QuickBooks Desktop is a great accounting software that acts as a helping hand to simplify the company’s accounting tasks. Moreover, it comprises exclusive top-notch accounting features for a good accounting experience. But, before utilizing this accounting suite to accomplish your task, it is mandatory to download and install it. Continue reading this post and use this software to accomplish your daily accounting task with this software.
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What are the New Features For QuickBooks Desktop 2024?
Every year, QuickBooks launches a new version of QuickBooks Desktop with enhanced and avant-garde security features to enhance the accounting experience. Below, we have described the new features included in QuickBooks Desktop 2024. Read them thoroughly to get a better understanding.
1. Item Category Enhancements:-
Now, it has become more convenient for businesses to manage their company’s inventory and items. Moreover, configuring the pricing rules according to the categories will help enhance overall productivity.
2. Customer Prepayments (Enterprises Only):-
This feature is the best one for the ones engaged in e-commerce business or in generating any sort of online sales. With the help of this feature, it becomes more convenient to monitor the customer prepayments or deposits made on any sales. Doing so makes preparing invoices much easier, with the credit on those sales being added.
3. Inventory Reports:-
Preparing the reports is a very important activity to run the business smoothly. However, by accessing the Inventory Reports feature in QuickBooks Desktop 2024, you can easily acquire sales and inventory reports for your business at the category level. Moreover, it enables users to monitor the products maintained in batches/lots with a new report on Inventory Stock Status by Lot Numbers.
4. Item List Search Enhancements:-
Another great thing is that you can easily utilize the enhanced search feature to find your items from the list of options.
5. Security Enhancements:-
The QuickBooks Desktop 2024 edition utilizes top-grade security features to safeguard your sensitive data from getting into the wrong hands.
Describing the Types of Businesses Use QuickBooks Desktop
Nowadays, accounting software has become the need of every small to medium-sized business. Likewise, the QuickBooks Desktop is the topmost priority of industry-specific editions, which include Contractors, Manufacturers & Wholesalers, Retail, Non-Profit organizations, professional services, and accountants.
Moreover, every version of QuickBooks Desktop has certain specific accounting features. For instance, the Manufacturing and Wholesale industry uses features like building bills of material and tracking the cost of raw materials.
Discussing the Primary Features and Advantages of QuickBooks Desktop
If you are looking for accounting software that can minimize the stress of maintaining your daily business operations, then QuickBooks Desktop is the one you must try. This accounting software is a complete package comprising high-end security and the latest features to simplify your accounting. To learn about the features and benefits of accessing this software, read the pointers below closely.
1. Automated Payment Reminders:-
Keeping determined customers with past-due account balances has become much more convenient. Moreover, using the Automated Payment Reminders feature in QuickBooks Desktop, you can drop an email reminder regarding the late payment of customers so that they can make their payment on time without any further delays.
2. Generated Customized Payment Receipts:-
Accessing the QuickBooks Desktop application can easily customize different forms, invoices, statements, and purchase orders. Besides this, you may also attach the company logo, color scheme, and other information so you can tally the payment info with the customer details.
3. Time Tracking:-
You can now easily compute the total working hours of the employees using the time tracking feature of QuickBooks Desktop. Moreover, it enables users to monitor billable hours by client or employee and then link them with the invoices.
4. Cash Flow Management:-
You can now add the bills from vendors and then pay them only when they’re due. Apart from this, you may also set recurring payments to save time that you can invest in the organization’s growth.
5. Streamlined Bank Reconciliation:-
With the help of the improved bank reconciliation feature in QuickBooks Desktop, you can now automatically tally the transactions. Moreover, you can also utilize this feature so that you can complete the reconciliation process easily. You may also immediately monitor the previously added “Matched Transaction” function to rectify the inconsistencies.
6. Better Reporting:-
Now, with the help of improved reporting features that include customized templates, sophisticated filters, and better insights. Moreover, it also helps prepare financial reports that give you a clear picture of your business operation. However, you can apply customized fields and industry-specific reports to configure the reports according to your preference.
Learn More About How to Implement & Use QuickBooks Desktop
To start using the QuickBooks Desktop application, you must focus on the procedure given below.
First Stage:- QuickBooks Desktop Download 2022, 2023 and 2024
Users who have bought the QuickBooks Desktop product online can initiate the subscription process by clicking the Subscribe button. However, if you have purchased offline, follow the steps below.
1. You must visit the Downloads & Updates page using your preferred web browser.
2. If you are a ProAdvisor user, then sign-in to your QuickBooks ProAdvisor Center to download the software properly.
3. Conversely, the Accountant users must sign into Camp to download the QB software.
4. You should download the installation file once you log in and follow the instructions below to download QBDT properly.
- You must choose the country, product, and QuickBooks version from the Downloads & Updates page.
- At last, you must opt for the Download option.
Second Stage:- Installation of the QuickBooks Desktop
1. Once you have downloaded the QuickBooks Desktop, double-tap on the QuickBooks installation file.
2. After this, you must read the Terms and Conditions listed in the Software License Agreement thoroughly.
3. Thereon, you must accurately include the Product and License Numbers in the respective text fields.
4. Next, you must pick the appropriate installation type between Customn and Network or Express options.
5. The users who are installing it for the first time must opt for the Express Install.
6. After completing all the steps, you must follow the instructions given on the screen to complete the process.
Third Stage:- Setting Up of Company File
To construct the QuickBooks data file, you must proceed with the steps outlined below.
1. Begin the process by navigating to the File menu, followed by New Company.
2. After this, you will get a few options to construct the company file. Express Start is the option you must opt especially for new users.
3. However, for the detailed setup, you must opt for the Detailed Start. Apart from this, you can also pick the option to construct a new data file based on the existing one.
Fourth Stage:- Add Those People With Whom You Do Business
- To link the people, you must choose the Add the people you do business with. Within this section, you must mention the name of the people you do business with. Doing so will help bill the customers, pay suppliers, and track your employees.
- Once you have entered all the details, hit the Add button to initiate the process.
- However, if you have existing data, try importing it from Outlook, Yahoo, Gmail, or Excel.
- Afterwards, pick the appropriate method and follow the instructions to accurately add customers, suppliers, and employee data. Apart from this, you may also include the opening balance.
Fifth Stage:- List the Products and Services You Sell
Within this setup stage, you may either Add the products and services you sell and then go with the Add option from Get all details into QuickBooks Desktop. However, you must acquire all the relevant details from the upcoming screen into QBDT.
Furthermore, you must pick the type of product you wish to include. You may also have the option to paste the information directly from Excel and add in bulk.
Sixth Stage:- Setting Up of Bank Feeds
Bank feed is the process of connecting your bank account with QBDT so that you can download bank transactions easily. Once you have successfully set up the Bank feeds, opt for the Start Working button to accomplish the setup process.
Seventh Stage:- Move to the Home Page:-
Once you launch the data file in QuickBooks Desktop, you will see the Home dialogue box on the screen. This page mainly tells you about how your business tasks fit together. Also, you can make the changes by browsing to the Edit, preferences, and Desktop View > Company Preferences tab.
Above all, you can also choose the Insights tab, which will give you a clear picture of your company finances.
Eight Stage:- Managing of the Customers, Suppliers, and Employers
There are different centers for the customers, suppliers, and employees where you can keep track of all the information and transactions regarding them.
- The Customer Center:-
This segment represents all the customers present within the customer list. You can navigate to the Customer Center by choosing Customers > Customer Center.
- The Supplier Center:-
Within this segment, you will see the suppliers and the transactions that are linked with the Purchase Orders, receipts, and bills. Moreover, you may also link suppliers or transactions, pay bills, view invoices, etc.
- The Employee Center:-
The Employee Center is the section that contains the track record of all the employees along with the related transactions.
Ninth Stage:- Add the Opening Balances
While setting up an account in QBDT, you have to pick a day to initiate the process of monitoring all your transactions. You can either choose the day you set up your business, or the day in the past you have historical transaction information.
Tenth Stage:- Setting Up Of Sales Tax:-
You are supposed to collect the sales tax irrespective of the products or services you sell. The QuickBooks application will help you maintain the proper track record of taxes to monitor them easily.
Eleventh Stage:- Make Changes To Your Forms:-
QuickBooks offers its users multiple templates to generate invoices, estimates, credit memos, sales memos, and other forms.
Twelfth Stage:- Construction of Sales Receipts and Invoices:-
To prepare the sales receipt, you must choose Customers > New Transactions and Enter Sales Receipts. Conversely, you must construct an invoice using the Customers > New Transactions > Invoices.
Thirteen Stage:- Receive Payments:-
Whenever a customer makes a payment for an open invoice, you must include that payment in QuickBooks. For that, see the left side menu, choose Customers > New Transactions > Receive Payments.
Fourteen Stage:- Mention the Amount and Pay Bills:-
It is feasible to pay the bills via the Supplier Center.
Fifteen Stage:- Setting Up Of the Users:-
To set up a new user in QBDT, navigate to Company from the File menu and go with Set Up Users and Passwords > Set Up Users.
Sixteen Stage:- Schedule the Backup Of Data:-
Once you have generated your QuickBooks data file, it’s the best practice to conduct the file backup. Scheduling the backup of data files will help safeguard your sensitive data from getting into the wrong hands.
Seventeenth Stage:- Try Upgrading to the Newest Launched Version of QuickBooks Desktop:-
Keeping your QuickBooks Desktop updated to the newly launched version will ensure you use the application’s advanced features.
Explanation About the QuickBooks Desktop Pricing
Before you get the QuickBooks Desktop on your device, you must know the QuickBooks Desktop pricing plan. Doing so will help you know about all the subscription plans so that you can choose according to your pocket.
The pricing of the QuickBooks Desktop 2023 may vary according to their subscription plan, ie. Gold, Platinum, and Diamond users. The annual subscription plan of QBDT begins from USD 1830 for Gold users, USD 2250 for Platinum, and USD 440 for Diamond plan users. On the other end, the annual price of QBDT Enterprise is USD 1830 without any discount.
Is QuickBooks Desktop being discontinued? – Explain Briefly:-
According to the QuickBooks Desktop Discontinuation policy, certain products and services will stop after May 31, 2024. It might include products such as 2021 editions of QBDT Pro, QBDT Premier, QBDT For Mac, and QuickBooks Enterprise Solutions v21. Apart from this, the users won’t be able to upgrade to QBDT 2021, unable to use the live support facility. Above all, you won’t be able to use the QuickBooks Desktop Point Of Sale.
Drawing to a Conclusion!!
We assure you that this post has provided you with detailed information about QuickBooks Desktop. However, if you face any issues while operating this software, you must consult our professionals for immediate resolution.
Frequently Asked Questions (FAQ’s)
Ans. You can use the 30 days of a free trial to run the QuickBooks Desktop application on your device. Doing so will help you determine whether the accounting solution fits best according to your requirements.
Ans. After 31 st July 2024, Intuit will not sell QuickBooks Desktop Pro Plus, QuickBooks Desktop Premier Plus, QuickBooks Desktop Mac Plus, and QuickBooks Desktop Enhanced Payroll to U.S new subscribers.
Ans. The location to get the license and product number completely depends upon the type of purchase you have made. If you bought online, you will receive the subscription details in your purchase confirmation email. If you got the product from the retail store, you will get the product key details inside the panel of the folder in which the CD is saved.
Ans. Yes, you can renew your suspended QuickBooks Desktop Plus subscription. If there is any problem related to billing or payment, then you will be informed via email, and you will get 30 days to renew your subscription.
Ans. If you can’t download QuickBooks Desktop after following the steps listed above, then you must consult with our professionals through live chat or email support.