What’s New in QuickBooks Desktop 2023

Software products are always changing, and each release brings improvements. In this blog post, I’m sharing how Intuit improved an already-great product: QuickBooks® Desktop. Keep reading to find out what’s new in QuickBooks Desktop 2023—and how to make inventory, transactions and cash flow easier to manage in the coming months. 

Check to See If You Have What’s New in QuickBooks Desktop 2023 

But first, let’s check to see if you have the latest release. (If you’re a Right Networks QuickBooks Hosting customer, you do. More on that here.) At the time of this blog post, that’s QuickBooks 2023 R3_195. 

If updates are automatically turned on, you should already have what’s new in QuickBooks Desktop 2023. If they’re not, checking for updates manually is also an option. (Intuit suggests checking for updates at least once a month.) We do this automatically for our QuickBooks hosting customers.

How to check for updates manually:

1. In QuickBooks Desktop, select Help, then Update QuickBooks Desktop.
2. Select the Update Now tab to review the release’s updates.
3. Click Get Updates. 
4. The latest QuickBooks version will be ready after restarting. 

How to turn on automatic updates:

1. In QuickBooks Desktop, select Help, then Update QuickBooks Desktop.
2. In the Overview tab, check to see if Automatic Updates are ON or OFF.
3. Select the Options tab to turn Automatic Updates ON. 
4. Next to Automatic Updates, select Yes.
5. Click Save. 
6. Now, whenever there’s a new update available, you’ll get a notification.

Right Networks QuickBooks Hosting customers don’t have the option to turn on automatic updates—because we manage updates for you! If you’d like to learn more about the benefits of QuickBooks Hosting—click here.

Now, Let’s Take a Look at What’s New in QuickBooks Desktop 2023 

1. Inventory

In QuickBooks’ latest release, organizing inventory has become even more straightforward. You can keep inventory organized by grouping items into categories. Then, you’ll have better stock insights when running reports.  

QuickBooks Desktop 2023 allows for adding inventory expiration dates to serial or lot numbers. Turn on Advanced Inventory to start benefiting from this new feature. Here’s how. 

2. Intercompany Transactions

Are you managing companies that conduct business with each other? With QuickBooks’ latest release, you can now issue a bill or check between two separate company files.  

Transacting between companies is helpful if “you have separate, but shared companies that conduct business with one another. Or, if your businesses share a common set of accounting practices.” (QuickBooks.Intuit.com) 

Learn how to use intercompany transactions. 

3. Cash Flow Hub

Cash Flow Hub gives the current cash status of a company. Maintaining (and improving) your cash flow becomes easier when you see the money coming in, then going out, quicker. 

After upgrading to QuickBooks Desktop 2023 R3_195, access Cash Flow Hub by selecting: 

1. Company, then 
2. Cash Flow Hub 

It really is that easy! For more information about using the Cash Flow Hub, watch this helpful How To. 

4. View-Only Mode

View-Only Mode is exactly what it sounds like: Users can view reports but can’t create any transactions.  

Using this mode would be helpful if your subscription is canceled or expires. You won’t be able to edit data without a subscription; however, you still own that data and can export it at any time.  

5. Money Transmission License (MTL) Payments Compliance

An MTL “is a type of license that legally allows money transmitters to provide financial services. It’s a legal requirement for every money transmitter business to hold an MTL.” (BitDegree.org)  

And now, QuickBooks makes it easier to stay in compliance. MTL-specific fields—Payment Amount, Total Amount, Date of Transaction, Payment Method, Authorization Code—are now displayed on Payment Receipts. 

Turn On Automatic Updates for the Latest From QuickBooks 

We suggest keeping QuickBooks automatic updates set to “yes” for the latest process improvements, bug fixes and more.* However, if you choose to update manually, ensure you’re checking for bug fixes at least once a month, per Intuit.  

Not only could you potentially miss out on a great new feature, but not updating may put you at risk. Vulnerabilities are often patched during updates; would you want to expose your client data to a threat by neglecting your software?  

Keep data safe and secure, and work with the latest and greatest from QuickBooks today. For more information about keeping QuickBooks data secure, visit us at rightnetworks.com/quickbooks-hosting. 

*Note for QuickBooks Hosting Customers

Great news! The Right Networks team already has automatic updates turned on for QuickBooks Hosting customers. (Another reason why being a hosting customer pays big!) If you have a hosting subscription with us, you’ll get the latest QuickBooks Desktop update as it happens.

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