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QuickBooks ledger
Intuit QuickBooks

QuickBooks launches entry-level Ledger solution

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Intuit QuickBooks has unveiled a new product for accounting partners to service clients with basic accounting needs, including year-end tax filing.

9th May 2024
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Available now for £3+ VAT per month, QuickBooks Ledger is a new QuickBooks Online plan available for the developer’s accountant and bookkeeper users, and not sold directly to businesses.

The new tool can import and reconcile bank or credit card transactions, integrate with the platform’s workpapers, accounts production and tax filing capabilities, and give clients read-only access to transactions and reports.

Designed for small business clients with basic accounting needs, QuickBooks Ledger does not have invoice, estimate, payment or receipt capture capabilities.

Built into the QuickBooks Online Accountant platform, Ledger enables users to communicate with clients via existing practice management tools. It also integrates with a range of third-party apps to bring transactions into the system. However, third-party apps for invoicing, estimates, payments or other features not included will not be serviceable.

Users can add up to 20 clients to QuickBooks Ledger through their QuickBooks Online Accountant (QBOA) account. If they need to add 20 or more Ledger subscriptions, they need to contact the QuickBooks Accountant Sales team.

As client needs change, for example, if they need to add invoicing functionality, QuickBooks Online accounting partners can upgrade their clients to the next pricing tier, depending on their needs.

But as flagged in a recent Any Answers post, they are currently unable to downgrade from other QuickBooks Online subscriptions onto QuickBooks Ledger. A QuickBooks representative told AccountingWEB this is currently restricted and if an accounting partner wishes to move to Ledger from another plan, they should close the original account and start a new Ledger subscription.

‘Full range of products’

Nick Williams, UK product director for Intuit QuickBooks, said the product was built following accounting customers' feedback.

“We’re now providing a full range of products for accountants and bookkeepers, starting at entry-level with Ledger to Self-Employed and right through to our Advanced plan,” added Williams. “We’re providing tools to tackle the full range of clients and end-to-end workflows with our Practice Management, ProTax and Bureau Payroll tools.”

Johann Goree, managing director of OnPoint Accounting Group and a QuickBooks partner, welcomed the move as another step towards offering a full suite of services for accounting partners.

“I’m just baffled as to why it’s taken them so long to offer this as Xero has had its ledger product since 2017 -- although this has more functionality. For some, it will remove pricing fears for Making Tax Digital. £15 a month for a basic licence was too much and for many clients would double their accounting costs. We can now say ‘it’s £20 a year’ and that’s more palatable.”

Aaron Patrick, head of accounting at Boffix and a QuickBooks trainer, told AccountingWEB that the launch of Ledger would be a good way for firms predominantly using QuickBooks Online to standardise year-end processes.

“For firms with 90% of clients on QuickBooks but with the remainder on other tools, this is a great opportunity to bring them into the QuickBooks ecosystem,” said Patrick.

“You can continue to support them on other software but when it comes to preparing accounts, a Ledger licence allows you to import a trial balance into QuickBooks from other software.

“That way you can have the same workpapers system for all clients, allowing you to standardise and potentially automate your workflows and become more efficient – all for what a workpapers tool would cost anyway.”

Replies (8)

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By listerramjet
09th May 2024 10:17

“Basic accounting needs”? Is this even a thing?

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By JD
09th May 2024 10:42

It would be helpful if perhaps Aweb can work its magic and undertake a comparison between this offering, Xero's and anything similar that others such as sage maybe offering for internal use only.

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Replying to JD:
By Charlie Carne
09th May 2024 11:04

This page compares QB Ledger to Xero Ledger and both versions of Xero CashBook.

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Replying to charliecarne:
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By carnmores
09th May 2024 17:41

thanks Charlie , are you still on the QB panel? hope all is well.

Nick

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Replying to carnmores:
By Charlie Carne
10th May 2024 10:47

Yes - I'm on their Accountant Council. Let me know if you're going to Accountex next week. I'm on a QBO panel on Thursday but I'm there both days.

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Replying to charliecarne:
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By carnmores
10th May 2024 13:14

yes ill come and see you Charlie, probably Wed will let you know at begining of week

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Replying to charliecarne:
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By JD
10th May 2024 11:04

Thank you, Charlie

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By Tomazaan
09th May 2024 11:23

When I heard about this I thought it might suit my clients who have sufficient rental income so that they will have to comply with MTD. However for Ledger to work for them, I need to be able to keep track of the income and expenditure of separate premises and I don't think that will be possible.

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