What’s New & Improved in QuickBooks Desktop 2024?

The emergence of QuickBooks software made many businesses consider it the new age accounting. When Intuit first introduced QuickBooks in 2012, it was thought of as highly profound – something that will transform the lives of many CPA firms and accountants.

B2B organizations still regard QuickBooks as an ideal tool to carry out accounting tasks efficiently. It covers everything from advanced accounting features and invoicing to time tracking and project management. But what if you realize that the software’s newest edition, QuickBooks Desktop 2024, has new and improved features that can take accounting capabilities to the next level?  

Yes, QuickBooks Desktop 2024 has new features that can help businesses resolve a few challenges in the accounting industry. Read on to explore them and get ready to experience a whole-new accounting journey.  

Features of QuickBooks Desktop 2024

Intercompany transactions  

The intercompany transactions feature in QuickBooks Desktop 2024 for Pro Plus, Premier Plus, and Enterprise lets accountants issue a bill or check between separate company files.  

Buy QuickBooks Desktop 2024 if your business works with separate and shared companies internally. It enables easy management for businesses by maintaining transparency through seamless tracking of intercompany transactions.  

Inventory categories:  

This QuickBooks Desktop 2023 feature enables businesses to organize their inventory effectively. Besides, they can get valuable insights about inventory stock while running reports.  

Follow the below-mentioned steps to select a category when editing an item:  

1. Navigate to Lists > Item List  
2. Select the item to add it to a category and then select “Edit Item.”  
3. Choose “Category.”  
4. Select an existing category or click “Add New” to create a new one.  
5. Click on “Save” followed by “OK.”

Inventory expiration date  

Businesses that sell perishable items, such as cosmetics, food, etc., must track and sell them before the expiry date. The Inventory expiration date feature of QuickBooks desktop license allows such businesses to add expiration dates to the serial or lot numbers of these items. This way, they can prevent selling any expired items. Companies can make effective sales decisions by giving discounts on things that will expire soon.  

Track vehicle mileage  

The Track vehicle mileage feature is available in QuickBooks Desktop 2024 Plus, Enterprise, and Accountant versions. The feature helps you track your trips and vehicle info throughout the year – an excellent way to keep the mileage deductions ready during tax season.  

Users can use the QuickBooks mobile app to track the miles driven for business. Further, they can import and approve them in QB Desktop 2024. 

Cash flow hub  

This feature gives businesses insight into their current financial status. They get complete transparency of accounts and can better understand their position regarding the amount of cash they have in real-time. As a result, it’s easy to maintain and improve cash flow as they can track both inward and outward cash flows.  

Payment links  

Businesses that don’t require payment invoices can send a payment link to customers and collect payments. It benefits receiving money for initial consultations, advance payments, etc. Businesses can send the payment link to customers via SMS or email, requesting online payment.  

Follow the below-mentioned steps to create a payment link and send it across to customers:  

1. Ensure that you have a QuickBooks Payments account  
2. Open QuickBooks Desktop 2024  
3. Navigate to Customers > Payment links  
4. Enter the required details in the following sections:  

• Amount  
• Description  
• Select a customer  
• Customer email  
• Select the payment method  
• Click on the “Send Payment” link 

Read More : QuickBooks Desktop Pro: Review, Features and Pricing in 2023

How Do These Features Help Solve Some Debilitating Accounting Challenges?  

Intercompany transactions  

The Challenge: Consolidated reporting requires accountants to adjust intercompany transactions manually – a lengthy and error-prone process.  

Solution: Intercompany transactions of QB Desktop 2023 enable businesses to run consolidated reports more efficiently and quickly, with lesser errors.  

Inventory Categories  

The Challenge: Until the inception of QuickBooks Desktop 2023, finding an item from inventory required users to scroll through all the things – a time-consuming process with the risk of errors.  

Solution: QB Desktop 2023 enables users to create item categories. They can filter the exact item from inventory and find it in seconds.  

Inventory expiration date  

The Challenge: Selling perishable items requires an expiration date. Users had to combine an expiration date and a lot number, causing confusion and making it difficult to track.  

Solution: Using QuickBooks Desktop 2024, users can add a separate section to set expiration dates. Users can create reports and filter inventory according to product expiration dates. This will save significant time and ensure that the warehouse picks the right product.  

Track vehicle mileage  

The Challenge: Tracking business mileage to get tax deductions requires users to manually enter the odometer readings and IRS-approved mileage rates.  

Solution: QB Desktop 2024’s “track vehicle mileage” feature allows recording and tracking business mileage accurately. This way, users can make the process of getting tax deductions easier.  

Payment links  

The Challenge:   

Businesses must send a payment link to their customers along with invoices or other transactional forms during payments and deposits.  

Solution:  

Using QB Desktop 2024, sending the payment link doesn’t require attaching any invoices. You can link payments/deposits directly to the customer.  

System Requirements for QuickBooks Desktop 2024  

Operating System  

• Windows 11, 64-bit  
• Windows 10, all 64-bit editions  
• Windows Server 2022, Standard and Essentials  
• Windows Server 2019, Standard and Essentials  
• Windows Server 2016, Standard and Essentials  
• Windows Server 2012 R2, Standard and Essentials  
• Windows Server 2012, Standard and Essentials  

Database Servers  

• Windows Server 2022, Standard and Essentials  
• Windows Server 2019, Standard and Essentials  
• Windows Server 2016, Standard and Essentials  
• Windows Server 2012 R2, Standard and Essentials  
• Windows Server 2012, Standard and Essentials  

Web Browser: Google Chrome  

Hardware Requirements  

• Processor: Minimum 2.4GHz.  
• RAM: Recommended – 16GB  
• Server RAM: Based on the number of users, the following server RAMs should be sufficient:  
• 1-5 Users: 8 GB  
• 10 Users: 12 GB  
• 15 Users: 16 GB  
• 20+ users: 20+ GB  
• Disk Space:   
• Minimum of 2.5GB of disk space  
• 4 GB RAM  
• Optical Drive: 4x DVD-ROM drive  
• Screen Resolution: 1280 x 1024 resolution with up to 2 extended monitors.  

Conclusion  

The new and improved features of QuickBooks Desktop 2023 make the accounting software an all-in-one business solution. These features help businesses perform various tasks in the smoothest possible way.  

To know more about the software’s features, contact our solutions consultant at @+1- 855-270-6252. They are always ready there to help you!