuation policy with
2024, right?
Being the latest version ofQuickBooks Desktop Into its
service discontinuation policyis to support the most recent
version minus two.
And as those years go on 2022 isgoing to be the next Version
(47:29):
that will be on servicediscontinuation and that will be
May 31st of 2025, and then 2023will be May 31st of 2026.
So that would mean that 2024, ifthere is not a new version, and
again, we're just, guessing that2024's service discontinuation
(47:53):
date would be May 31st of 2027.
So if there is a date thatQuickBooks Desktop is not going
to be available that would bethe date.
The target date doesn't meanthat's what's going to actually
happen on that date.
We've seen things change.
Within a month, right?
The stop sell date change thosetypes of things.
And that doesn't mean that alldesktops will be discontinued on
(48:16):
that date.
It may be that there is still aviable need for enterprise.
But I would see, I would foreseethe way things are today.
If I had to read the tea leavestoday, Pro and Premier would not
be actively supported orcontinued on that date because
they made claims that QuickBooksOnline is on Feature Parity with
(48:37):
Pro, at least, maybe Premiere ifyou're not using the inventory
functions.
Other Intuit channels arealigning with this timeline as
well.
And I would expect additionalprice increases in that three
year window to again, eliminatethat, that part of the
conversation.
On October 3rd, Intuit isAnnouncing an online mid market
(49:01):
announcement.
So don't know what that's goingto foresee, but we'll be talking
about that after October 3rdonce we actually hear what they
had to say.
And they've made claims thatenterprise will be the flagship
desktop product until it's notright.
It's like predicting the stockmarket, right?
Things will go up.
Until they don't, things will godown until they don't.
(49:25):
So we shall wait and see and andsee that.
But if somebody, pinned me downor tied me down and had that,
gave me a ask for, when isdesktop going to go away?
That date May 31st of 2027 seemsto be a date that will make
sense as to what we're seeingtoday.
(49:45):
And potentially see it in thefuture, but, the future holds a
lot of possibilities andpotentially other alternatives
between now and then.
Three years is a long time for atech company to to be saying,
Michelle.
Yeah.
Michelle Long (50:05):
It'll be interesting.
It'll be interesting.
We'll see.
I, it is interesting becausethat big mid market announcement
on October 3rd is beforeQuickBooks Connect, which is
tending to be, I'm sorry, IntuitConnect, which is tending to be
a mid market conference fromwhat I'm hearing.
But it is changing with kind ofa new focus this year as well.
(50:28):
So
Dan DeLong (50:30):
yeah, we shall see.
And hopefully in October we'llbe talking about, what new
features are in desktop becausethey're planning for another
quarterly update to happenaround that time.
So we'll have lots to talk aboutin October.
What's new, what's with the newnew version of this
announcement.
I suspect I'll be outrageouslyunderwhelmed by that, whatever
(50:52):
that announcement might be verysimilar to when QuickBooks
Online Advanced was announced itwas like, oh, that's it, but.
I
Michelle Long (51:00):
suspect it'll have some AI flavor in it, and I
do suspect it'll probably be alot of hype, and then
disappointment that it won't beas much as we think or whatever,
but I suspect it'll have AI init, and a lot of bells and
whistles around AI is what I'mthinking.
That it'll have a lot tellingyou about the numbers and stuff
(51:24):
coming from AI is what i'mthinking But I will be on a
cruise ship in australia onoctober 3rd And then going off
of new guinea after that i'll beback towards the end of october
So I will miss it and have tocatch up when I get back after
my trip.
So You have to tell me what Imissed
Dan DeLong (51:45):
We'll look forward to filling you in and enjoy your
trip and we'll see you at, solet's see everybody on the next
QB power hour.
We appreciate you joining ustoday.
Have a great day, everyone.
Michelle Long (51:56):
Thanks Dan.
Thank you everybody.
Thank you everybody.
Welcome everybody for another QB power hour and
today's topic.
Is there anything new in QBdesktop?
Very glad to have you alljoining us today.
My name is Michelle Long, CPAand an MBA in entrepreneurship.
The owner of Long for Success.
I'm very glad to announce thatI'm recently retired, but glad
to be joining you guys today forthis QB Power Hour.
(00:52):
Formerly trainer with the IntuitTrainer Writer Network, or
whatever it was called before itwas put to sunset, or whatever
they called it.
Put to bed, or retired, or likeI am, or whatever.
That's
Dan DeLong (01:07):
enough.
Discontinued.
Michelle Long (01:09):
Yes, discontinued.
Go ahead, Dan.
Dan DeLong (01:13):
My name is Dan DeLong, owner at Danwidth and
schoolofbookkeeping.
com.
Worked at Intuit for nearly 18years.
Co hosting today, as well asover at School of Bookkeeping.
We do the workshop Wednesdays,oddly enough, every Wednesday.
Do some tech editing for the QBOfor Dummies book series.
A little bit about the detailsof the webinar.
(01:35):
They are now eligible for CPEcredits.
So today's today's webinar iseligible for a one hour CPE
session.
It will typically be the firstwebinar of the month, but as
our.
Friends at Makers Hub might havesome availability for other ones
we'll let you know when thoseare eligible, but just as a rule
of thumb, the first webinar ofthe month, not the first week of
(01:57):
the month, but the first webinarscheduled for that particular
month.
Should be eligible for the CPEcredit but you can always go to
qbpowerhour.
com resources and download thepdfs of the slides, recording,
podcasts, and other resourcesthere as well.
And in a moment, I'll put in theQ& A or the chat, the The slides
(02:20):
for today but if you havequestions about things that
we're going to be talking abouthere today, specifically, please
put them in the Q and a, becauseit makes us it makes it real
easy for us or a lot easier forus.
To follow up if we do need toput something on the parking lot
and can't answer that.
Particular question live.
If you have general commentsabout EA chiefs or blue eagles,
(02:43):
whatever the case may be pleaseput those in the chat.
And then we also have the linksthere for the handouts.
So new for 2022, we aresimulcasting, which just
reminded me, I didn't share thatto the Facebook group.
So I got to do that real quickhere.
And but if you are watching inthe Facebook group and you want
to comment on something.
(03:05):
Please put please use that QRcode to allow Facebook to see
the streaming platform.
And then that will allow us tosee who you are when you chat
with us live on the webinar.
We also have a QB Power Hourswag store where I you YouTube
can have a pink hat like me Ineed to get one so that I can
(03:26):
see that live Would I look goodin pink?
Yeah.
October is the breast cancerawareness, so maybe we will don
a pink QB power hour hat forthat.
So as I mentioned Makers Hub isour CPE sponsor they are
gracious enough to be able toget, provide us with CPE credit,
(03:47):
one hour you just need toparticipate, meaning to
participate in the pollquestions, so there'll be three
polls during this webinar youneed to make sure that you
answer all three of those.
As well as evaluate in thesurvey at the end if there is
one, I don't believe I actuallyset up a post survey survey,
(04:07):
post webinar survey.
There we go.
So let's talk a little bit aboutwhat we are going to talk about.
We'll be, uh, typically aroundthis time of year is when
QuickBooks releases its newproduct for desktop.
And this is, this year is alittle bit different.
We're going to be talking aboutsome of those differences.
We'll be recapping the stop sellprice sorry, the stop sell date
(04:31):
for Pro Premier Plus, as well asthe discontinuation of the
Premier Plus.
ProAdvisor discount forenterprise.
We'll we'll recap that.
We did talk about that a coupleof webinars ago.
But we'll want to unpack some ofthe new ish desktop features.
There's payments on estimates,inventory turnover reports, and
(04:51):
some other smaller enhancements.
And then we'll pontificate onthe future state of QuickBooks
Desktop, because there's no 2025version this year, so what does
that mean?
And is there an alternativeonline solution coming?
And then we'll talk about someQA stuff at the end.
So our first poll question is,do you need CPE credit for this?
(05:15):
And Michelle, you want to talkabout when we were meeting here
to talk about this this webinar.
You were like, I'm just going tobe support because I don't even
know desktop.
Talk about your transition fromdesktop to online.
Cause you've been doing this foryears, right?
Michelle Long (05:37):
Isn't that amazing, Dan?
Because initially I did not wantto go to QBO, cause QuickBooks
online, a lot of people don'trealize QuickBooks online was
really around since 2000 or 2001or whatever.
But I remember Stacey was theonly one, practically, of the
trainers or any of us that wereusing QuickBooks Online.
(05:57):
And I checked it out and I waslike ew, I didn't really like
it, ew, I was like, I don't likeit, I don't want to use it.
And I tried using it and I'mlike, it's too slow.
I don't like it.
Anyway, I finally realized,intuit, this was it.
This is what Intuit was goingto, and if I wanted to keep
doing training and things that Ireally needed to get on the, on
board with it and stuff, and soI printed out the little
(06:17):
keyboard shortcuts and thingslike that, and I just forced
myself to start working with itand everything, and once I
learned some of the navigatingshortcuts and learned how to do
some of that, once I understoodthat it isn't the same, it is
different, and once I Forgotthat and just embrace learning
it and learn some of the newthings that it can do and things
(06:40):
like that Then I really got toknow it and like it a lot better
And then I got to where I didn'tlike working in desktop and it
seemed clunky and dated And thenpretty soon I got to where I
didn't want to work in desktopat all anymore You know And it
just, it was a transition towhere, I realized what Intuit
(07:01):
was doing and why they weredoing it, pushing us to
QuickBooks Online and they wereahead of the curve.
They were teaching us freedom inthe cloud and going to the
cloud.
Intuit spends, millions ofdollars doing all this research
and stuff, seeing where theindustry is going.
And pushing us there, and itreally did help us once COVID
(07:23):
hit, we were all working fromhome and doing all this, we were
ready for it, ready to supportour clients and help them to do
all this remote stuff.
We were ready, and we were wellahead of the game, whereas a lot
of people were caught and stuff.
But by embracing QuickBooksOnline and stuff, that helped a
lot.
But, so I did get away fromdesktop and I had been a long
(07:46):
time desktop user since the midnineties, but there's still
things.
And QuickBooks Online that arelacking and especially in the
inventory area and job costing.
It just simply wasn't aspowerful, and so I know that
there's a lot of people stillkicking and screaming and not
wanting to give up desktop, but.
Dan DeLong (08:07):
Yes, they're the Charlton Hestons of of
QuickBooks.
They're fried desktop from mycold dead hands.
But it is.
And I always compared the twodifferent platforms like
QuickBooks Desktop as a dog andQuickBooks Online as a cat,
right?
And if you're a dog person ordog lover, you really don't like
Michelle Long (08:25):
that.
Yeah.
Oh, yeah.
Or Apple and Android.
Yeah, exactly.
You're
Dan DeLong (08:34):
wherever you sit on both on, on either side, if you
get really annoyed by a greentext in a group chat boy, then
that's where you, that's whereyou see the Apple people come to
life there.
But yeah it definitely like youmentioned it's, it takes some
unlearning of what you alreadyknow to do some of the same
things that, that you're used todoing and QuickBooks Online, of
(08:56):
course, has its advantages andsome of it is the disadvantages,
and the biggest disadvantage isthat feature gap.
Of the things that you were usedto using in the workflows that
you were wanting to, that youdid knew, did know in, in
QuickBooks desktop.
And now you have to learn a newway to do these things.
So we're done with that 1st pollquestion.
(09:18):
So let's go ahead and recap thepricing updates with regards to
QuickBooks online or desktopsusing because It's all going to
take place around the end ofthis month.
So this is a very finallydiscussion.
And we did have a gooddiscussion about it.
A couple webinars ago.
So you can always go back andreview that where we go into a
(09:39):
little deep, deeper dive, butI'm just going to highlight.
The pricing changes as theyrelate to QuickBooks desktop.
ProPremier Plus activesubscriptions are going to
increase on October 1st.
Now, this does not mean that onOctober 1st, all of your
customers that are on ProPremierPlus Those active subscriptions
(10:01):
are going to have an increase.
It's when it comes time for themto annually renew that when
those those increases will gointo effect.
If they just renewed, lastmonth, they're not going to get
another charge on October 1st.
It's going to be whenever thatis due, right?
Or whenever that billing datehappens.
(10:23):
10 months from now or whateverdate that happens to be.
So pro premier plus activesubscriptions will increase pro
premier Enhanced payroll isactually going to be stopped
sold.
So there's a stop sell date.
That was The end of Jan July.
There's too many months thathave J in them.
(10:43):
The end of July was supposed tobe the stop sell date for Pro,
Premier, and Enhanced Payroll.
But that has shifted so this isan example of Intuit responding
to feedback.
So that day even though it wasthe end of their fiscal year it
probably made more sense forthem to do it on the end of
(11:03):
July.
They heard the feedback andpushed that to the end of this
month.
So that stop sell date isactually going to be taking
effect the end of this month.
So September 30th 2024, unlessthey changed their mind in
between now and then.
So who knows there is anenterprise pricing change, not.
necessarily for the MSRP or thepricing change, but there is a
(11:26):
discontinuation of discountsthat might be.
That would certainly impact yourenterprise customers, as well as
the accountant pricing change.
Desktop is going upsignificantly for pro plus and
Mac plus is going up, this isjust a one user cost from 649
for pro to 999.
(11:48):
So 250 increase year over year.
Premiere Plus is getting 350.
I'm doing the math right?
Nope.
Yes.
No, that's 450.
Sorry.
Heh.
So a one user Premiere Plus willgo up to 1, 399.
The additional user cost hadtraditionally was 200 for Plus.
(12:08):
And 300 for premier.
I don't know intimately if thatis the same thing this year or
this coming year.
But again, that is that priceincrease will be, uh, effective.
October 1st, but only on theirannual renewal with desktop
payroll there still is a basicpayroll subscription out there
(12:31):
basic payroll is enhancedwithout the ability to e file
and e pay But those are going upThe base is going up 150 for
base basic as well as a onedollar for employee charge An
enhanced payroll is also goingup 150 and a 1 per active
(12:52):
employee charge.
That was actually startedSeptember 1st is the date for
those.
Again, if they're annually theywon't get the increase until
that annual the annual is up.
With a QuickBooks Enterprise.
The difference is that theProAdvisor lifetime discount,
(13:15):
which was 20 percent for seatsup to 10, and if they had over
11, 11 or more, it was 12 and ahalf percent of the MSRP.
After October 1st, any newmodification to an existing
license will no longer have adiscount, and if it's a new,
newly equipped enterprise afterOctober 1st there won't be any
(13:40):
possibility for for a lifetimediscount.
Doesn't mean that they won'thave discounts.
It just, they won't have thatlifetime discount typically
enterprise subscriptions or anysubscription that you're
purchasing through Directlythrough into it.
We'll have some kind ofpromotional discount, but just
like direct TV or any otherservice that you do with your
(14:02):
internet service provider the,they give that discount and it's
temporary.
And then once that expires, thenyou're paying the MSRP.
As long as their license isunchanged though.
So if you have existingenterprise clients and they are
using an active subscription, aslong as that goes unchanged
(14:24):
discount, if there are currentdiscounts, they will remain in
place.
So if you have a client with a,with an active enterprise
subscription that is.
Subject to your pro advisordiscount referral or whatever,
however it got there, it willstay there as long as they don't
make a change.
Now, if they up their feet orchange different metals, go from
(14:46):
silver to gold or gold toplatinum or downgrade from
platinum to silver or what haveyou that will be viewed as a new
subscription.
So if it's, if it happens afterthe 1st of October, those
discounts will peel off.
Just keep that in mind.
If you're working with a clientand they're thinking of adding
seats have them do that beforeOctober 1st with the accountant.
(15:13):
Desktop accountant is is goingup 200.
As well as the ProAdvisorPremier bundle.
So if you're, if you have an addon onto your ProAdvisor
ProAdvisor membership for justthe Premier, that annual
subscription will go up 200.
The ProAdvisor Enterprise bundlewill go up 300 and that's if you
(15:33):
have Enterprise and Premier aspart of your desktop ProAdvisor
membership.
And that will be October 1st,again, on, A new renewal.
Now they're no longer activelyselling accountant enhanced
payroll for accountant, whichallows you to have up to 50
EINs.
They stopped doing that several,I think a couple of years ago,
(15:55):
or at least 18 months ago.
So if you have, and this is anexample of, yeah, they stopped
selling it, so that's that stopsell date for pro and premier,
but they are honoring thesubscription as long as it
remains active.
If it doesn't go inactive, youhave 30 days to reactivate it.
They do give you a grace periodto make sure that you're billing
(16:16):
information, if you change yourcredit card or what have you.
And it doesn't go through you dohave 30 days to reactivate it
before it goes totally inactiveand they can't reactivate it,
but the enhanced payroll foraccountants, if you had it as
part of your pro advisor, that'snot bundle up above, you get a
50 percent off of it.
(16:37):
You get a 50%.
Discount off of the basesubscription costs.
But they did sneak in here thatthis is going up dramatic
dramatically, and drasticallyit's doubling in price, that,
that baseline.
Is going from what it is now is1, 400 a la carte and you get 50
percent off with with that isgoing to 2, 800 a year if you
(17:03):
have an a la carte, but again,you get the 50 percent off of
that and the direct deposit fee.
So this one's a little bitdifferent than other payroll
services.
And instead of having the Theper active employee surcharge,
this is only a charge if you'reactually doing the direct
deposit.
It could really add up,especially if you're doing
weekly payroll and they're alldirect deposit.
(17:25):
Just keep that in mind.
And again, that, that will gointo effect on October 1st after
the renewal.
All right.
So sticker shock going on all ofthe pricing increases to take a
breath there and I am not goingto make any claims that these
these features that I'm going totalk about are worth the price
(17:47):
increase that is more of astrategy of removing the cost
factor from the equation of, doI go with the cat of QuickBooks
Online or stick with thereliable dog?
QuickBooks desktop.
And I think,
Michelle Long (18:03):
I think Dan Don Bobbitt's comment here just hits
the nail on the head.
They really do not want peopleusing desktops.
I think the pricing is justgeared towards getting people it
removes price from the equationbecause that's where people used
to You know, say, they just takeprice out of the equation and so
(18:25):
I think he hit the nail on thehead there.
Dan DeLong (18:28):
Yeah, and the and the big thing about it though is
it still may be cost effectiveto stay with desktop, especially
if you have multiple entities.
Because with with QuickBooksOnline, each company represents
its own subscription whereasEnterprise or any desktop
product, as long as you have thehard drive space, you can create
(18:48):
as many company files as youlike.
That's one big thing aboutcomparing Apple's and Apple's.
Michelle Long (18:54):
And the other thing is, too, the consideration
of third party apps is, ifdesktop, you may not need those
third party apps if you getPremiere, and you've got the,
some of the inventory features,whereas with QBO, you may need
third party apps, but anyway.
Dan DeLong (19:10):
Yeah, and I saw somebody mentioned about QBO
inventory is terrible.
It is terrible if you need,build assemblies and if you
need, multiple units of measureand you need some of the
advanced inventory functionsthat are in QuickBooks desktop.
But.
For a reseller of, I buy thisstuff and I sell the same stuff
(19:31):
a little later.
Could be what they need, right?
So it just depends on whatthey're needing.
Were you going to say somethingthere?
Michelle Long (19:38):
I was just going to say too, the vast reality is,
the vast, Majority of smallbusinesses don't have any
inventory, I'd say 80 percent ofthe small businesses don't have
inventory.
Most of them are service basedbusinesses when you really think
about it.
With QBOs looking at themajority of the businesses are
not inventory based or servicebased businesses.
(20:00):
Anyway, did you mention the newprice of enterprise and with
that, I don't remember the
Dan DeLong (20:08):
pricing decisions aren't going up.
I'm sure they will because it'sjust another thing and another
nail in the coffin.
But the prices on enterprise arenot going up.
It's just the removal of thediscount.
On new subscriptions afterOctober 1st.
Look for a price increase, buthistorically those price
increases on enterprise happenedin February.
(20:31):
They're likely probably doingthe.
Going off of that, I am one, onedisclaimer here is that we are
on under no knowledge of theshenanigans that are, we are
just seeing what is the, what iscurrently external and available
to you as the public, you canalways check these things out on
(20:51):
the firm of the future webinaror from the future website.
And we are just pontificatingjust as much as anybody else
based off of what they.
What they've done in the pastand how they might have might be
doing these things in the futureSo we are under no no Insider
knowledge or anything like that.
(21:11):
This is all just what'shappening.
Currently and what we've beentold external right, so
Michelle Long (21:20):
And miriam is asking where she can find the
2024 subscription.
She doesn't know where she canget that so Do you want to
answer that one as well?
Dan DeLong (21:29):
Yeah, so for Pro and Premier, there is a website, and
we'll put it on the QB PowerHour website so you can get to
it.
There is a link.
With Pro and Premier, As long asyou're within that, sell through
date, you got to call and do it,right?
You got to get to, you got to doit directly through Intuit.
(21:51):
There's no other way to, to getan active new subscription.
Enterprise you should be able toto find it on their, on, on the
website and purchase it there.
Scrolling down to the bottom.
But there is a stop, they'lllike a backdoor, um, website
where you can activate new proplus subscriptions up until that
(22:12):
stop.
So they occurs and then youwould purchase one, one user
license, and then within theproduct, then you would add your
seat once you were able todownload it, but with with the
QuickBooks desktops now filledup.
2024 years version what they'redoing instead of releasing new
products, instead of releasing a2025 this year they're just
(22:35):
adding that and any newenhancements and features into
the latest version, right?
So long as you're on 2024 andyou're actively updating, you
will get these new featureenhancements.
So what we're going to talkabout here was actually an
Released in June with the R7update, they're already on R8.
(22:56):
So when you are in QuickBooksand you press the F2 key or
control one to see the productinformation window you'll be
able to see what release thatyou're on, if you're not on
release seven, you won't havethese features in 2024.
At least if you're not on atleast release seven.
So as and then they're planningto release these feature
(23:18):
enhancements quarterly insteadof waiting for one year's
version to come out and thenreleasing a new product that you
have to download and install andupdate and all that stuff.
Should be an easier process toget these new features because
you already have.
QuickBooks point 24, assumablyalready installed.
You just update it and then youhave these new features.
(23:39):
So with these with the newfeatures with with R7 and then
the next one is actuallyexpected in October, so we may
have a, another token QuickBooksdesktop webinar, we'll talk
about those new features.
But with with R7 we have nowprepayments on estimates.
They already had it with withsales orders.
(23:59):
So opened it up with being ableto take a prepayment on
estimates for those folks withinventory.
Inventory turnover report is nowa function.
We'll talk a little bit aboutthat.
And then there are some olddesktop versions.
We'll have a few slightly Idon't know what superficial
feature enhancements.
(24:19):
Print grid lines on reports andyou'll be able to search the
class field.
So I am not gonna make any claimthat's worth two$50 a year
increase for your pro and plussubscription.
But that is they do get thoseoptions now.
And then there's a link there inthe slide for the release notes,
so you can check that out.
(24:41):
Um.
The articles that come alongwith with those launches.
So on estimates, you'll now beable to see this receive
payments button in the upperright.
And what it allows you to do isto take payments against
estimates using those familiarworkflows.
It's typically you have anestimate or an invoice and then
(25:02):
you have, you receive a paymentagainst that.
And a lot of people willcontinue to use that, receive
customer payments when they'reaccepting customer deposits or
prepayments on those invoices,and then that causes a host of
other purchases.
Accounting nightmares whenyou're doing it that way,
(25:23):
because that will affect thecustomer's overall a are balance
and and then what do you do withthat open credit?
And it's not technically.
Accounting wise, not correctMichelle?
You don't necessarily want toreceive a customer payment when
you don't have an invoice toapply it to, right?
Michelle Long (25:43):
Then you have a credit sitting in AR and it can
do funny things And this iswhere, too, I was asking you I'm
like, okay, wait a minute.
An estimate is a non postingtransaction.
So now what's going to happen?
And how does this post?
And do I need to go test this?
Dan, what happens in thebackground?
(26:04):
What's it going to do?
Dan DeLong (26:07):
What this does is it will use another current
liability account instead ofAccounts receivable as the
offsetting thing.
And typically there's aworkaround when you don't have
this, where you're setting up asales receipt to account for the
movement of money and putting itinto the bank account.
And then you have to create somekind of credit memo or account
(26:31):
for.
When that actually does becomeinvoiced, I got to apply that
towards towards the open invoiceto lower the overall balance of
the invoice.
This will do that automatically,as as Intuit loves to say.
It applies those open depositbalances once it's invoiced, and
it really just simplifies theworkflow.
You, what people are used todoing, I'm receiving money, and,
(26:55):
I will take a payment.
When you introduce anothertransaction type like a sales
receipt or just a specificworkflow, it does cause some
confusion.
But we did a demonstration ofthat on on the workshop
Wednesdays.
You can check that out where wego a little deeper dive into
that thing.
But let's just talk a little bitabout some of the requirements
(27:16):
here for this particularfeature.
It can only be used with or itcan be used with both sales
orders and estimates.
I never really haven't reallydove into what if you receive it
on an estimate and then turn itinto a sales order and then turn
it into an invoice, but thatwill likely be something to look
into but you can do it oneither.
(27:37):
You can take prepayments onsales orders or estimates that
can be used with progress ornon, non progress based in
estimates.
The caveat, the yeah, but is itcan't be edited once it's
applied to an end.
So once you turn that prepaymentinto an invoice or once you turn
that estimate into an invoiceand have a prepayment that
(28:00):
you're going to apply.
Because it'll give you a it'llgive you a message.
Say, hey, do you want to applythe prepayment?
You say yes.
Once you've done that, youcannot modify the prepayment
transaction.
It's locked down because itwill, the way it actually does
it is it creates two differentjournal entries when you do that
to move the the balance from theother current liability account
(28:24):
to to apply it towards towardsthe invoice.
And those transactions are notConnected, right?
So they're not linked together.
So if you modify the payment theprepayment transaction it's not
going to have any impact onthose two journal entries.
So you just really want todelete and start over, right?
And if this was actuallyrecorded through a QuickBooks
(28:47):
payment, then that's going to beanother host of challenges with
with how you correct that.
And it also cannot be used ifyou have multi currency turned
on.
If you have multi currency onyou, you won't be able to see
this at all.
So there's a couple of settingsthat you want to activate.
And I was double checking when Iwas doing this yesterday, let me
(29:09):
go the wrong way.
Oh my goodness, where'd it go?
This screen is what it's tryingto get to if you click on
receive payments on an estimatebecause you'll see this button
here whether you have thefeature turned on or not, but
when you hit click on Receivepayments on an estimate.
(29:31):
It will take you to thepreference and allow you to set
it up because it'll say hey Youdon't have this set up.
Would you like to set it up now?
On the payments section of ofthe preferences, there's going
to be this button that saysprepayment settings, and when
you click on that it's just acheckbox to turn on the
prepayment, and then you'regoing to be specifying what
(29:52):
liability account you want thoseprepayments to go to.
And that's really all thesettings or preferences that you
need to do.
Because you're just specifyingthat that process here.
So I do have, I did have, whereis it?
There it is.
Okay.
Did have the QuickBooks up herein the background and while
that's waiting to come up, we'llmove on to the Inventory
(30:15):
Turnover Report.
Maybe we'll just demonstrateboth of these at the same time.
So the Inventory Turnover, asthe CPA of the two of us
Michelle, What does that mean?
What is inventory turnover?
Typically, you don't want, youdon't want inventory, you don't
want employee turnover, but youdo want inventory turnover.
What's the, what is the conceptof inventory turnover?
Michelle Long (30:38):
We, the idea is that you keep it moving, right?
You want to, you don't want yourcash tied up in inventory.
For example, I had a client thathad a sporting goods store,
right?
And he would buy stuff that hethought was cool, not stuff that
was selling, and we were jokingin the old days, it was the dust
(31:00):
test, right?
You could walk around the storeand if it was dusty.
It's time to mark it down andsell it, right?
You want to sell the inventoryto convert it to cash so you can
buy more inventory that yourcustomers want to buy, not what
you think is cool.
What is selling?
You want to turn the inventoryover the faster you turn it
(31:22):
over.
And the more that you'reselling.
Then you know the higher yoursales are and the more
profitable you are theoreticallyif you're pricing it correctly,
right?
So the more you're turning yourinventory theoretically the
higher your sales and the higheryour profit So it's a good thing
to have a high inventoryturnover, theoretically
Dan DeLong (31:44):
And like most things it depends right based on what
you're selling and those typesof things but right but ideally
you would want to time it sothat you're Purchasing and
selling is almost insynchronous, it's synchronized.
One, you don't have shortfallsof inventory, like back orders
and things like that, and youalso don't have the burst effect
(32:05):
of, I've got dust just sittingon the shelves that's collecting
dust.
That's what you, your duststack, as you were mentioning.
So this inventory turnoverreport is going to give them
insights into a frequency oftime.
And is it typically in a yearthat you look back on this or
does it really matter?
Or it's again, is it depends on.
(32:25):
The period of time that you'relooking at your it's going to
Michelle Long (32:28):
it's going to it's going to depend on the
industry Some industries haveyou know a longer, sales frame,
if you think about a car Theirsales cycle is going to be
different than mobile homesversus grocery stores or walmart
or a jewelry store differentindustries have different
Turnovers and stuff like that.
It's going to depend on theindustry and that's where they
(32:49):
need to look at the industryaverages and know what's normal
for our industry.
What should our turnovers be?
And that's where they can usethese reports to help them.
To know how are they doing withindustry averages and that's
where I'll put this in the chatBut there's a website called biz
stats b i z.
I'll put it in there bizstats.
(33:11):
com Where you can go see whatare the industry turnovers, you
know What should it be for ourindustry and you can go get an
idea and help them to see Youknow, are we turning it five
times eight times?
Is that what it should be forour industry?
And these reports can help themto see that to know if they're
turning their inventory as muchas they should be.
Dan DeLong (33:33):
All right, so let's go ahead and go into this report
because it's just built in as adefault report now.
So I go to inventory reports.
Now I see this option here.
Inventory turnover by item.
First time that you launch it,it's going to give you a little
(33:54):
idea of what you're going to getout of it.
You can choose the option.
Don't show this again if youwant, or go into the article I
did post in the in the slidesInput has made a nice little
inventory turnover page on theirwebsite where they talk about
some of the distinctions of thethere's actually two ways to
(34:15):
calculate it.
You can base it off of your yoursales or the cost of goods.
And QuickBooks is using the costof goods sold method.
So here we make this a littlebigger so people can see it.
So here's every item it's gotsome, general information about
the.
(34:36):
The item itself, but it willtell it these two columns here,
turnover ratio and turnover daysare the useful turnover
information during this duringthis time period.
So this is looking at one year'sworth of sales or transactional
information.
So this is a sample company.
So it's dated in the future.
(34:56):
So don't concern yourself withthe time traveling that I'm
doing here by going into detail.
But this particular item it hasa turnover ratio of, and it
takes three, four days, go overturn this over.
So if I go back here and the dogis bark and can't get to, so
(35:20):
this will also give during thattime period, it'll show the cost
of the sold during that year theclosed stock, opening stock,
purchases that you've madeduring that time period, and
then what the average inventoryis, because that is something
that you would need to be ableto to tell what your what your
turnover actually is.
(35:41):
This is calculating, Okay.
The cost of goods sold dividedby the average inventory during
that time period and then givingyou the turnover ratio and the
turnover date.
To figure out what that averageinventory is, it takes a lot of
calculation because especiallyif you're doing that during the
(36:03):
during the course of a year, youhave to get the ending stock
figures during each of thosemonths and then add them all
together and divide by six.
So the inventory turnover reportis doing that for you, as you
see, the quick zoom, the littlemagnifying glass that you get
for all of these QuickBooksreports would allow you to drill
(36:26):
in typically for any of thoseamounts.
But unfortunately, all this doesis take you to edit the item, so
you cannot confirm any of theseany of these items or any of
these amounts in here becauseevery place that you click on
this report is only going togive you to edit the item that
you're clicking on.
(36:47):
That's a feedback session herethat that would be super
helpful, if you wanted toconfirm your cost of goods sold
for that year for that item, itwould be really helpful if you
could just drill in and see thedetail there but now you got to
run another report in order toconfirm that just the same as
your average inventory as well.
Michelle, you're pointing yourfinger like you're going to say
(37:09):
something.
Michelle Long (37:10):
Could we launch a poll question?
Dan DeLong (37:12):
Yes.
Michelle Long (37:14):
Since this is a CPE one, I think we maybe should
do that.
Yeah.
And yeah, there you go.
And then I thought we couldcontinue talking while they're
doing.
There we go.
Dan DeLong (37:25):
There you go.
Thanks.
Then the other, thing I canreally show here, that's come in
is this report with gridlines isa new function from the print
dropdown.
So if you wanted to see this is.
This report is going to show allof your inventory items, which
if you have a lot of inventoryitems, that's going to show it's
(37:47):
going to be hard to read, right?
So the report with gridlinesshow the preview here.
It just gives a line for eachone to make it a little easier
to read, especially when you'vegot a report with a lot of
detail on it and you want to beable to make sure that you're
not flipping from one line tothe other.
So that is That's an honorablemention feature for QuickBooks
(38:10):
Desktop, but it is a new one.
And then, the other thing aboutthis report is you really can't
customize it too much, right?
So you can change the reportdate range, but adding, taking
columns away, those types ofthings are not available just
yet.
You can filter.
Filter the report.
There is a dropdown here to showdifferent types of items.
(38:35):
You can choose multiple itemsfrom here to be able to, make
things a little easier.
And then, of course, you wantto, if you categorize your
inventory you can filter by, bycategories.
But, These columns are hard setin here you can drag and move,
remove them but as soon as yourun this report again, if you
(38:57):
didn't memorize it, it willbring up those those those
columns again.
But you can't reorganize, wait,can you, yes, you can reorganize
them but you can't addadditional columns if you wanted
to see that.
So that plus the drilling in isa.
It's a little yeah, but for me,but it's, uh, if you just needed
(39:18):
to get the turnover ratio andthe turnover days, it's a it's a
valuable add on the reporting.
Let's go into an estimate, showthe show some of the options
here on taking a prepayment.
So this estimate here is 17,250.
(39:38):
I have my received paymentsoption.
Again, it won't, it will tellme.
You won't be able to make anychanges on the prepayment once
you apply it to the invoice.
And now, you can tell that thisis a prepayment because it says
so here.
So it gives that little stampthat this is a prepayment, which
(40:00):
corresponds with this checkboxhere that this prepayment is for
an estimate or sales order.
So you do have the option tochange that.
Incidentally, if you Did closethis here, clear it first and
then close it.
We did inadvertently go to acustomer to see who's customer
(40:25):
is.
This is Jen Crandall.
So if I went to create apayment, where are they?
Enter customer payment.
I'm lost.
Where'd it go?
Receive payments.
There it is.
It doesn't have the prepayment,but as soon as I check this, Or
(40:48):
this is a prepayment on a salesorder or an estimate.
And as soon as I choose thatcustomer, now that estimate
shows up here.
So you can do it from eitherdirection whether it's coming
from the estimate into thepayment, the prepayment, or
going from the payment to theestimate.
(41:09):
But you just wanna make surethat you have that check mark in
there, that this is a prepaymentin the transaction type, in
order to have that workflowpartake, you know.
Having that workflow in use.
So if I hit save, oh, I gotaccused.
Oh, and I locked it up Go backto the estimate.
Michelle Long (41:34):
Did these all go to one deferred liability
account?
Are you able to set up differentliability accounts or is it just
one default?
Liability, it's only one.
It's
Dan DeLong (41:45):
only one default Yeah, it's only one default
which will feed into the thebuilt in report on prepayments.
Okay.
But let me go back here.
I'll just choose this one
Michelle Long (41:59):
and we'll go
Dan DeLong (42:00):
there.
Michelle Long (42:02):
And then can you get a report of the open
prepayments that you have?
Dan DeLong (42:08):
Yeah, there's a built in report.
So let me record this for 5,000, it'll apply it towards the
estimate save and close that no,it has to be after the date of
the estimate, so because we'refuture based here, so this is 3
7 20 30, let's make sure I'm inthe future of the future.
(42:30):
Save and close.
All right, the sound of thesound Then we
Michelle Long (42:36):
have in here under customers we have Open
Dan DeLong (42:53):
prepayments by customer.
So now there's that estimate forthat individual for jen
crandell.
She's got a five thousand dollarprepayment.
And when I look at the theestimate, go back to it, there
it is.
So there it shows the prepaymentis applied to the estimate.
(43:15):
So it gives me the balance dueof the invoice, or the estimate
as 5, 000 less.
Now I can turn this, when it'stime, I can turn this into an
invoice.
I'm just going to create it for100%, right?
So far, it doesn't look likeit's doing anything just yet
because I'm just creating a, aninvoice out of the estimate
(43:37):
itself.
It says I hit save and close.
It tells me the transactions inthe future date.
This customer has availablecredits that can be applied.
Would you like to do that now?
Say yes.
There is our 5, 000 prepayment.
It's already pre selected.
And I'll just hit done hereassuming it's going to allow me
(43:58):
to do that.
Michelle Long (43:59):
What would be nice is feedback for Intuit.
What would be nice is when youcreate that estimate, or I'm
sorry, when you create thatinvoice, if it would allow you
to put that on there, like youhad to save it first before it
asked you that, didn't it?
I had
Dan DeLong (44:20):
to save.
Michelle Long (44:22):
Did you save this invoice before it said you had
those credits?
You had to click save first,didn't you?
Dan DeLong (44:29):
Yes.
And then it recognized thatthere is an outstanding
prepayment in order to order toapply it to, because what it's
doing is it's using those two,it's creating two additional
entries to move the moneyaround.
So it does need to know thatyou're ready to do that.
Gotcha.
Do that.
And then when I do that my openprepayments by customer report
(44:54):
is blank.
Because I don't have aprepayment available anymore.
And then if you looked at thetransaction history, you would
see that, there's journalentries tied to things as
opposed to the customer paymentbecause of the fact that there's
no AR on that prepayment.
So that's how it handles thosethings.
(45:17):
And then I think the lastfeature, Oh yeah, the ability to
search the class list.
Ooh big deal, right?
So I have a class list of five,so I don't need the ability to
search.
I can see it all there, but ifyou have pages of classes and
you want to be able to searchfor them, now you can.
(45:39):
Search for it in the searchfield at the top.
They're slowly but surely addingsearch fields on list and class
list is the next one on here.
Go back here and launch thepoll.
Do you feel like these would be,will be helpful?
It looks like it's pretty wellmixed there.
But the biggest one is nope.
Don't have any, don't have anycustomers with with these
(46:02):
workflows.
Let's talk a little bit aboutthe future state of desktop.
Again, oh, you were going to saysomething, Michelle.
Michelle Long (46:09):
No, just some people are wanting us to launch
the last poll, because they haveto jump.
Can we launch it while we talkabout this, maybe?
Dan DeLong (46:18):
We can do that, yes, absolutely.
Michelle Long (46:20):
Thank you.
Sorry.
This is a,
Dan DeLong (46:22):
this is a, this is again, this is not foreshadowing
anything, but if desktop was notaround, we What would that mean
to your business is the lastpoll, poll question.
But the disclaimer here is thatthere's no official announcement
to me.
As a matter of fact, if you talkto Intuit they'll say desktops
here for as long as there's ahard drive on computers.
And that's really the, thebottom line is as long as
(46:45):
there's a need for it.
It will be available but it maybe a little more costly or in
the future as history ispredicting the future, but it's
very very telling that there isno 2025 version this year
because I think Hector broughtthis up and one of his webinars
and I happen to agree with them.
(47:07):
It aligns with the servicediscontinuation policy with
2024, right?
Being the latest version ofQuickBooks Desktop Into its
service discontinuation policyis to support the most recent
version minus two.
And as those years go on 2022 isgoing to be the next Version
(47:29):
that will be on servicediscontinuation and that will be
May 31st of 2025, and then 2023will be May 31st of 2026.
So that would mean that 2024, ifthere is not a new version, and
again, we're just, guessing that2024's service discontinuation
(47:53):
date would be May 31st of 2027.
So if there is a date thatQuickBooks Desktop is not going
to be available that would bethe date.
The target date doesn't meanthat's what's going to actually
happen on that date.
We've seen things change.
Within a month, right?
The stop sell date change thosetypes of things.
And that doesn't mean that alldesktops will be discontinued on
(48:16):
that date.
It may be that there is still aviable need for enterprise.
But I would see, I would foreseethe way things are today.
If I had to read the tea leavestoday, Pro and Premier would not
be actively supported orcontinued on that date because
they made claims that QuickBooksOnline is on Feature Parity with
(48:37):
Pro, at least, maybe Premiere ifyou're not using the inventory
functions.
Other Intuit channels arealigning with this timeline as
well.
And I would expect additionalprice increases in that three
year window to again, eliminatethat, that part of the
conversation.
On October 3rd, Intuit isAnnouncing an online mid market
(49:01):
announcement.
So don't know what that's goingto foresee, but we'll be talking
about that after October 3rdonce we actually hear what they
had to say.
And they've made claims thatenterprise will be the flagship
desktop product until it's notright.
It's like predicting the stockmarket, right?
Things will go up.
Until they don't, things will godown until they don't.
(49:25):
So we shall wait and see and andsee that.
But if somebody, pinned me downor tied me down and had that,
gave me a ask for, when isdesktop going to go away?
That date May 31st of 2027 seemsto be a date that will make
sense as to what we're seeingtoday.
(49:45):
And potentially see it in thefuture, but, the future holds a
lot of possibilities andpotentially other alternatives
between now and then.
Three years is a long time for atech company to to be saying,
Michelle.
Yeah.
Michelle Long (50:05):
It'll be interesting.
It'll be interesting.
We'll see.
I, it is interesting becausethat big mid market announcement
on October 3rd is beforeQuickBooks Connect, which is
tending to be, I'm sorry, IntuitConnect, which is tending to be
a mid market conference fromwhat I'm hearing.
But it is changing with kind ofa new focus this year as well.
(50:28):
So
Dan DeLong (50:30):
yeah, we shall see.
And hopefully in October we'llbe talking about, what new
features are in desktop becausethey're planning for another
quarterly update to happenaround that time.
So we'll have lots to talk aboutin October.
What's new, what's with the newnew version of this
announcement.
I suspect I'll be outrageouslyunderwhelmed by that, whatever
(50:52):
that announcement might be verysimilar to when QuickBooks
Online Advanced was announced itwas like, oh, that's it, but.
I
Michelle Long (51:00):
suspect it'll have some AI flavor in it, and I
do suspect it'll probably be alot of hype, and then
disappointment that it won't beas much as we think or whatever,
but I suspect it'll have AI init, and a lot of bells and
whistles around AI is what I'mthinking.
That it'll have a lot tellingyou about the numbers and stuff
(51:24):
coming from AI is what i'mthinking But I will be on a
cruise ship in australia onoctober 3rd And then going off
of new guinea after that i'll beback towards the end of october
So I will miss it and have tocatch up when I get back after
my trip.
So You have to tell me what Imissed
Dan DeLong (51:45):
We'll look forward to filling you in and enjoy your
trip and we'll see you at, solet's see everybody on the next
QB power hour.
We appreciate you joining ustoday.
Have a great day, everyone.
Michelle Long (51:56):
Thanks Dan.
Thank you everybody.
Thank you everybody.
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