Creating efficiencies for accountants and bookkeepers is always on our mind here at QuickBooks, which is why we are so excited to launch improvements to our chart of account import and reclassify transactions features, now live in QuickBooks Online for Australia.
Reclassify GST on transactions
An important part of activity statement pre-checks is verifying how transactions are coded for GST in QuickBooks and we’ve heard from a lot of customers that making changes in bulk prior to lodging is a huge pain.
To make this easier, we’ve updated the Reclassify transactions experience (located inside your Accountant toolbox) to be easier to search, read, and reclassify line items for income and expenses – and have also enabled the ability to reassign the GST code as well.
We’ve created a quick video tour below which provides instructions for how to enable the feature in QuickBooks Labs to get started.
It’s only been out for a week or so but the feedback so far has been sensational, with Advisors saying they were able to reclassify hundreds of transactions in MINUTES. This is just the start, and we hope to release the updated experience for all customers very soon.
Import Chart of Accounts updated to support sub-account hierarchies
Setting up a new QuickBooks from scratch can be complicated, especially when you want to get their chart of accounts JUST right.
The fastest way to customise your Chart of Accounts for a new client is via our CSV import feature, but in order to establish parent/child account relationships it had to be done AFTER the chart of accounts were imported.
Now when you import your chart of accounts, you can set parent/child relationships using colons in the account name.
Watch the video below for a quick tour of the updated experience and how to set up your CSV to import correctly.