QuickBooks Desktop Enterprise 2024 introduces a new set of features to help you better manage your accounting workflows and other business processes. From security enhancements to improved inventory management, these new features are designed to help improve your efficiency and productivity.
Let’s take a look at the new features of QuickBooks Desktop Enterprise 2024 and how these features can benefit your business.
QuickBooks Enterprise 24.0 now uses 256-bit encryption, providing an additional layer of security against data threats. With this new feature, your data is transformed into a complex code that is almost impossible to hack. When you deal with sensitive information like customer payments or payroll info, this extra security ensures that your data stays safe from any online threats.
Additionally, QuickBooks now has a smart security system that can identify and block new threats as they happen. In today’s world where cyber threats keep evolving, having a system that adapts in real-time is crucial for maintaining data security.
Customer prepayments, also known as customer deposits, occur when a customer pays a portion of the total amount in advance before receiving the goods or services. This is particularly common in industries where projects have extended timelines or where custom orders are fulfilled over an extended period.
With QuickBooks Enterprise 24.0, managing advance payments from customers is now made easier. When a customer decides to make a prepayment, you can now record and track this on the corresponding sales order in Enterprise. As the sales order progresses to become an invoice, QuickBooks applies the customer’s prepayment against the total invoice amount.
Customer prepayment feature in QuickBooks Enterprise 24.0 (Source: QuickBooks)
This new feature improves financial transparency as it ensures that every payment is linked to the specific sales order and subsequently applied to the corresponding invoice. At the same time, it also enhances the tracking of customer transactions by helping businesses keep a detailed record of prepayments and easily identify outstanding balances.
Item Category Enhancements
The 2024 version of QuickBooks Enterprise takes inventory management a step further by introducing enhancements to item categories, offering businesses improved tools to manage and price their inventory.
One of the key improvements is the ability to set pricing rules based on categories. This means businesses can now define specific pricing strategies for different groups of products or services. For instance, if you run an electronics store, you can now easily apply unique pricing rules for all products in the “Smartphones” category, allowing for better control over your pricing strategy.
Improved Payroll Module
The upgraded payroll module makes it easy to set up direct deposit for employees. This enables businesses to pay their employees directly into their bank accounts, eliminating the need for paper checks. This feature is particularly beneficial for businesses looking to modernize their payment processes and provide a more convenient option for employees. Additionally, it comes with automated calculations and improved reporting to provide a more seamless tax filing process for businesses.
QuickBooks 2024 also introduces the ability to assign payroll access rights to specific users. This feature enhances security and control over sensitive payroll information by allowing businesses to grant access only to authorized individuals. Businesses can define roles and permissions, ensuring that employees only have access to the payroll information relevant to their responsibilities.
QuickBooks’ reporting feature has been improved in the 2024 release, allowing users to add custom fields to transactions such as invoices, bills, and purchase orders. This customization empowers businesses to capture specific details relevant to their operations and then utilize these custom fields to filter, analyze, and export reports with greater precision. For instance, a construction company may add a custom field on an invoice to note the project phase, providing a more detailed breakdown of billing information.
With the new version, you can now export custom reports to various formats, including Excel, CSV, or PDF. This leads to easy sharing and further analysis of customized reports outside of the QuickBooks environment. Exporting to Excel allows for additional data manipulation, while PDF formats are useful for creating easily shareable documents. What’s more, you can access your raw data in QuickBooks to build your own reports using charts and graphs that are easy to read.
Sample customized report in QuickBooks Enterprise (Source: QuickBooks)
Overall, QuickBooks Desktop Enterprise 2024 is a significant upgrade over the older versions, providing a new set of features and improvements that will help businesses streamline their various operations and improve financial management.