QuickBooks is an accounting software program that permits you to track your business’ income and expenses. One of the advantages of using QuickBooks is access to key financial reports (such as profit and loss) so you’ll see the health of your business at any time. Having access to those reports makes filing your taxes a lot easier. QuickBooks has been around for pretty much 3 decades, and it is the accounting software utilized by numerous small businesses around the globe.
In the new update, for 2022 Desktop product, intuit is creating four changes to its products:
- Transition to subscription model for the Desktop lineup
- Introduction of QuickBooks Desktop mac plus subscription
- Extension of 2021 Desktop one-time purchase product till December ten, 2021 for accountants
- Improved support for ProAdvisors
The tentative new QuickBooks 2022 release date for the product is 28th Sept 2021.
QuickBooks ProAdvisors can have access to the new QuickBooks accountant Desktop plus, Desktop Enterprise accountant, and Desktop mac plus subscriptions around september 28, 2021.
These subscriptions are out there through the ProAdvisor Membership portal inside QuickBooks on-line accountant.
With the new 2022 launch, Intuit are selling QuickBooks pro and QuickBooks Premier products as pro and and Premier plus subscriptions in place of one-time purchase licenses.
Intuit is aiming for bigger worth and a lot of impactful options for clients. This transition will encourage the clients to be on the foremost recent versions for easier collaboration.
To facilitate this transition, sales of QuickBooks Desktop 2021, one-time purchase versions, are extended till December ten, 2021.
Benefits of 2022 Subscriptions:
- Access to the latest version, with the foremost up-to-date options, security patches, and support for third party OS changes
- Up to 38th faster, a lot of reliable QuickBooks computing power
- Free unlimited customer support and data recovery
- Premium time saving and money management options
- increased productivity with the QuickBooks Desktop mobile app
Mac plus subscriptionQuickBooks Desktop mac plus 2022 version is released with an annual subscription-based license for tiny businesses. intuit are marketing mac product subscriptions in place of one-time purchase licenses.
QuickBooks Desktop mac plus are available to accounting professionals as a part of the ProAdvisor Enterprise software package Bundle.
Computer Configuration for the new Version:
All the users of QuickBooks pro plus and better can transition from 32-bit operating systems to 64-bit OS for software package compatibility. you’ll like a minimum of eight GB RAM for quicker process speed.
There are some extra options that include:
- Automatic creation and categorization of receipt expense transactions
- Distribution for QuickBooks Desktop
Intuit shall provides a restricted time exception for the purchase of our Desktop pro, Premier and mac 2021 one-time purchase licenses (supported through could 2024) to avoid disruption to their shoppers
Introducing new options and enhancements in QuickBooks Desktop 2022
Each year, there are enhancements and new options additional to the QBD product line. Here may be a summary of the new options available in QBD 2022.
New options in QBD 2022
The new QBD 2022 options enclosed in QuickBooks pro, Premier, and Enterprise are as follows:
In addition to the options and enhancements noted above, QuickBooks Desktop Enterprise 22.0 includes the following extra improvements/new features:
Now that we’ve a higher understanding of the new options and enhancements enclosed within the QuickBooks Online and also the QBD product lines, we’re about to dive into a number of bookkeeping basics. whereas you do not want an accounting degree or a bookkeeping background to use QuickBooks, you must be familiar with some basic bookkeeping language and key ideas.
Small business bookkeeping 101
If you’re an aspiring accountant, the ideas that we’ll cover during this section are familiar to you. However, if you are brand new to bookkeeping, make certain you grab a tablet to require notes, and a cup of coffee to remain alert. During this section, we’ll discuss the following: cash coming back into your business money going out of your business; inventory and fixed asset purchases; the money you owe (liabilities); a way to properly track everything exploitation the chart of accounts; the 2 accounting methods; and double-entry bookkeeping.
One of the advantages of exploiting QuickBooks to manage your books is that you just do not would like an accounting degree to find out a way to use the software package. However, you must have a basic understanding of how bookkeeping works and what is happening behind the scenes in QuickBooks after you record transactions. As we have a tendency to practise how to record transactions in QuickBooks, we’ll additionally make a case for what’s happening behind the scenes, to deepen your understanding of bookkeeping.
The main areas of your business embody the following:
- Money in (sales)
- Money out (expenses)
- Inventory and fixed plus purchases
- Liabilities
- Chart of accounts
- Accounting strategies
- Double-entry bookkeeping
Choosing the proper QuickBooks Desktop version
QBD is ideal for small-to-large-sized businesses that sell products or services, have employees and contractors, and are looking for a sturdy desktop accounting answer. If you have got a mac, QuickBooks for mac goes to figure best for you. For tiny businesses that use a computer or a Windows pc, you’ve 3 versions to decide on from: QuickBooks pro, Premier, or Enterprise.
Choosing the proper QuickBooks on-line edition
QuickBooks on-line is right for solopreneurs, freelancers, and mid-to-large-sized businesses with employees and 1099 contractors. 1099 contractors are referred to as independent contractors, who you will hire to provide services for your business. Since they’re not employees of the business, you want to offer a 1099 form at the end of the year to any contractor you have paid $600 or a lot of to within the year.
Conclusion!
In this chapter, we explained what QuickBooks is and introduced you to the QBO and QBD product lines. We additionally provided tips about a way to select the proper software package for your business, and that we provided you with some bookkeeping basics. Having an honest understanding of the QuickBooks wares can assist you to decide on the most effective product for your business. Additionally, having a basic knowledge of bookkeeping helps you understand the accounting that’s happening behind the scenes in QuickBooks after you enter an invoice or pay a bill.
