
Intuit has released a new QuickBooks® Online (QBO) product called “QuickBooks Ledger”. QuickBooks Ledger is a low-cost online version of QuickBooks that is designed exclusively for accountants. If you are a small business owner who relied on your accountant to produce accounting records for your company each year for tax work, then QBO Ledger may be your solutions for year-round, up-to-date accounting, and record keeping. Here is a high-level overview of the product.
In QBO Ledger, accountants can access features such as automated bank feeds, bank reconciliation, financial statements, and 1099 tracking. A QBO Ledger accounting subscription is currently $10 per month per subscription.
The subscription must be owned by/billed to an accountant, who may pass cost to their clients. However, there is one company user and two external accountant users included with the QBO Ledger subscription. This means that business owners can now view their company data in real time throughout the year and connect with their outsourced accounting team, instead of waiting until year-end when the tax return is prepared.
QBO Ledger is only designed for companies with basic accounting needs. It does have mid-level to high-end accounting options such as invoicing, accounts payable, class accounting, or inventory.
If your company or accountant has an existing QuickBooks Desktop file, all the information from the Desktop file can be imported to the new QBO Ledger accounting file. All your company’s historic transactions will show up in the file. Here are some key features that may improve your accounting records and lead to improved tax planning strategies.
Bank Feeds – The bank feed feature is especially important. After your bank and credit cards are connected to your QBO Ledger account, the transactions are electronically “pushed” into your QBO accounting file. No more manual typing of data. QBO then allows either the accountant or the business owner to categorize the transaction by general ledger account or to set up rules that will automatically categorize the transaction. Bank feed rules are based on the payee information, memo information, and/or dollar amounts of the transaction. This can save time and money while providing up-to-date accounting records.
1099 Prep Feature – Electronic 1099 reporting options are also available with QBO Ledger. QBO Ledger allows you to create and electronically file 1099 forms directly from the QBO file. The 1099s are electronically filed with the IRS and sent to recipients via mail and secure e-mail delivery. Copies of 1099 filings are saved in your QBO file, too.
Note: Mahoney was not compensated to talk about this product and does not endorse or otherwise receive monetary or non-monetary benefits from discussing any software products. Consult your accountant or contact us at Mahoney about outsourced accounting tools. Reach out to Associate Director and QuickBooks ProAdvisor, Peggy Prall, and she can assist you with questions.
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