What’s New in QuickBooks Desktop 2024 Desktop Version

QuickBooks Desktop 2024 delivers exciting new features that provide more automation, customization, and intelligent insights to help small businesses save time and maximize growth. From AI-powered predictions to expanded customization options and improved bank feeds, read on for the highlights of what’s new for Intuit’s flagship accounting software.

Automated Transaction Classification with AI

One of the biggest new features in QuickBooks Desktop 2024 is Intelligent Transaction Classification powered by AI. When you download transactions via a bank feed or import them manually, QuickBooks can now automatically categorize them for you based on past trends.

This uses machine learning behind the scenes to analyze typical customers, vendors, accounts, and descriptions for your past transactions. Over time, as the AI model improves, it classifies new transactions with increasing accuracy. This saves you time manually matching transactions to income and expense accounts.

Flexible Rules for Transaction Mapping

Along with AI categorization, QuickBooks 2024 provides more options to customize transaction mapping rules. You can set specific conditions like cash back thresholds, minimum/maximum amounts, excluded terms in memos, and more. This gives you finer control over how downloaded transactions are matched to customers and accounts.

These flexible options ensure you get key details in transactions and have expenses mapped to the right place. You can also view auto-classification suggestions before confirming to ensure accuracy. More tailored transaction mapping automation saves you time reconciling downloaded transactions every month.

Enhanced Fixed Assets Tracking

For small businesses managing company assets like vehicles, equipment, and real estate, the new fixed asset manager delivers expanded tracking. It now captures more detailed purchase information like serial numbers, warranty expiration dates, and attached images for all assets.

You can also define custom fields to track asset-specific data points important for your business. With improved depreciation calculation options by year or month, you can generate more precise financial reporting on the value of fixed assets over time.

Advanced Inventory Receiving

QuickBooks 2024 introduces advanced purchase order workflows to simplify high-volume inventory tracking. When receiving inventory, you can now record specific serial/lot numbers and unique cost details on each purchase order line item.

This allows a more accurate valuation of inventory items without the required manual part averaging. Expanded purchase workflows allow seamless drop-shipping and accurate recording of vendor bills/item receipts in one step. Whether you import inventory or purchase directly, QuickBooks 2024 handles intricate item transactions with ease.

Custom Fields in More Areas

QuickBooks 2024 allows you to add custom fields for tracking specialized information to over 30 different list types, from customers to employees to vendors and more. You can tailor details like lead source, contract renewal dates, birthdays, secondary contacts, or any info unique to your business relationships right within transaction screens and reports.

With improved custom field consistency, you don’t have to re-create these extra tracking details for customers, vendors, employees, etc., in multiple places. Customize transactions throughout QuickBooks 2024 to capture niche data important for your small business.

Expanded Multi-Company Reporting

For small business owners with multiple legal entities, QuickBooks 2024 delivers more powerful multi-company reporting. You can now quickly compare key financial metrics like profitability, revenue, expenses, and more across parent entities, subsidiaries, affiliates, and total aggregate performance.

Easily switch between grouping reports by legal structure or total company results. New customization options allow you to tailor columns and categorize financials in a way that makes sense for your unique multi-entity hierarchy so you can spot performance trends. Unlock expanded high-level visibility into the financial health of your multi-company organization.

Enhanced Payroll Workflows

QuickBooks payroll subscribers will find helpful upgrades in Desktop 2024, like an improved paycheck preview when finalizing payroll. This allows you to easily identify any last-minute changes to employee pay details or deductions before submitting. QuickBooks will also recommend ideal tax forms and settings when adding new employees based on details entered to ensure accurate tax calculations.

With helpful warnings about missing employee details that could impact payroll, W-2s, and taxes, QuickBooks makes it easier than ever to set up, manage, and pay employees while remaining compliant. Payroll workflows catch more errors upfront and guide you appropriately from hire to year-end.

FAQ

What are some of the key new features in QuickBooks Desktop 2024?

Some major new features include AI-powered transaction classification, flexible transaction mapping rules, enhanced fixed asset tracking, advanced inventory receiving workflows, expanded custom fields, improved multi-company reporting, and upgraded payroll features.

What areas of QuickBooks Desktop will see upgrades in 2024?

Key areas upgraded in the new version are bank transactions, inventory management, fixed assets, customization, multi-company reporting, and payroll. Intuit focused on automation, insights, and flexibility in these critical small business accounting workflows.

How can Intelligent Transaction Classification save me time?

The new AI-powered transaction classification will automatically categorize downloaded transactions based on past trends, saving you significant time manually matching income and expenses to accounts. Over time, it learns for improved accuracy.

What new inventory capabilities are included?

Advanced purchasing and receiving allows more detailed tracking of inventory items by serial/lot number and cost details, ensuring accurate inventory valuation. Enhanced workflows also support simpler drop-shipping and one-step vendor bill/item receipt recording.

Can I add custom fields throughout QuickBooks now?

Yes, over 30 different transaction types, from customers to employees to vendors, can now include customizable user-defined fields to track specialized information that’s critical for your business relationships directly within key workflows.