Intuit has rolled out the Release 11 (R11) update for the QuickBooks Desktop 2021 product line. If you have automatic updates turned on, QuickBooks will download updates for you. You may already be getting messages that the update is waiting for installation.
This update provides two major changes to the product:
1099s
- First, the release of the new 1099 update for the current tax year. This includes changes to QuickBooks that let you set the calendar year on the new 1099 NEC and MISC forms.
- In addition, the FATCA Filing Requirement checkbox has been set (Box 13) and adjustments have been made to accommodate boxes 13-17 from previous years, which now are 14-18 on the new 1099 MISC form per the IRS requirements.
Migration to QBO
To make the transition/migration from QuickBooks Desktop to QuickBooks Online easier, the following improvements were incorporated into Release 6 (R6) for the Desktop product line:
- Your favorite reports from QuickBooks Desktop now will display as favorites in QuickBooks Online if/when you migrate from QBD to QBO.
- Your banking rules will transition without loss (losslessly) from QBD to QBO.
Should You Update?
Users always want to know if they should update. Updates are a lot less likely to cause problems these days than several years ago, in part because updates are a lot less complex for the most part.
Still the same, if you are not just in a rush to get to any of the things outlined for this release, you may want to hold off for a week to 10 days to see if others chime in with notes that they experience issues.
If you do proceed with updating, let us know if you experience issues by posting comments to this article.
Note: These updates are the same for the QuickBooks Desktop 2021 product line as for the QuickBooks Desktop 2022 product line.
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