Basic Accounting

Intuit recently announced some exciting changes to it’s new QuickBooks 2008 line of software products.

Improvements for QuickBooks Premier Accountant 2008

Some of the most exciting changes happened in the Premier Accountant 2008 version. Here are some of the new features added for that version.

1. Now Backwards Compatible. Perhaps the most exciting new feature added is the ability of Premier Accountant 2008 to be backwards compatible with many 2007 versions of QuickBooks without upgrading them to 2008. Some exceptions are: QuickBooks Enterprise Solutions, QuickBooks: Simple Start, QuickBooks: Pro for Mac, QuickBooks: Online Edition. Payroll transactions cannot be adjusted.

According to Intuit, 2008 Premier Accountant is only backwards compatible when an Accountant’s Transfer file is created (.qbx) from a 2007 version of QuickBooks. Intuit gave no indication that regular backup files (.qbb) or portable files (.qbm) created with QuickBooks 2007 are backwards compatible with 2008.

2. Bank Reconciliations Added. Another exciting feature is the ability to complete a bank reconciliation in the Accountant Transfer File. Previously, accountant’s could not send a completed bank reconciliation back to the client, but now they can.

3. Merge Accounts Added. QuickBooks Premier Accountant 2008 can now merge accounts when using an Accountant’s Transfer File for a client. Again, this feature is missing in previous versions of Premier Accountant.

4. Secure Server Now Available for Secure File Transfers. Intuit now has a secure server called “Intuit’s Accountant Direct Secure Server.” QuickBooks 2008 users can upload their Accountant’s Transfer files to this server. Their accountants can download the Accountant’s Transfer file from this server to work in. According to Intuit, this service “increases security and eliminates emailing and multiple file issues.”

Improvements for Entire Line of QuickBooks 2008

Premier Accountant 2008 was not the only version to undergo many additions. The entire line of QuickBooks 2008 products has many important changes:

• Simple Start now supports payroll

• Linux now supported for Enterprise Solutions
• Free version of Simple Start now has no list restrictions
• Improved Excel import
• Improved Outlook integration

Intuit announced many other changes besides these, and also announced that QuickBooks 2008 will begin shipping on October 1, 2007.

Final Thoughts

QuickBooks 2008 appears to be the largest step forward Intuit has made in a long time. If you’ve been waiting to upgrade your QuickBooks file, it sounds like 2008 is the way to go.

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