QuickBooks 2012 is Here!

QuickBooks 2012 has just been released and it contains a significant number of new and improved features.  The following outlines some of the major changes and improvements to the application.

As always, you need to look at the improvements and decide if you want to upgrade to this new version.  QuickBooks 2012, on first flush, seems like it will be worth the upgrade. We recommend that you wait a few months before adopting this new version, since the first release always has some bugs that need to be fixed. 

Here are some of the major changes and enhancements to QuickBooks 2012:

Inventory Center: This is a major new feature. Intuit has focused significantly on inventory, creating its very own center – like it already has for vendors, customers and employees.  This feature is not available in the Pro version of QuickBooks.

Document Center: This is a MAJOR CHANGE in philosophy for QuickBooks. Attaching documents to your transactions/lists is available FREE if you are storing your documents locally.  You still have all the paper clip icons, you still have a document center, you still have integration with scanners – but you don’t have to pay the monthly fee if you store documents locally. In addition you can now drag and drop documents into your file, from your computer system or from Outlook messages. This will make us look closer at Intuit for our documents as opposed to SmartVault.

Global To-Do List: The “To Do” list has been pumped up – now you have new features, and it is accessible from many new locations in the program. They are getting closer to making QuickBooks be a mini CRM product. You can specify actions to take, priorities, and much more.

Lead Center: Another shot at moving towards a mini-CRM functionality. A new “Center” is added to manage Leads – contacts who are not yet customers. You can easily convert them to a customer, but they don’t clutter up the customer list until that time.

Calendar: This is a nifty feature, a calendar that will let you see your To Do’s, invoices and bills coming due or past due. Also what transactions you entered on a given date.

Create Credit Memo from Invoice: You can now create a credit memo when you are in the Create Invoices window. There actually are several “one click transaction” options here in a “Create” menu item.

Contributed Reports: This is a feature in the Report Center that lets you share your report templates with everyone else, and be able to download reports that other people have developed.

Improved Excel Integration: If you export an Excel report and then make changes to it such as fonts and added information, you can save this as a template so that if you export that same report later, your modifications will continue to the newly exported report. In addition, you can update the data in your report from Excel itself without having first open the QuickBooks company file.

Period Copy: Included in the Accountants version, this gives us the ability to create a company file that drops transactions outside of a date range. That is, you can create a file that has only transactions for one particular year. This will allow us to better address IRS audit requests for QuickBook files.

Inventory Changes: Intuit has made major changes to how it addresses inventory, particularly in the Enterprise version. Here are the major inventory changes to the Enterprise version of QuickBooks: 

  • FIFO Inventory – Now you can elect to cost your inventory by FIFO instead of Average Cost.
  • Serial or Lot Number Tracking – You can choose one or the other.
  • Enhanced Inventory Receiving – This allows you to separate the receipt transaction and the bill for an item. It might not sound like much, but it solves some big problems for some businesses.
  • Automatic Price Markup – You can choose if you want to have QuickBooks change sales prices automatically when the cost of the item changes. Also you have more control over how the “cost” field is updated. You can set a global preference, and you can set overrides for individual items.
  • Images in the Item List – You can add an image of your product in the item record, through the Inventory Center.

More multi-user activities: More functions that you can perform in multi-user mode instead of switching to single user – set a closing date, make deposits, change list sort orders.

If you have any questions about the new functionality of QucikBooks 2012 and how it will impact your business, please do not hesitate to contact us.

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