The content below is the transcription of the Data Entry & Reporting segment of Insightful Accountant's January 2023 QB Talks webinar on QuickBooks Enterprise 2023, which was presented by Esther Friedberg Karp. The video, which features the details of the new Cash Flow Tools for QuickBooks Enterprise 2023, is available in all Desktop 23 from Pro Plus to Premier Plus accountant.
Full transcript below
Our next grouping of new enhanced features is data entry and reporting. There are four enhancements in this grouping the Intercompany transactions mileage tracker, enhancements to Accounts Receivable Reporting, and enhanced banking connections. Intercompany transactions are, in my opinion, the biggest well of the bunch here, although I believe there's more development to come on this feature.
Now, as many ProAdvisor know, enterprise is used most often by larger clients, including those that have multiple legal entities that have intercompany funds going back and forth. Among them, intercompany transactions are available in QuickBooks Desktop Enterprise, platinum and diamond subscriptions for 23, and Enterprise Accountants for 23. They are a connected service, and this feature requires that the related companies share the same intuit User ID email account.
So back in our company here, we can go into Company. My Company and then click on Manage Your Account to manage the email address. You can see the email address that I have associated with this company. Or you can select F2 on your keyboard, and in the top right section of the Product Information window, we will see the primary admins intuit User ID email account associated with the file. Now, after logging into each related file and ensuring each has the same primary admin into an account, we can create the relationship.
Then we go into Company, inter company transactions to set up the relationships. We're going to use two enterprise companies here Okay, So once the relationship is set up, you'll be able to create intercompany transactions, including vendor bills and company checks, but no other transaction types such as invoices at this time. So I think there's more development on this feature to come as well, and that automates the entry between these two QuickBooks Company files.
This new feature reduces the need for duplication of effort. It allows you to easily establish and manage relationships among business entities via a dashboard. You can track transactions across business entities by assigning assets and liabilities accounts. We have the power to approve or reject both the intercompany relationships that are being set up as well as the transactions. After the relationships are approved, you can reduce manual entry and simplify tracking by entering bulk transactions.
And you can create intercompany transaction reports for better insight on completed historical transactions. So, for example, Company A here has the Lavender color scheme. It pays a vendor bill on behalf of Company B, which will show soon in pink. The bill is created in lavender A as a non posting transaction. No general ledger accounting for this vendor bill takes place in lavender company A's books until pink Company B approves the bill.
Now, it's really hard to switch between the two companies, so I've done it already and recorded screenshots for you. So I've got these two companies set up already. Esters Rock, Castle Construction, which is Company A and Lavender. And then you'll see EFK Enterprises Company B, which you'll see in pink. And they both have the same intuit user ID in Lavender company A, also known as Esther's Rock Castle Construction.
I went into Company Inter Company transactions and chose the destination company file pink Company B, also known as EFK Enterprises. That Pink company B file was even there to select its radio button because it has the same intuit user ID as Lavender company A. I then selected Continue Next.
Once I chose that other company, I had to set up the Inter company accounts on Lavender A's chart of accounts as they relate to Pink Company B. In this case, I chose the Due from and the Due to as the same account. But I didn't have to do that if I didn't want to. Now I set it up Due from EFK Enterprises, and I've set it up as another asset type of account. And then I selected send requests.
Still in Lavender Company A. After I click on select request send request. I got this notification that Pink Company B is going to get a request to be associated with Lavender Company A. Now, I can click okay here or X out of it or Cancel. But of course I clicked okay. Once I've clicked okay, I see that there's a pending request that was sent to the other company, the Pink Company B, and it stays that way unless and until it's accepted or rejected at the other end.
It's in the inter company transaction screen using the Relationships tab and the sent for approval area. Now, I've logged into the other company, pink company B. And I'm in company intercompany transactions there as well. I'm in the intercompany transaction screen using that relationships tab andthe pending my approval section. And I see that there's a pending approval request from Lavender Company A, also known as Esther's Rock Castle, and I select approval from the action columns drop down.
And I have to set up the corresponding intercompany accounts on Pink Company B side as they relate to Company A. Takes me to this screen after I approve the relationship, and I set up a Due to Esther's Rock Castle account, I set it up as other current liability. I mean, the other one I set up is another asset. I just wanted to show you I can use different types of accounts, and I used it for the Due to and the Do From account. And then I selected approved relationships.
Now I see the Relationship Created Confirmation screen in Pink Company B, and I can click OK. Now I've taken screenshots of the Approved section in the Relationships tab of the Intercompany Transaction section of both companies here for each company, Pink B on the left and Lavender A on the right. I see the other company as well as the Do From account and the Do To account, and I can click on Edit to change those accounts in either company.
Okay. Now let's take a look at how this works. Now that the relationship is set up and approved. This is the bill that Lavender Company A enters to be paid on behalf of Pink Company B. In Lavender company A. I open up a bill. Or it could be a check. And before I do anything else, I click on Inter Company Transactions, and we see that the first column header in the detail area changes to Company rather than account. And there is no items tab. So I chose EFK Enterprises. There was a drop down here.
And remember that's company B. Now there could be other companies listed there as well if I'd set them up. And then the account. Once I chose EFK Enterprises, the account due from EFK Enterprises populates automatically. enter the other information, such as the date, the amount, the memo, if needed, and the bill number. I see the Intercompany transaction badge and the fact that it's not yet sent just above the detailed information grid at the bottom of the transaction. I can't have multiple allocations in this line.
Warning to that effect will appear if I try to save it with more than one line. I would dearly love to see this improved to allow for multiple lines on an entry.
Okay, so in Lavender company A, I go back into company Inter company transactions. I can click on the Transactions tab now, and I can select the Sent for Approval section. I see that there's this pending bill. And on the flip side, pink B. If I go into Company Intercompany transactions, I'm in the Transactions tab, and I select the pending my Approval section. I see that there's this pending bill which I can approve or reject from the drop down in the Action column. Now here, if I'm going to approve it, it makes me obviously select a general ledger account that would hit the books. So I chose auto and truck expenses. That needs to be recorded on Pink Company B side. And then I select approval.
If there were multiple transactions listed here, I could approve all of them. I could batch approve them. Now that it's approved by Pink Company B, that bill is no longer in the pending my Approval section. Instead, I find it in the Approved section, and I can click on View in the Action column. And it will take me to the general journal entry created automatically in Pink Company B. And I can also click on the view report. So if I click on the view, I see the entry.
It's a general journal entry. Remember, I had to select that GL account. I chose auto and truck expenses. So that's what it's picking up. Here the name of the vendor, populates the memo, which I don't love. I wish you could populate the name column instead. And I can see that it's an inter company transaction.
Now, if I clicked instead on View report instead of View, then what I would see is the Inter Company transactions report from the point of View of Pink Company B. Now, I flipped to Lavender A and gone into Intercompany Transactions, and I've clicked on the Transactions tab and clicked on Approved, and I see the original bill there, and I can click on View in the Action column to see it, or I can click on View Report.
If I click on View, that takes me back to the bill. But this time I see it's approved and I can click on the inter company transactions in the ribbon at the top. And that would take me back to the inter company transactions area where I could click on the View report. And after I click on the View report, I see the inter company transactions report from the point of view of Lavender Company A.
That was a mouthful. Next up is Data Entry and Reporting. We need to do a poll there. Okay, go ahead. Actually. Go ahead, Gary. We want to know, we want to know how many of you are using or attempting to use the new Intercompany Transactions feature.
This is undoubtedly not only the most sophisticated of the new features, but also the most complicated. It is a new feature and hopefully Esther and I are going to try to dive deeper into this in which we actually have two companies live and are working back and forth with a variety of transactions between two companies.
Well, what do you know? More people are trying to use this wow. Then the other two. Wow. Okay, I know we're short on time, so I'm going to get cracking. Next up is Data Entry and Reporting.
We have the Mileage tracker, which while it isn't new, it is improved now that there's a mobile app for iOS phones. This is included with the entire desktop lineup from Pro Plus on up, and it requires a connection and a login to an intuitive account. Note that the Track mileage mobile functionality is only available on iOS enabled mobile phones for desktop company files. Starting with the 2023 version year. I do believe that an Android app is coming soon.
I can record, track, and view business mileage efficiently in a single place via the desktop or the iOS enabled app, so I can accurately report to the IRS and charge back customers on their invoices. I can simplify end of year taxes by consolidating mileage data on all business trips automatically by accessing the latest IRS rates to calculate deductions.
I can accurately charge back customers by providing them with detailed mileage logs with trip locations, and I can also manage expenses by easily viewing, tracking, and running a report of all business trips in a single place.
In Desktop, I can access this feature by selecting Company Track vehicle mileage. Now, the first time I did that. The first time I did that, I did so in a given company in version 2023. I also saw instructions to go into the app Store and download the QuickBooks Desktop mobile app so that I can track mileage for this company from my iPhone.
There's a new reporting enhancement in QuickBooks desktop enterprise and Enterprise Accountant 23. It's the ability to run an AR aging detail report. I think it applies to the summary report as well, but the Detail one is just so much more obvious because it's such a huge report.
It's the ability to run an AR Agent Detail report in seconds rather than setting it up to run and then going for a cup of coffee because it's going to take a while to load up. As we all know, enterprise companies generally have a lot of data and running reports like the AR Agents Detail takes a lot of computing power because there's a lot of information to display.
Although this feature does vary from institution to institution and some banks may not yet support this technology, there's now encryption technology added for extra security and you can access bank feeds by selecting banking bank feeds, set up bank feeds for an account.
So what is the bottom line here for all these enhancements? Do we have any more polling questions? Murph? No, I don't believe so.
Hot diggity.
So, in my humble opinion, its commitment to desktop enterprise, desktop, and in particular Enterprise continues to grow, they just wouldn't invest this kind of time, effort and money, let's face it, to enhance the features if they didn't. And as an avid user of desktop and as an intuit shareholder, I am very happy to hear that you can access the QuickBooks Enterprise In Depth Guide for 2023 at this URL.
I guess they're getting the stack, so they'll get that URL or else they don't want to take a screenshot now. And I want to thank anybody and ask if they have any questions.