More than a year ago, Insightful Accountant told you that Intuit was going through a process to modernize many of their reports. At that time, Intuit officials told us that it was 'three months away'. When those three months went by, we were told it's another three months, certainly no more than 6 months away.
The reality is that it's been well over a year, but Intuit does keep rolling out the new format for many of the most commonly used reports. These were first designated as 'enhanced reports', but then they garnered the name 'modernized' or 'modern layout.' While the structural aspects of the reports are different, and the internal reporting tools available, the actual changes mirror many of the common 'customizations' users have been doing to reports to make them more 'user friendly' or 'informative.'
Since the first 'modernized' reports started rolling out about 6 months ago, the number of reports that have been modernized has continued to grow. The new reports are provided via a new interface, yet they actually enhance usability, are more informative and have better 'response' times.
Users will also have access to enhanced tools with which to format their data, filter and group it using advanced filters and data pivots across their most frequently used reports and without having to ship the data to a spreadsheet application.
All of these changes result from adoption of a new reporting engine for QuickBooks Online, this is why the old reports will soon be phased out all together. It's impractical for Intuit to be running both a legacy and new reporting engine as part of the same QuickBooks application.
Source: Intuit QuickBooks media source content.
By next month (December 2024) most of the traditional reports will be ready as part of the new modernized reporting. That's when the change-over will occur (or start to occur). Not every QBO user will transition from legacy to modernized reporting on the same date and hour. It takes a long time for millions of users to be transitioned, so the changes will occur over a reasonable period of time.
When the changes occur, you will not only be notified, but you will see significant, yet "intuitive" changes (did you catch that pun?). Key changes include*:
1) Faster loading times and fewer crashes to large or complex reports.
2) Improved user permissions for reporting to ensure your data is secure when multiple users are QBO authorized.
3) Preview customizations before saving your report
4) More customization options including advanced filters:
- Select Filter to view only certain entries, then choose the filter(s) you want, then select the provided values
- Apply multiple filters on multiple lines using And/Or.
5) Group data according to your requirements:
- Select Group to categorize line items by any column in the report. Select up to 3 columns to group.
- Calculate totals, averages or percentages for report groups that are numeric.
- Expand a 'Group' to show the details within that group.
6) Data pivots, data charting, and the ability to bring new data from QuickBooks Online and other QuickBooks products into a report further enhance the modernized 'functionality', not just the look..
7) Ability to run any report directly from Microsoft Excel using SpreadSheet Sync.
8) Ability to add any report into Management Reports.
For further information about the Modernized Reports, check out this 'In the Know' 8-minute-long Video (and related story including commentary from several of your fellow ProAdvisors, Accountants and Bookkeepers).
Disclosures:
* - some features may only be available in QuickBooks Online Advanced.
This feature (including graphics) has been adapted from media source materials furnished by Intuit QuickBooks. Referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
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