Quickbooks Online Advanced Review (Complete Details)

January 25, 2023

Quickbooks Online Advanced Review (Complete Details)

QuickBooks Online is a powerful cloud-based accounting software designed to help small and medium-sized businesses streamline their workflows. One of the most popular versions of QuickBooks Online is the Advanced version, which offers additional features and functionality to help businesses grow and thrive.

In this article, we will take a closer look at QuickBooks Online Advanced, including its inventory capabilities, pricing, and how to record advance payments from customers and suppliers.

What is QuickBooks Online Advanced?

QuickBooks Advanced is a cloud-based accounting software designed to meet the needs of growing businesses, provided by Intuit. This advanced software offers numerous features, helping businesses streamline their financial processes, save time, and make better data-driven decisions. It is an ideal solution for businesses looking to scale up and require advanced reporting, custom user permissions, and faster performance.

Key Features:

  1. Batch Invoicing and Expense Management: Users can create and send multiple invoices at once, streamlining the invoicing process. The software also allows for easy expense tracking, categorisation, and management.
  2. Custom User Permissions: QuickBooks Advanced offers custom user permissions, enabling businesses to set up individual access levels for employees or external partners, ensuring data security.
  3. Advanced Reporting: The software offers advanced reporting capabilities, including customizable reports and the ability to schedule automatic report generation.
  4. Smart Invoicing: The platform allows users to create professional, custom invoices, and track their payment status in real-time.
  5. Accelerated Performance: QuickBooks Advanced is designed to handle a higher volume of transactions and concurrent users, ensuring faster performance.
  6. Priority Circle Membership: Subscribers get access to Intuit's Priority Circle, which offers dedicated customer success managers, premium support, and complimentary training resources.

QuickBooks Advanced is a comprehensive accounting solution designed for growing businesses that require advanced features and faster performance. It offers a wide range of tools, including batch invoicing, custom user permissions, advanced reporting, and priority support. By opting for QuickBooks Advanced, businesses can streamline their financial processes, enhance data security, and make better-informed decisions.

Revised Usage Limits for Different QuickBooks Plans

Simple Start Essentials Plus Advanced
QuickBooks Online Users 1 3 5 25
Accountant Users 2 2 2 2
Time tracking-only users N/A Unlimited Unlimited Unlimited
Report-only users N/A N/A Unlimited Unlimited
Tag Groups 40 40 40 Unlimited
Custom Fields (per form) N/A 3 3 12

Does QuickBooks Online Advanced have advanced inventory?

Yes, QuickBooks Online Advanced includes advanced inventory capabilities that allow you to track inventory costs and calculate profit and loss by projects.

Some of the specific inventory features available in QuickBooks Online Advanced include:

·  Track inventory & Calculate the Cost of Goods Sold (COGS)

·  Create Purchase Orders and Send them to Vendors

·  Control User Access

How much is QuickBooks Online Advanced?

The pricing for QuickBooks Online Advanced varies depending on the number of users and the length of the subscription. It is generally more expensive than the Plus version but offers additional features and support for up to 25 users. It is recommended to check Intuit’s website for the most current pricing.

How to record advance payment from customer in QuickBooks Online Advanced?

To record an advance payment from a customer in QuickBooks Online Advanced, you can follow these steps:

1. Go to the Sales menu and select Invoices.

2. Click on the New Invoice button to create a new invoice for the customer.

3. Enter the customer's name and select the appropriate account for the advance payment.

4. Enter the amount of the advance payment in the Amount field.

5. Select the Advance Payment option in the Payment field.

6. Save the invoice.

How to record advance payment to supplier in QuickBooks Online Advanced?

To record an advance payment to a supplier in QuickBooks Online Advanced, you can follow these steps:

1. Go to the Purchases menu and select Bills.

2. Click on the New Bill button to create a new bill for the supplier.

3. Enter the supplier's name and select the appropriate account for the advance payment.

4. Enter the amount of the advance payment in the Amount field.

5. Select the Advance Payment option in the Payment field.

6. Save the bill.

How to customize invoices in QuickBooks Online Advanced?

QuickBooks Online Advanced allows users to fully customize their invoices to match the branding and style of their business. Here are a few ways to customize invoices in QuickBooks Online Advanced:

Add a logo: You can easily add your business logo to your invoices by going to the Settings menu, selecting Custom Form Styles, and uploading your logo in the Images section.

Change the layout: QuickBooks Online Advanced offers several different invoice templates to choose from, which can be found under the Sales menu, in the Invoice section. You can also customize the layout by adjusting the font, colors, and other design elements.

Add custom fields: QuickBooks Online Advanced allows you to add custom fields to your invoices, such as special instructions or a message to your customers. You can add custom fields by going to the Settings menu, selecting Custom Form Styles, and editing the invoice template.

How to use the smart reporting feature in QuickBooks Online Advanced

The smart reporting feature in QuickBooks Online Advanced is a powerful tool that uses Fathom to monitor financial records and other KPIs with advanced analytics and reporting tools. Here's how to use it:

Access the smart reporting feature: You can access the smart reporting feature by going to the Reports menu and selecting Fathom Reports.

Customize your report: You can customize your report by selecting the data you want to include, adjusting the layout, and choosing the appropriate chart type.

Schedule reports: You can schedule reports to be delivered automatically on a regular basis, such as daily, weekly, or monthly.

Summary

QuickBooks Online Advanced is a powerful accounting software that offers businesses additional features and functionality to help them grow and thrive. Its advanced inventory capabilities, customizable reports, and integration with premium apps make it a great choice for businesses looking to take their accounting and financial work to the next level.

The cost of QuickBooks Online Advanced is generally more expensive than the Plus version, but it offers support for up to 25 users, as well as additional features such as access to a dedicated Customer Success Manager and free training.

If you're considering upgrading to QuickBooks Online Advanced, it's important to consider your business's specific needs and budget to determine if it's the right choice for you. With its advanced features and capabilities, QuickBooks Online Advanced app can help you work smarter, get more done, and stay on top of your business's performance.

Recommendation

If you are looking to streamline your organizations accounting processes, then LiveFlow can help. As the premier small business accounting platform and ideal companion to QuickBooks, LiveFlow offers helpful templates and handy tools, such as the new Live Budget vs Actuals tool, which can save you a ton of time with your bookkeeping. New users can even explore LiveFlow risk-free with free demo, so be sure to check out LiveFlow today.

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