QuickBooks Desktop Enterprise 23.0 is now available and has added some new features, like the Cash Flow Hub, intercompany transactions, inventory categorization, expiration date tracking, and upgraded mileage tracking. These new features are designed to further help businesses improve their productivity.
So, let’s look at what’s new in QuickBooks Desktop 23.0.
Cash Flow Hub
The Cash Flow Hub allows you to track all your incoming and outgoing cash flow in one place. This means you can now instantly analyze, manage, and track your available funds, including your bank and credit card card accounts and loans. It allows you to examine cash flow trends and analyze how different scenarios impact your cash flow, helping you make better decisions for your business. You can instantly add accounts to your list of accounts, track cash performance over a certain period, and manage unpaid and overdue bills.
You can access this feature from the Reports or Company menu of your QuickBooks Desktop dashboard.
QuickBooks Desktop has a decisive advantage over QuickBooks Online because it allows users to set up and manage multiple companies for no additional fees. However, the problem with the previous QuickBooks Desktop version is that there’s no option to automatically consolidate financial statements.
This new feature in QuickBooks Enterprise 23.0 allows you to consolidate financial reports that combine data from multiple companies. This means you won’t have to create separate transactions in multiple company files just to record intercompany financial transactions—saving you time and keeping your books more accurate.
QuickBooks Enterprise 23.0 now offers more options for defining inventory items. Inventory categorization, a brand-new feature in 2023, provides a more efficient way to manage and track your inventory with customized inventory item categories. For instance, if you sell thousands of products, you usually have to scroll through your item list just to find the item you need. With this new feature, you can sort items by groups or categories, allowing you to reduce the item list and helping you easily find the product you need.
Expiration Date Tracking
If you sell perishable products like foods, Enterprise 23.0 gives you improved traceability with its new expiration date tracking feature. The new version of QuickBooks Enterprise now includes a separate field for expiration dates, which can be used to generate reporting based on the expiration dates of your items. This feature helps you keep expired items from being used and customers from receiving bad items from you.
You can enter an expiration date when recording a new item or adjusting the quantity or value of an existing product.
Automatic Mileage Tracking
If you drive for work or business, then the upgraded mileage tracking feature in Enterprise 23.0 is a useful tool. With the previous QuickBooks Desktop version, you have to manually record your odometer readings just to track your business mileage. QuickBooks Enterprise 23.0 now automatically tracks your trips–you simply need to enter your starting and end point and the software will automatically calculate your mileage, making it easier for you to get tax deductions.
Contactless Payments (Node Card Reader)
The new Node Card Reader in QuickBooks Desktop enables you to accept contactless through digital wallets, like Apple Pay and Google Pay, in addition to credit and debit cards. Additionally, payment transactions are automatically posted in QuickBooks Desktop, ensuring that your books remain updated and accurate. Note that you need a QuickBooks Payments account to use the new Node Card Reader.
Other New Features
In addition to the aforementioned new features, Enterprise 23.0 also includes new payroll-related features, like Equifax employment and income verification and HCM with Guidelines 401(k) which allows employers to create a retirement plan for their company and staff.