QUICKBOOKS ONLINE PLUS
One of the key differences that makes QuickBooks Online Plus stand apart from Essentials is it allows you to track inventory quantities and cost. QuickBooks Online Plus is good for a business that sells products and needs to keep track of purchasing and selling products to customers. Plus is the best QuickBooks Online option for retailers, wholesalers, and contractors – you might also consider QuickBooks Desktop if you’re dealing with inventory and projects.
QuickBooks Online Plus Features
QuickBooks Online Plus includes all features of QuickBooks Essentials, plus:
- Create custom classes: Classes can be created to track profit and loss by anything you wish. A popular use of custom classes is to track profit and loss by product type.
- Create locations: Online Plus also lets users track profit and loss by location. Locations are separate from classes so that you can also track profit and loss by classes for specific locations. For example, you can view the profit and loss of a product line (class) for a particular store (location).
- Track inventory cost: Users can also use the software to track the cost of inventory items. Using the FIFO method of accounting, QuickBooks Online Plus determines the cost of inventory remaining at the end of each period.
- Set pricing rules: Special pricing rules can be assigned to customers or customer types. For instance, you can create a customer type for your most loyal customers and then assign a pricing rule that gives them a 10% discount automatically on certain purchases.
- Create projects: QuickBooks Online Plus also lets users create projects to track the profit and loss for individual jobs. Expenses and labor can be assigned to projects as incurred. Then, when labor is assigned to a job, the associated cost of payroll taxes and employee benefits is also assigned to the job.
- Budget expenses: Fiscal-year budgets can be created by inputting expected expense amounts for each account. The budget can be broken down by class, location, and project.