The Open Tab - IES Updates with Hector Garcia [8.18.26]

WEBVTT
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so today we're actually having a little bit of a QB Power Hour reunion of sorts.
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Oh.
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Hector is joining us to give us his take on the Intuit Enterprise Suite updates.
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Now, personally, myself, I have kind of taken a backseat with getting into the weeds with with, with Intuit Enterprise Suite.
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Because I think, I think in, in general it's just any time that there is a release of something there's a lot of changes that, that, that go around with that, with that sort of thing.
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So I'm, I'm kind of waiting for the dust to settle.
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So, um, Hector's gonna be bringing
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some of his dust- It's Intuit.
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The dust settles, and they just come in with another dust storm and blow it back up again.
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What are you talking about?
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Exactly.
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So we'll be, we'll be talking about, uh, Intuit Enterprise Suite and, um, and, and what's been on the radar or coming in the, in the last few months and kind of what's on the roadmap, uh, a little bit for the future of anything that we can talk about.
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Uh,'cause it's always very diffi- difficult to do future-based stuff because as we've seen, uh, with, um, Intuit and its shenanigans those are all subject to change, until until they actually are released.
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And even after they're released, it's still subject to change.
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So a little bit about us.
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Uh, of course, you know our, we have our spotlight sponsors, and that's what continues to keep the QB Power Hour free to attend.
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If you wanna go connect with Sharrin or myself, there's our respective communities.
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And we have some updates this, this quarter with regards to changes in the in the QB Power Hour.
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You can read all about that, and I will post the, the handouts, uh, in the, in the chat shortly once I turn the reins over to Hector.
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And I'll do that right now.
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So let me go ahead and stop sharing, and we'll launch our first poll question, uh, which is...
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I'll just go ahead and launch it.
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Sharrin says it's right here.
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Oh, here.
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Oh, never mind.
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Uh-oh.
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You beat me- for once.
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Okay.
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Have you ever had a conversation about Intuit Enterprise Suite, uh, or are you having, uh- conversations a- about it with your, with your clients?
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Are they bringing it up?
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I'm getting them simply because I do a lot of, uh, Desktop work with, uh, conversions, and still have a lot of clients on Desktop Enterprise.
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And there's that upgrade to Intuit Enterprise suite right there in the menu item, so of course that's a what is that all about type of thing.
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Hector, are you are you finding that the, the conversation, uh, with, with your clients and, and clientele, that it's, it's becoming more and more-
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More prevalent, yeah
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prevalent?
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Sure.
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Yeah, for sure.
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The, if, um, if you are a QuickBooks Desktop user, you get pop-ups inside your QuickBooks Desktop about IES, right?
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So, like, obviously there's no way escaping it for QuickBooks Desktop users.
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Uh, Q- QuickBooks Online users don't get a pop-up to upgrade to IES as much, or maybe, y- I haven't seen it.
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You know, as an accountant, I haven't seen it.
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But I think mostly it's the Desktop users that are being hit pretty hard with marketing and, and, um, pushing it one way or the other, whether it's on the websites or via email or in product.
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So customers are getting to know more about IES, and in some cases they're calling into it and they're asking them,"How does it work?""Does it...
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Is this good?" Even before they get a price, you know, they go back and ask me and people at my firm, you know,"Is this a good choice?
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Should I start thinking about this?" So we're having a lot of conversations about it, that's for sure.
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Like, this year, this year particularly has, it just felt like it's not just another thing.
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It's like it's a part of, it's part of the, the, the normal planning conversation.
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Desktop, Online, or IES.
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You know?
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It's, it's part of it.
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Right.
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'Cause it's, um...
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You know, I think part of the, the, I think the challenge for especially the, the accounting community is, you know, we wanna, we wanna understand what we're getting into.
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And the sales process with regards to Intuit Enterprise Suite has been, you know, very...
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Well, I, like, like any other enterprise software that's a service, you, you gotta talk to their sales channel, right?
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And so it's not like something we can just pull off the shelf and say,"Well, Enter- Intuit Enterprise Suite is this much for this many people." And, and pricing is, is a challenge.
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I, I think that's in, just in general, um, and you, you have some things to, to share about that in, in your slides.
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Uh, but if you wanna go ahead and just hit the ball rolling, we'll, we've got a lot to cover.
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And if anybody has watched any of Hector's videos in the, in the past, uh, you know he has a lot to say.
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So I wanna make sure that we give you enough time which we probably won't.
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You're muted.
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There
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we go.
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Perfect.
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So, yes, so IS in a nutshell, Intuit Enterprise Suite, it's QuickBooks Online plus additional features.
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One of the things I believe is a bit I don't wanna say it's a misdirection, but it's w- where a lot of accountants get tripped up is that Intuit is making a really, really, really obvious that they wanna frame this or position this as a different platform.
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So they say different platforms, a different platforms, a different platform.
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And there, there could be some kernel of truth where you could prove that there is this different platform behind it, but it is just QuickBooks.
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And I think it's just, uh, for me, it's easier to understand IS if I know it's just QuickBooks.
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The problem is with positioning it with it's QuickBooks is that QuickBooks Online, QuickBooks in general, QuickBooks Online, when you think of QuickBooks, you think small business.
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You don't think mid-market, you don't think really, really larger companies.
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So in order for them to be able to position this, not just from a pricing perspective or just from a market positioning standpoint so s- larger companies see it and go,"Oh, this perk is for me," you know, they took the, the word QuickBooks out of it and they just kept Intuit.
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So that's why they call it Intuit Enterprise Suite.
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Now, the other part that's a little bit confusing to a lot of people is that it bears the word Enterprise, and in the QuickBooks world-
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Yeah.
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the word Enterprise means QuickBooks Desktop Enterprise.
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So some people call it QuickBooks Desktop on the Cloud, which is actually technically not that or-
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Right.
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Or, or...
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Right, so and, and it's not QuickBooks Online Enterprise either.
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And I think that's, that's where a lot of the confusion is.
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So just imagine there's another version of QuickBooks Online that's higher- Mm-hmm than QuickBooks Online Advanced, and it's positioned as an Enterprise product, uh, which means you can't just buy it, you can't just get a free trial, you can't just try it.
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You have to go through the Enterprise sales team, and the sales team slows down the process, un- tries to understand as much as possible around your business first prior to making an offering and giving you a price.
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So that's- Right.
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Be- That's, that's how it's positioned.
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Yeah, and, uh, and I, I think that's, that's a great way to frame it, is that it's, it's based off of QuickBooks Online framework, right?
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As far as, like, the, the functionality.
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And just like- All the different flavors of QuickBooks Online when you go from QuickBooks Plus to QuickBooks Online Advanced, you're gonna see more features, right?
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So very similar to that, but there is no upgrade path directly within the product to go to Intuit Enterprise suite.
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You have to have this conversation.
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They have to understand what it is that you're looking for before they come up with a negotiation process of, you know, here's what all this will, would, would cost you and, and those types of things for the, the next year
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Yeah.
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The other thing is worth mentioning is it, there's a seamless migration from QuickBooks Online.
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Now, they call it- Yeah migration'cause it...
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you, you can't position it as a separate platform and not call it migration.
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But it's not migration, it's a, it's an upgrade, just like going from- Yeah Plus to Advanced, which is actually a good thing.
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Like, none of this stuff is a negative thing.
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I, I love...
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I, I, I've, I've been in love with the QuickBooks brand forever.
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I love...
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Like, I wish it was called QuickBooks Enterprise or something.
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Like, I, I've, I have...
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I, I, I, I feel no need to have to reposition this.
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Now, I believe Intuit does believe that, the marketing department does believe that, but it is a better version of QuickBooks Online, an upgraded version of QuickBooks Online Advanced.
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One more step up.
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And I like the fact that it's seamless migration to from any, any of your QBO SKUs, right?
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Like, by seamless I mean you don't lose any data, which is never true from QuickBooks Desktop to QuickBooks Online, you do lose data.
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Right.
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And you don't lose functionality either, right?
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So, like, there's just, just, there's just more functions.
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Now this will be, this will be the eventual replacement for QuickBooks Desktop Enterprise.
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This is what Intuit wants.
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Like, they, they don't want to have a desktop product anymore.
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They want to have a single platform.
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They, the way the salespeople uh, push and try to get people into the Desktop Enterprise customers into IS tells you that this is positioned as the replacement of QuickBooks Desktop Enterprise, and a starting, a starting, a jump-off point for even larger companies that were even, even too big for QuickBooks Desktop Enterprise.
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But that will be when it reaches product parity, which is not there yet, and it's probably ne- uh, like, one of my...
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I don't think it'll ever reach full product parity, uh, because it's just like QuickBooks Desktop.
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It's bloated, it has a lot of moving parts, and it just wouldn- it'll never will.
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Uh, and the reality is, uh, Quick- I don't think Intuit or any other software companies ever wanna go back to a, to a desktop-based product.
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Like, they...
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Like, I don't think any developers wanna do that.
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Me as a developer myself, like, doesn't know any code, but I'm in the development business, I would never, like, be in the desktop software business.
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Right.
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It's, it's a freaking nightmare.
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It's always been a freaking nightmare.
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Um, the pricing.
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Okay, so pricing is not transparent.
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Like, I can't just tell you exactly how much it costs, but I would say, I would tell you in order for me to be somewhere around the ballpark, I will say it's priced somewhere between two times and three times for QBO Advanced.
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Is.
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So I think it's also important for you to look at it positioning-wise.
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It's not just a different platform, a different name.
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It doesn't bear the QuickBooks name.
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It's also two or three times the price of QBO Advanced.
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So that lets you know, okay, where am I in terms of, like, who, who is a good customer for this, right?
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So, like, forget about features for a second.
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Can the customer even afford it?
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And we talked about the fact that, you know, it's a long enterprise software style sales process.
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If you ever sold or, or were in the process of helping somebody get NetSuite or Intacct, you know, that's not like go online, press a button, and it'll just work.
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Like, you gotta talk to someone.
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It's a, it's a whole process.
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Now, I wanna...
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It's very important, I wanna make sure, like, no one misunderstood what I said.
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There's no defined timeline to when IAS will have QuickBooks Enterprise product parity.
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Uh, there's no defined timeline in terms of when QuickBooks Desktop will go away.
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Like, that's never been, that hasn't been announced.
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It's just, it's just pretty much intimated in, in the, in the general communication.
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And you, you can expect a whole bunch of new feature announcements at Intuit Connect in November Which will make it really exciting, particularly in the areas of inventory and manufacturing, which I could tell you firsthand.
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I've been working with their team and doing beta testing, and the stuff that's coming out is pretty cool.
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I'm gonna, I'm gonna...
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I could show you some of the stuff that I'm beta testing.
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I can't show everything, but I could show some of the stuff that I'm beta testing.
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So for pricing, like I said, two or three times QBO Advanced.
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Think about that, the price for your first entity.
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And then, uh, the moving parts that can affect the overall pricing,'cause the idea is that you pay o- one shot, one package price.
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It's gonna be based on the additional entities that you add, right?
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Multi- multi entities, a really important thing.
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That'll be the first demo I'll show you.
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The number of users, so it comes with five users just like Plus.
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It doesn't come with 25 users the way Advanced is.
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So in many ways that's the only regression that you get from Advanced to IAS.
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You go from 25 users to five.
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Um-
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Oh, however, you can, you can get up to 500-
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Yeah, you can, you can get a lot more- you know, as, as part of that process than what IAS can.
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Yeah.
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But you have to pay more.
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Ex- absolut- That's absolutely right.
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Um, you get additional dimensions.
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So a dimension is basically a class, so b- it's an additional class.
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I know many people have fantasized,"I wish I had a second class." You know, I-"Just one more class.
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Life would be incredible." Guess what?
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IAS does bring that with this thing called dimensions, and essentially they're trying to rebrand classes to dimensions, right?
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So, like, you get your original class dimension that you bring over, plus four more dimensions.
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So technically you get five in total.
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So you get four additional ones, and you can add up to 20 and then you pay extra for if you need more than, more than four.
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If you do a payroll add-on, if you do a, a bill pay add-on, and if you do a, a Mailchimp add-on, all that stuff affects the price, just like in a regular QBO purchase when you add any of the add-ons.
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All the third-party apps that work with QBO work in IAS.
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Uh, all of them, 100%, because it's not a different platform, okay?
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It's the same thing, right?
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Which is good.
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That's a good thing, guys.
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That's a good thing.
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Uh, they all...
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So all third-party apps work the exact same, same way, which is awesome.
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You know, you do, if you migrate, you do have to reconnect them'cause it's gonna be- Yeah like a different company ID.
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But, uh, but that's pretty much- Do you- all I can tell you about pricing.
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Yeah.
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Do you know that if, if the third-party apps, talking about the, the third-party integrations, because there's a, you know, this dimensions thing, right?
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Do you know if that is available in the API or- It is
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available, yep.
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There are, the dimensions are available in the API, and it's gonna be up to the third-party app to make sure they upgrade their softwares to have access to that.
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Right.
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I can tell you that because in Right Tool we access dimensions, and they're in the API.
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Mm-hmm.
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So I can tell you firsthand I've done it, I've accessed them.
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I could do full AP dimension manipulation w- as a third-party app developer.
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Now, what is, uh, IAS great at?
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No need to learn a new UI or UX if you're already on QBO.
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Of course, if you're coming from Desktop, different issue.
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If you did a Desktop migration to QBO, a- and what I mean is forget about, like, signing a one-year contract with IAS just to see what happens.
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Like, do the upgrade from Desktop to, to QBO.
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If the data that came in is sufficient, if you didn't lose any important features that you wanted, and then you look at the features that you lost and they happen to be in IAS, then that's a great option.
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So I think that if the Desktop to Online migration is a pleasant one, uh, a- and, and you don't lose any data and stuff, then it's a really, really good thing for Desktop people to go to IAS.
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Multi-entity consolidation, so, like, literally one click P&L by entity you can do that.
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Really easy elimination, so in the QuickBooks Desktop world we had to create a ghost company for eliminations and do weird journal entries in that ghost company.
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Basically like a non-posting company.
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In QuickBooks, uh, I, I mean in IAS you can have non-posting journal entries which are called the eliminations.
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And if you've never done multi-entity consolidation, this is Greek, and that's fine.
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God bless you.
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Let, let it continue to be Greek- because once you go into that world it's like, uh, it's, it's bad.
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Um-
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It's the deep end of the pool.
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It's the deep end of the pool, for sure.
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Multi-entity chart of accounts and dimension standardization, which means you can have three, four companies all with the same chart of accounts, all with the same dimensions.
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Really valuable.
00:16:47.057 --> 00:16:49.418
They're working on doing that with the same vendors too.
00:16:49.528 --> 00:16:52.508
That'd be pretty cool too, you got the same vendors across all your entities.
00:16:53.087 --> 00:16:58.937
You create it in one entity, and you can basically create it in all of them in one shot depending on the permission structure.
00:16:59.307 --> 00:17:03.727
All that stuff is being, like, worked really, really, really fast, but that's the vision.
00:17:03.788 --> 00:17:10.827
It's like I, I manage five companies, and I don't have to manage five different chart of accounts, five different set of dimensions, five different set of vendors.
00:17:11.048 --> 00:17:20.955
Customers is a little trickier- Um, I don't know if they'll ever bring a standardization of customers, but chart of accounts dimensions and, and vendors is what I'm looking forward to.
00:17:21.496 --> 00:17:23.996
Also, multi-entity transaction management.
00:17:24.006 --> 00:17:24.786
So if I have...
00:17:25.185 --> 00:17:32.726
If I invoice one of my entities, I want the bill to show up automatically in the other entity or, or vice versa.
00:17:32.726 --> 00:17:36.326
I get a bill from the entity, there should be a matching invoice on the other side.
00:17:36.556 --> 00:17:49.796
So if there's a multi-entity transactions, it will automatically create a workflow to set them up for you to approve them on the other side so you don't have to create them from scratch.
00:17:50.165 --> 00:17:53.105
And they're working on getting all the items mapped up and stuff like that.
00:17:53.105 --> 00:17:54.355
That's a whole nother thing.
00:17:54.715 --> 00:17:59.776
But the ac- the accounts can map, especially if you have a, if you have a, you know, the same chart of accounts.
00:17:59.776 --> 00:18:01.036
They can standardize.
00:18:01.096 --> 00:18:02.816
You can map them fairly easy.
00:18:03.046 --> 00:18:05.256
It's the items that are a little bit trickier to map.
00:18:05.945 --> 00:18:07.816
And also you can do what's called a three...
00:18:08.036 --> 00:18:15.836
I call a three-dimensional journal entry, where you create one journal entry that can hit multiple entities in one shot, which is actually pretty, pretty cool.
00:18:16.766 --> 00:18:20.395
They also have dimensional reporting, which we talked about it, additional classes.
00:18:20.675 --> 00:18:27.115
They, uh, they all at the line item level, uh, which one little thing to add, and they added this in August.
00:18:27.215 --> 00:18:37.596
If you have QuickBooks Desktop, and you have line item level custom fields, those can now migrate into dimensions, okay?
00:18:37.596 --> 00:18:42.326
Because, uh, they, they, they were never gonna bring custom fields at the line item level.
00:18:43.395 --> 00:18:47.925
So the good news is those come in, tho- those can be migrated, so that's great.
00:18:48.556 --> 00:18:54.236
For project-based companies, construction, there's a lot of features and a lot of reports that you don't get with QBO.
00:18:54.566 --> 00:19:09.455
However, one really piece of good news is that in the proliferation of features for project-based companies and construction in IAS, a lot of these features have actually made it downstream to QBO Plus and Advanced.
00:19:09.465 --> 00:19:11.586
So you might be seeing something called phases.
00:19:11.855 --> 00:19:14.076
You have a project and then a phase for the project.
00:19:14.425 --> 00:19:20.296
That was, like, original from, for QBO Advanced, and they brought that down skew, or they're bringing it down skew.
00:19:20.296 --> 00:19:22.326
I don't know if it's across all companies.
00:19:22.346 --> 00:19:23.806
You get this thing called phases.
00:19:24.066 --> 00:19:31.236
You're also gonna see this thing called cost groups in QBO Advanced, also came originally from, from uh, IAS.
00:19:31.786 --> 00:19:39.576
And then all the stuff that's, um, AIA-style billing, that's gonna be mostly what IAS will focus on, and retainage tracking and stuff like that.
00:19:39.766 --> 00:19:43.296
So it's pretty interesting to actually see features come down skew.
00:19:43.296 --> 00:19:43.625
Very-
00:19:44.375 --> 00:19:44.476
Yeah
00:19:44.596 --> 00:19:45.135
very exciting.
00:19:45.135 --> 00:19:58.165
Yeah, and that's, and that's really what we're, we'll probably see over the foreseeable future is that this is where, you know, IAS is where the development resources are being- Funneled, right?
00:19:59.135 --> 00:20:28.965
And this is where they'll be able to build those out and expand the, the, the core functionality of Intuit Enterprise Suite, and then what we will see likely coming down from that is a lesser version for advanced or something that you can add on directly into int- into, into QuickBooks Online until you see the value of, okay, well, I need to get there to Intuit Enterprise Suite.
00:20:29.675 --> 00:20:30.195
Exactly.
00:20:30.316 --> 00:20:45.836
And then you're gonna see, uh, new additional workflow automations, like new templates, new access points that QBO Advanced won't have, that IES will have and AI-based tools, uh, that are only gonna be available in IES.
00:20:45.875 --> 00:20:59.385
I usually never demo AI tools because in a demo environment you can never get it to do what it's intended to do, but, like, you're gonna see some AI stuff in a IES that you won't see in QBO Advanced, okay?
00:20:59.826 --> 00:21:02.076
Uh, some caveats before we go into the demo.
00:21:02.365 --> 00:21:05.385
So it's heavily marketed as a desktop replacement currently.
00:21:05.385 --> 00:21:07.705
It's not a priority yet, as we, as we talked about it.
00:21:07.945 --> 00:21:20.205
Like I said, it probably never will be by design,'cause QuickBooks Desktop is very complex, very bloated, and IES really aims to focus on the high-value stuff, not, not in all the crap that's in QuickBooks Desktop.
00:21:20.586 --> 00:21:32.855
Now, I, as a really QuickBooks Desktop power user, I probably play with every button that QuickBooks Desktop has, and I see, I have seen customers seeing value in one of those things, but QuickBooks Desktop is way too much.
00:21:32.905 --> 00:21:33.226
It just...
00:21:33.266 --> 00:21:38.965
It's got way too much stuff, which is also the problem with, you know, Q- data files that get corrupted and stuff like that.
00:21:39.205 --> 00:21:47.875
So Intuit by design is gonna do product priority for, like, 80% of the course accounting stuff, but not all the bells and whistles that you see in there.
00:21:48.576 --> 00:21:49.655
There's no free trial.
00:21:49.705 --> 00:21:50.756
Drives me crazy.
00:21:50.996 --> 00:21:58.526
There's no sample company to play with, except some resellers have, like, demo files because they act- actively sell IES.
00:21:58.905 --> 00:22:02.016
It requires a one-year contract, which also drives me kind of crazy.
00:22:02.395 --> 00:22:11.986
And also there's no easy path to downgrade to QBO, although technically it probably could in the back end if some engineer wanted to, like, get you downgraded to QBO because it's the same system.
00:22:12.405 --> 00:22:15.326
Um, but currently it's not advertised that you can't.
00:22:15.336 --> 00:22:21.256
So if you go to IES, there's no promise that you'll be able, that you will be able to downgrade.
00:22:21.655 --> 00:22:26.036
Now, I want to show you this thing called the IES Tracker, which is basically...
00:22:26.066 --> 00:22:28.415
And the link is on the, in the slides, and maybe-
00:22:29.299 --> 00:22:30.430
Yeah, I'll put it in there
00:22:30.430 --> 00:22:31.079
Yeah, yeah, you can put it in there Uh,
00:22:31.079 --> 00:22:32.250
in the chat as well
00:22:32.269 --> 00:22:44.220
So, so basically, well long story short I created a website with ChatGPT with a, with a feature called ChatGPT Sites, and I loaded all the release notes from...
00:22:44.369 --> 00:22:46.640
'Cause, uh,'cause Intuit, it just drives me crazy.
00:22:46.880 --> 00:22:52.140
They don't have one organized place where the release notes of their software is.
00:22:52.150 --> 00:22:55.170
They don't have it for QBO, they don't have it for IAS.
00:22:55.309 --> 00:22:59.609
Surprisingly, they have it for QuickBooks Desktop, which is really funny and interesting.
00:22:59.819 --> 00:23:04.839
QuickBooks Desktop has full release notes every time they do an update, but in QBO and IAS, you don't.
00:23:04.859 --> 00:23:08.589
Like, you may see it on Firm of the Future, you may see it on Kani.
00:23:09.049 --> 00:23:20.339
But with Enterprise, the closest thing we got is these PDFs that they release every quarter, and the PDFs kinda look like this, where basically they showcase all the new things that, that have been released that quarter.
00:23:20.359 --> 00:23:25.009
They are in quarterly release intervals.
00:23:25.269 --> 00:23:35.519
So you can actually, in that website, I have all the PDFs accessible for you, so if you wanna actually click on each one of these and, and download them, you c- you you can do that.
00:23:35.700 --> 00:23:38.799
So they're all they're all in there, okay?
00:23:39.029 --> 00:23:49.109
Uh, you can download each of them individually or you can click up here in the top right, it says Download Guide, and basically it's one doc file that I created which is a summary of all the...
00:23:49.549 --> 00:23:54.519
It's basically a summary of all the features that have been released ever since September of 2014.
00:23:55.140 --> 00:23:56.789
So it's good synopsis to have.
00:23:57.079 --> 00:24:06.480
There's a lot more things that IAS has that I will not be able to cover, so I wanted to give you one solid place where you can go explore and take a look at it.
00:24:06.799 --> 00:24:17.269
My next goal is to find videos for every one of these things and link each video so you can actually see what each feature is, which should make it easier to showcase it.
00:24:17.309 --> 00:24:20.220
Unfortunately, Intuit doesn't make their IAS videos public.
00:24:20.559 --> 00:24:28.109
They're randomly private links, so I have to, like, go in a hunt to try to find those darn things or make them myself, and they don't pay me enough money to do that.
00:24:28.109 --> 00:24:28.460
Yeah.
00:24:28.460 --> 00:24:34.089
So I gotta go, so hopefully somebody from Intuit can, like, sh- give me, uh, videos for each one of these and I can link them.
00:24:34.410 --> 00:24:39.170
That way it's e- really easy for you to know what exactly these things mean, okay?
00:24:39.500 --> 00:24:51.509
Now, you can go to Release here and click on August, for example and go to maybe Released and it would only show you those features that were just released, and you can see what it is.
00:24:51.809 --> 00:25:02.079
And if the explanation here, again, if the explanation here is not good enough, just click right here where it says August Release and it will pop up in the PDF and go straight to the page, which is actually pretty, pretty neat.
00:25:02.279 --> 00:25:05.500
Pretty proud of this little resource I created.
00:25:05.819 --> 00:25:17.210
So just go to, uh, my website, which is hectorgarcia.com/iastracker and it'll just forward you to, uh, this page, and I'll, a- and every quarter I'll update it and I'll add more stuff in it.
00:25:17.220 --> 00:25:23.049
So t- take a look at it,'cause, uh, you'll be surprised on, like, how much stuff there is in there.
00:25:23.420 --> 00:25:26.518
Now- Let's go to IES.
00:25:26.538 --> 00:25:32.107
And, like, there's actually a comment from Barb Fillet about creating a sandbox for IES.
00:25:32.498 --> 00:25:40.978
So Barb, if we have time, then maybe, like, let's put a little asterisk on that and we can show people what she means by that, because that could be useful for some people.
00:25:41.337 --> 00:25:43.087
So we'll, we'll go back to that in a second.
00:25:43.268 --> 00:25:43.488
Yeah.
00:25:43.508 --> 00:25:47.337
So, so I'm logged in in what's called the consolidated view, okay?
00:25:47.337 --> 00:25:58.587
So the consolidated view is when you have more than one entity, more than one entity of, of Intuit Enterprise Suite connected together.
00:25:58.617 --> 00:26:04.448
Now, you cannot connect a QuickBooks Online account and an Intuit Enterprise Suite account and consolidate them.
00:26:04.678 --> 00:26:12.458
They must all be in the new platform, uh, the new IES platform, so they need to be ported over for them to be able to consolidate.
00:26:12.798 --> 00:26:23.117
When you click up here in the top part, you see all the companies associated with your consolidated entity list, just like you would do client switching when you're logged in as an accountant.
00:26:23.438 --> 00:26:24.988
You can see all your companies.
00:26:25.298 --> 00:26:27.377
You can connect to each individual company.
00:26:27.627 --> 00:26:34.837
I, I added IES to the company name afterwards just for my own, like, sanity check, uh, but, you know, they won't say IES.
00:26:34.867 --> 00:26:36.317
They will just say the company name.
00:26:36.718 --> 00:26:40.367
Now, consolidated view allows you to see all the reports in one shot.
00:26:41.298 --> 00:26:53.367
So if I go here to reports and I go to standard reports, you're gonna see the only reports you're gonna see available, again,'cause I'm logged into the consolidated view, are the consolidated reports.
00:26:53.807 --> 00:26:58.397
So we have consolidated AP, consolidated AR, consolidated balance sheet.
00:26:58.748 --> 00:27:05.948
Obviously, the most exciting one, the one with the most wow factor, so to speak, um, is going to be your consolidated profit and loss.
00:27:06.357 --> 00:27:12.948
So I'm gonna click on that, and it's a one click, all my four companies will consolidate in one shot.
00:27:13.008 --> 00:27:19.907
What you're seeing now, it's a P&L that combines all four companies in one shot, okay?
00:27:20.357 --> 00:27:23.468
And if there's eliminations, those will be applied.
00:27:23.587 --> 00:27:25.577
Okay, like, I'll explain eliminations in a second.
00:27:26.067 --> 00:27:33.117
Um, I won't get into, like, the accounting theory on that, but I'll explain how, how the eliminations are done.
00:27:33.367 --> 00:27:36.508
But e- essentially, this is a consolidated profit and loss.
00:27:37.018 --> 00:27:48.208
What's also really cool and sort of, like, brand new to, like, just the way QuickBooks works, I mean, or Intuit Enterprise Suite/QuickBooks works, is when you do a drill down, you're now going...
00:27:48.268 --> 00:27:53.508
Remember, this is consolidated, so you're gonna see a new field here called company.
00:27:54.549 --> 00:28:07.420
So with the new company field, you see a cons- a consolidated detail report to, uh, the P&L, and then you'll know which particular company that number belongs to, which is pretty neat.
00:28:07.869 --> 00:28:17.470
Now, I'm gonna go back to the P&L, and then the most important thing is, you know, what if I wanted to view every da- ev- every company separately?
00:28:17.490 --> 00:28:17.980
I could do that.
00:28:17.980 --> 00:28:21.049
Click on the dropdown menu and then go down to company.
00:28:22.039 --> 00:28:23.859
Okay, so company is entity.
00:28:23.920 --> 00:28:25.890
Company, entity, the same, same term.
00:28:26.279 --> 00:28:32.410
Click on company, and then I have my primary company, my alpha company, my beta company, my omega company.
00:28:32.809 --> 00:28:39.769
It all shows there just like a P&L by classes would show, but each of these is its own entity.
00:28:40.670 --> 00:28:45.200
Now, this eliminations, uh, column you see here, that's not a company called eliminations.
00:28:45.220 --> 00:29:02.099
That was a non-posting journal entry that I used, in this case, to increase sales by 25,000 and then decrease cost of goods sold by 25,000, like, just as a way of moving that in a manual elimination.
00:29:02.500 --> 00:29:09.630
Okay, now I'm gonna click on accounting, and then I'm gonna show you intercompany transactions here.
00:29:09.640 --> 00:29:11.200
It's called intercompany transactions.
00:29:11.710 --> 00:29:28.794
So, for example, if there is a journal entry that needs to affect two companies, I go to new journal entry transaction, and I click on journal entry And then I do what I call a three-dimensional journal entry.
00:29:28.794 --> 00:29:34.324
So I'll come in here and I'll choose from primary corp, I wanna take sales.
00:29:34.364 --> 00:29:41.074
And what you're seeing here in the dropdown menu is the chart of accounts of that company, right?
00:29:41.463 --> 00:29:55.544
And then I wanna take and I wanna increase that by$25,000, and then I wanna go into some co- some sort of in, in primary, let's say in primary corp, I wanna debit some intercompany loan or something like that.
00:29:55.894 --> 00:30:16.678
So I go to intercompany, and then I go to my second company, let's say Alpha, and let's say I want to then adjust my cost of goods sold by 25,000 And I want to, in Alpha, affect my intercompany l-loan account for 25,000.
00:30:16.748 --> 00:30:26.468
So this would be a way for you in a single screen do essentially what would've been two separate journal entries, the journal entry for Primary Corp.
00:30:26.508 --> 00:30:38.117
and the journal entry for Alpha LLC,'cause you had to make both journal entries in both sides so you can you know, have correct eliminated, uh, journal entries.
00:30:38.157 --> 00:30:40.917
And then you can create as draft, which is pretty cool.
00:30:41.178 --> 00:30:45.478
So you can just create a draft, and it's a non-posting, so it's a, it's a new concept.
00:30:46.357 --> 00:30:56.137
Because there's a permission structure you can create to give a particular user the ability to create drafts journal entries, and they have somebody else approve them.
00:30:56.137 --> 00:30:56.448
So it's...
00:30:56.448 --> 00:30:57.147
That's pretty neat.
00:30:57.518 --> 00:31:09.718
But then after you have the journal entry draft, which I really like'cause it's sort of like saved then you can just go back and then save and, save and post, and you take them off from draft mode into post mode.
00:31:09.968 --> 00:31:33.587
There's also an import button here, so if you have a multi-company journal entry in a spreadsheet, you can import it here too, if you have it in a, in CSV format, or if you went to ChatGPT and say,"Create this huge journal entry that, uh, that affects all these entities," and you give them the template, uh, you can just upload your template there, and it creates an actual intercompany journal entry, so it's pretty neat.
00:31:33.698 --> 00:31:33.978
Okay?
00:31:34.327 --> 00:31:34.647
Um-
00:31:34.647 --> 00:31:35.127
Is, um-
00:31:35.258 --> 00:31:35.407
Yeah
00:31:35.407 --> 00:31:44.748
is there intercompany only with journal entries, or can you use other transactions for starting intercompany- Yeah transfers or?
00:31:44.857 --> 00:31:45.208
Yeah.
00:31:45.298 --> 00:31:48.917
So, so I'm, I'm gonna start with the journal entry'cause that's, like, the most-
00:31:48.958 --> 00:31:49.238
Yeah
00:31:50.018 --> 00:31:52.387
Like, the, the stuff- Common that most people are, are, are used to.
00:31:52.387 --> 00:31:53.327
It's the most common.
00:31:53.758 --> 00:31:57.768
But there are different types of intercompany transactions.
00:31:58.208 --> 00:32:06.087
There's something called dynamic allocation, and this is the, the setup screen.
00:32:06.518 --> 00:32:08.718
So let me set this up.
00:32:09.208 --> 00:32:14.597
Imagine you get a rent bill to your, to one of your entities, right?
00:32:15.147 --> 00:32:19.708
But all the entities have to pay a portion of that rent.
00:32:20.028 --> 00:32:21.067
You follow me, Dan?
00:32:21.147 --> 00:32:21.528
Mm-hmm.
00:32:21.567 --> 00:32:21.847
Right?
00:32:21.968 --> 00:32:22.127
Yeah.
00:32:22.127 --> 00:32:27.897
So in the normal world, in the normal world, the way you would do that is you create a bill,'cause you have to create your, your normal transaction.
00:32:27.907 --> 00:32:38.867
You create a bill for rent on that entity, and then you make a journal entry, you know, where you remove, let's say, three-fourths of that rent and you put it two, three different loans.
00:32:38.907 --> 00:32:40.397
Loan company A, loan company B.
00:32:40.617 --> 00:32:47.347
And then you go into three other companies, and then you create the balancing journal entry and it's, the, the whole thing is a freaking nightmare, okay?
00:32:47.357 --> 00:32:48.417
It's just a lot of work.
00:32:48.448 --> 00:32:49.597
It's a lot of stuff to do.
00:32:49.978 --> 00:32:56.817
So you can grab an existing bill here or, or a particular, an existing category here.
00:32:57.018 --> 00:32:58.647
Let's just say we'll go through this one.
00:32:59.307 --> 00:33:19.079
And then I am gonna go and pick the entities that I wanna allocate to, and then I click on allocate- And essentially, you are creating an allocating entry, which is pretty much the same thing as a three-dimensional journal entry, but then it looks a lot more like a natural transaction.
00:33:19.480 --> 00:33:21.309
Are you following me so far, Dan?
00:33:21.650 --> 00:33:21.849
Mm-hmm.
00:33:22.109 --> 00:33:22.380
Yep.
00:33:22.539 --> 00:33:22.569
Okay.
00:33:22.579 --> 00:33:23.559
Lot of moving parts here.
00:33:23.720 --> 00:33:24.009
Okay?
00:33:24.369 --> 00:33:28.410
So, so we have let's just say rent, right?
00:33:28.410 --> 00:33:29.859
'Cause we said we were gonna use rent.
00:33:30.299 --> 00:33:31.690
Guess maybe I don't have rent here.
00:33:32.250 --> 00:33:34.529
But let's just say, let's do advertising, okay?
00:33:34.859 --> 00:33:36.980
The advertising, we'll do$1,000.
00:33:37.299 --> 00:33:40.289
We pick the entities that we want to allocate to.
00:33:40.299 --> 00:33:41.440
We click on allocate.
00:33:42.609 --> 00:33:43.609
We'll, we'll split that up.
00:33:43.869 --> 00:33:52.549
And then it gives you a couple options, like do, do we wanna grab the current percentage of change for last month and apply a dynamic percentage to that?
00:33:53.240 --> 00:33:57.640
So, uh, in this case you know, I guess they all had the same amount of sales.
00:33:58.220 --> 00:34:01.519
Or, or it didn't work, e- either one, right?
00:34:02.269 --> 00:34:11.097
But, uh, but you can also manually say, okay, like one entity gets 50, another one gets 20, another one gets 30 Okay?
00:34:11.277 --> 00:34:21.018
And then basically it grabs on this date this expense account for 1,000 bucks across these three entities, and it splits it, okay?
00:34:21.018 --> 00:34:23.367
And then you click on Save, and it creates a split.
00:34:23.387 --> 00:34:28.307
And then behind, behind the scenes, there's basically a, a journal...
00:34:28.418 --> 00:34:32.197
The dynamic allocations there is a, a, is basically a journal entry.
00:34:32.197 --> 00:34:36.677
You can click on View Allocation Journal, and you can see exactly what the journal entry looks like.
00:34:36.677 --> 00:34:38.938
So it's the same thing as a journal entry, okay?
00:34:38.978 --> 00:34:43.347
It, but it does it for you in a more natural way.
00:34:43.628 --> 00:34:48.427
There's also, it also includes in the name, the name of the entity.
00:34:48.427 --> 00:34:59.418
So each of the entity, by the way, each of the entities is set up as a bill, as a customer and as a bill, so you can also use them in natural sense, in natural transactions.
00:34:59.427 --> 00:35:02.288
So I'm gonna show you this on a natural transaction as well.
00:35:02.538 --> 00:35:10.257
But that gives you a good introduction to to either doing a dynamic allocation, again, that looks kind of like a bill, right?
00:35:10.958 --> 00:35:12.958
Or a journal entry, okay?
00:35:13.108 --> 00:35:19.248
Here in IC settings, you have to map these, and there's all sorts of mapping that happens.
00:35:19.637 --> 00:35:28.088
So for example, if I have intercompany sales, so, so if, if I take one company, and if I go, let's say for example, Primary Corp here, I'm gonna select them all here.
00:35:29.157 --> 00:35:34.657
So if I take uh, one company and let's see.
00:35:34.657 --> 00:35:36.867
I think I, I think I have to add them here in a second.
00:35:37.277 --> 00:35:47.847
So if I, if Primary Corp sells this product to Alpha Corp, make Alpha Corp use this expense category.
00:35:47.867 --> 00:36:03.007
As I mentioned earlier, they don't have item mapping when it comes to invoice item and then bill item, so it's the invoice itself can have an item, but then the bill on the other side will have a an expense.
00:36:03.018 --> 00:36:07.237
So remember this item, Ambush Canvas Pa- Amber Canvas Pack.
00:36:07.447 --> 00:36:17.918
So Primary Corp is gonna sell this item to Alpha, and it should go into this category, and I can go to Auto Post if I don't want to have to approve the posting.
00:36:18.177 --> 00:36:23.657
So this is just one example I'm giving you one, and then you would have to literally create the mapping across all your companies.
00:36:23.657 --> 00:36:25.568
What are all the items that I sell?
00:36:25.898 --> 00:36:27.847
Which companies sell to each other?
00:36:28.018 --> 00:36:31.188
How do I wanna map the item to the chart of accounts?
00:36:31.518 --> 00:36:33.047
You do that process here.
00:36:33.097 --> 00:36:34.967
Like, you have to go through, through do that.
00:36:35.237 --> 00:36:38.367
But they don't have the option to select an item on the other side.
00:36:38.387 --> 00:36:41.688
So for now, you have to pick an item on the sale side.
00:36:42.581 --> 00:36:45.311
But the other side is a category, not an item, right?
00:36:45.362 --> 00:36:51.512
'Cause w- they don't have you know, unified item lists across all the entities yet.
00:36:51.711 --> 00:36:55.402
It would be ideal, but I- it's, to me, it's not a deal breaker.
00:36:55.422 --> 00:37:05.251
Like, as a matter of fact, most of the clients I work with, well, they won't use the item on the other side, they would use a, a category, unless they're both selling inventory.
00:37:05.251 --> 00:37:06.041
That's a whole different...
00:37:06.052 --> 00:37:14.402
Like, if they're both actually selling inventory to each other, that would be the only exception to the rule where they both ha- kinda have to carry the exact same item, but that's just not there yet.
00:37:14.411 --> 00:37:19.681
So Primary Corp, Amboss Amber Canvas Pack Alpha.
00:37:19.742 --> 00:37:20.092
Okay.
00:37:20.251 --> 00:37:28.452
So what that means is when I then go and create an invoice from Primary Corp into Alpha, it creates the bill on the other side.
00:37:28.472 --> 00:37:34.512
So in, at this point, I'm gonna switch over to Primary Corp just to show you,'cause we were in consolidated view.
00:37:34.532 --> 00:37:47.302
Consolidated view, for the most part, is to create uh, intercompany journal entries, is to create dynamic allocations, is to set up which companies, uh, or which accounts or which items map to each other.
00:37:47.612 --> 00:37:51.141
Consolidated view is about the reports and it's about the mapping.
00:37:51.641 --> 00:37:55.442
Now, when you're inside each of the companies, then it's just like QuickBooks Online.
00:37:55.452 --> 00:37:58.942
You create your transactions totally normal, totally natural.
00:37:58.942 --> 00:37:59.961
You create an invoice.
00:38:00.422 --> 00:38:02.461
It doesn't look different than QuickBooks Online.
00:38:02.882 --> 00:38:03.782
I think that's a good thing.
00:38:04.802 --> 00:38:08.561
You know, even though it's a different platform, so to speak it doesn't look different.
00:38:08.862 --> 00:38:14.481
Notice that there's all these right here are actually tied, all these entities are tied to my sub-entities.
00:38:14.481 --> 00:38:16.492
I, I, I should better change the names of these.
00:38:16.771 --> 00:38:27.012
But if I select one of these, and these are actually tied to one of my sub-entities, and I pick, uh, the item, this item here, and I sell this, and I click on...
00:38:27.311 --> 00:38:29.141
See how it says send for acceptance?
00:38:29.452 --> 00:38:36.561
So this actually recognizes the fact that this customer that I'm selling to is an intercompany customer.
00:38:37.072 --> 00:38:49.271
And if I'm selling to an intercompany customer, because I created this relationship between it, it is assumed that I'm not just creating an invoice, but I'm also creating the bill on the other side.
00:38:49.771 --> 00:38:55.422
So I go, I click on save for save for s- uh, send for acceptance.
00:38:55.811 --> 00:38:58.711
It does save the invoice on the Primary Corp side.
00:38:58.771 --> 00:39:00.762
It's totally created on the Primary Corp side.
00:39:01.132 --> 00:39:06.931
But then when I switch to the other company, so I gotta figure out which one that is,'cause I don't, I didn't name them properly.
00:39:07.211 --> 00:39:13.552
But I'm, I'm gonna hope, I'm gonna hope it's, it's the Alpha one, but I can, um but I can switch across-
00:39:13.621 --> 00:39:14.362
Cross your fingers.
00:39:14.561 --> 00:39:14.842
Yeah.
00:39:15.052 --> 00:39:23.101
But so on, on the other side, I should have a, a list of bills that are pending to be created from the intercompany side.
00:39:23.132 --> 00:39:39.019
So when I go into expenses and bills here I'm gonna have bills sitting for your review, similar, similar to how in QBO Advanced you can, you can create a permission structure where people have to approve the bills.
00:39:39.449 --> 00:39:40.949
The bills show up here.
00:39:41.610 --> 00:39:48.489
The bill shows up, the bill shows up here because it's tied to an invoice created on the other company.
00:39:49.070 --> 00:39:49.250
Okay?
00:39:49.250 --> 00:39:54.820
And then you, you still have your external bills, like your regular bills that you create for that company that you deal with.
00:39:56.730 --> 00:40:06.409
You deal with all the your regular third-party vendors, but when an invoice is created in an intercompany side it will, it will do this for you.
00:40:06.409 --> 00:40:10.349
And this, this must have been a previous one I created, but it works for, it works for the demo.
00:40:10.809 --> 00:40:11.840
Then I click on Review.
00:40:12.579 --> 00:40:15.070
It shows me a preview of what the bill is, right?
00:40:15.079 --> 00:40:17.610
The bill that was created from a different company.
00:40:17.860 --> 00:40:23.670
It shows up here, you know, which one was the primary company, and then at this point you can just accept it.
00:40:24.130 --> 00:40:24.500
Okay?
00:40:24.760 --> 00:40:32.659
Um, now this one, this item wasn't mapped, so the category is empty, but if that, if those items were originally mapped, the ones I created on the invoice...
00:40:32.659 --> 00:40:35.210
Again, this example is not the same one as the one I did before.
00:40:35.659 --> 00:40:38.269
I would still have to create the accounts that they were mapped to.
00:40:39.190 --> 00:40:43.619
Okay, but if the items were mapped to an account, that stuff happens all automatically.
00:40:44.070 --> 00:40:44.440
Yeah.
00:40:44.550 --> 00:40:45.079
Except for- Two
00:40:45.139 --> 00:40:49.539
comments that were in the, uh, in the chat that, that, that kind of lead into a question.
00:40:50.079 --> 00:40:57.099
It- Murph was just saying,"This intercompany transaction is, like, 100 times better than what's in, in Desktop."
00:40:57.840 --> 00:40:58.969
and- Well, what's in Desktop is junk.
00:40:59.539 --> 00:40:59.739
Yeah.
00:40:59.750 --> 00:41:02.739
Like- That's the technical term for it that's
00:41:02.739 --> 00:41:02.980
useless.
00:41:04.230 --> 00:41:05.119
But, um- No,
00:41:05.119 --> 00:41:08.010
it's, it's junk which, which leads into- Like, I mean, I, I, I love QuickBooks Desktop.
00:41:08.320 --> 00:41:09.349
I, I want to clarify something.
00:41:09.389 --> 00:41:11.809
I love QuickBooks Desktop for many reasons.
00:41:11.880 --> 00:41:12.260
Like, I've...
00:41:12.280 --> 00:41:17.579
There's many, many things I like about QuickBooks Desktop and things that I, I believe is superior and all this stuff.
00:41:17.920 --> 00:41:21.809
But particularly for intercompany, like, literally they, they had one guy build it.
00:41:22.289 --> 00:41:33.820
They, he built it, like, halfway, they released it, and then the guy's hidden in a, in a- Yeah dungeon somewhere, and no one has access to that guy, and no one can improve and fix, and fix or finish- Right the tool.
00:41:33.829 --> 00:41:36.500
That's how it feels with a Desktop intercompany transaction.
00:41:37.170 --> 00:41:38.380
It's, it's simple.
00:41:38.440 --> 00:41:48.519
It's one, you know, one, one thing altogether, and it's just journal entries for all or nothing which is true.
00:41:49.230 --> 00:41:54.550
And then Marco was talking about,"Is multi-entity that really worth it?" Right?
00:41:54.570 --> 00:41:54.949
Like, it...
00:41:54.949 --> 00:42:12.199
And I think in, in general, the answer is for those that need it- It, it is a big deal, but if you never are in this multi-entity eliminations or, you know, dynamic allocations, it, it...
00:42:12.739 --> 00:42:14.539
There, there's no value to-
00:42:14.750 --> 00:42:15.000
Yeah
00:42:15.039 --> 00:42:16.849
to it just by itself, right?
00:42:16.949 --> 00:42:17.190
Right.
00:42:17.449 --> 00:42:19.570
I, you know, I equate it to, like, parenting.
00:42:19.579 --> 00:42:26.989
Like, if somebody asked me, someone who doesn't have children asked me,"How does it feel to be a parent?" I- there's no words I can ex- like, you have to go through it.
00:42:27.000 --> 00:42:32.039
Like, the, all the- amazing things about it and all the painful things about it, you have to go through them.
00:42:32.349 --> 00:42:45.539
If you have never prepared a cons- if you've never been hired to, or your job depended on you within a day, literally have eight hours to do it and it's not enough time of the day to prepare the big ass spreadsheet, right?
00:42:45.559 --> 00:42:56.630
That has the consolidated financial statements, and you have to do the eliminations, and you have to ma- map out different chart of accounts and different lines in Excel, if you haven't gone through that process, then you don't understand.
00:42:56.670 --> 00:43:10.289
And I, and, and it, and I'm gonna tell you something, if you've never had to do it, or you n- you're n- you're n- it's never, your job's never depended on you b- creating a multi-company consolidated financial statement, then there's no way to see the value on it.
00:43:10.289 --> 00:43:18.260
But I, I would say yes, it's absolutely worth it, because it'll, it'll go from an eight-hour task to, like, a five-minute task one, after you do the setup.
00:43:18.909 --> 00:43:21.079
Shanna, you opened the camera, that means you have a comment.
00:43:21.539 --> 00:43:30.050
Oh, I was just letting you guys know that there's a bunch of questions in the Q&A that are asking things that I, you don't want me to answer.
00:43:31.619 --> 00:43:34.849
That, uh- Do you wanna go through the- There's a gl- Go through the questions- There's a glitch
00:43:35.360 --> 00:43:37.690
And then, um- Yeah, apparently- Jolene asked about payroll.
00:43:37.690 --> 00:43:46.150
It's under answered, but it's a pretty big one on prevailing wage and IES, so sh- she did not love my answer, probably'cause it didn't answer, it just was snark.
00:43:46.150 --> 00:43:46.630
Jolene,
00:43:46.630 --> 00:44:01.362
Jo- Jolene, Jolene's question is, you know,"Does it do prevailing wage payroll and- Mm-hmm qualified overtime tracking in, um, in IES?" Mm-hmm I'm not going to answer this because I haven't seen it.
00:44:01.362 --> 00:44:01.382
Mm-hmm.
00:44:02.481 --> 00:44:04.192
But their marketing suggests so.
00:44:04.871 --> 00:44:13.452
So I would love, like, if, if somebody from Intuit is watching, I would love to, like, see a video on them showing what the prevailing wage report looks Someone
00:44:13.452 --> 00:44:15.652
from Intuit is always watching.
00:44:16.362 --> 00:44:17.501
No, no, no, I know, I, I know, I know.
00:44:17.501 --> 00:44:40.052
But, like, we need, like, we need that because the, the difference- Yeah between some sort of claim on the website that says,"Oh, we do prevailing wage," and actually seeing what it looks like so people can compare it to what they're used to, like the, this awesome Excel spreadsheet that QuickBooks Desktop had produced, has produced for, like, 12 or 15 years I would like to see what it looks like, but because I haven't, I haven't done it...
00:44:40.472 --> 00:44:52.101
You know, like, I've, I've done, I have several clients with IAS, but all these clients are, like, really, really large employers, so they use, like, employee leasing and they use ADP and they use, like, they don't use Quick- QuickBooks Payroll.
00:44:52.112 --> 00:44:53.222
I haven't actually seen it.
00:44:53.262 --> 00:44:56.481
And unfortunately, with payroll, you can't ever demo payroll.
00:44:56.492 --> 00:44:59.492
Like, it has to be, like, a real demo file that has it.
00:44:59.501 --> 00:45:01.762
So, like, that's why I can't ask that question, Jolene.
00:45:01.822 --> 00:45:02.481
I wish I could.
00:45:03.141 --> 00:45:08.222
Yeah, and I think it's more of a flavor of, of Elite Payroll.
00:45:08.222 --> 00:45:13.931
Like, you have to have the Elite Payroll service in order, in, in addition to all of that other, other things.
00:45:13.942 --> 00:45:14.181
Yeah.
00:45:14.181 --> 00:45:20.592
A- a- and, and to be clear, if Intuit, if IAS can do it, QBO Plus can do it.
00:45:20.711 --> 00:45:26.902
I mean, that just, just to be clear,'cause I, that's not something they would gate in IAS like a prevailing wage report.
00:45:27.132 --> 00:45:28.311
They, they would never gate that.
00:45:28.311 --> 00:45:28.561
There's just no...
00:45:28.681 --> 00:45:30.972
It makes zero sense to gate that in IAS.
00:45:31.842 --> 00:45:42.291
The only thing they would gate with IAS is if there's specific things like dimensions also being tracked in the prevailing wage report that were only showing IAS, obviously.
00:45:42.311 --> 00:45:46.632
But that's not something that's i- in any way, shape, or form would make sense for Intuit to gate.
00:45:46.632 --> 00:45:48.641
So the answer is maybe it does it.
00:45:48.811 --> 00:45:52.722
I haven't seen it and I don't want to say yes or no.
00:45:55.202 --> 00:46:05.322
Um, and, and, uh, Susan's asking in the, uh, in the Q&A about being able to inactivating projects in, in QuickBooks Online.
00:46:05.342 --> 00:46:05.802
Is, is that- They fixed that
00:46:05.862 --> 00:46:06.202
glitch.
00:46:06.382 --> 00:46:14.641
There was a weird glitch, um, and it wasn't IES only, it was certain clusters in, in QBO where you couldn't in- inactivate the projects.
00:46:14.702 --> 00:46:16.222
That's, that's, that's a weird fix.
00:46:16.322 --> 00:46:18.541
That, that's not, not, not an issue anymore.
00:46:20.621 --> 00:46:20.820
Okay.
00:46:20.902 --> 00:46:21.021
Got it.
00:46:21.262 --> 00:46:21.621
All right.
00:46:21.702 --> 00:46:22.561
So can we...
00:46:22.601 --> 00:46:23.891
You think we're good with intercompany?
00:46:23.961 --> 00:46:25.442
Okay, let's go to dimensions now.
00:46:25.472 --> 00:46:25.481
Mm-hmm.
00:46:25.501 --> 00:46:25.742
Okay.
00:46:26.202 --> 00:46:31.641
So there's a, a new area here on the list area called dimensions.
00:46:31.681 --> 00:46:34.882
This is where you, you were used to seeing, like, classes.
00:46:35.521 --> 00:46:50.561
So when you click on dimensions, what you're essentially gonna see is you're gonna see your original classes, your original classes, which i- which is a dimension, and you're gonna see one, two, three, four, five in this case, um, f- five potential, uh, new dimensions you can create.
00:46:50.621 --> 00:46:51.282
And you create them, right?
00:46:51.342 --> 00:47:04.081
You go to New Dimension, and you say,"Hey, I'm gonna track, uh, um, I don't know, the city that the customer is, we're, we're delivering to." So let's do deliver, deliver to city or something like that, okay?
00:47:04.121 --> 00:47:13.041
And I can choose whether all the companies have that or only a specific company have that,'cause I turned on, um, dimension sharing.
00:47:13.862 --> 00:47:25.081
So with dimension sharing, like I want to be able to run a consolidated report with the same information, and I don't wanna, like, keep track of do I have matching dimensions in, in multiple companies?
00:47:25.481 --> 00:47:27.242
So that's the v- the value of it.
00:47:27.702 --> 00:47:38.601
You can also, uh, choose if this dimension in particular, uh, gives a warning, uh, or not if it's empty, which is actually pretty neat, okay?
00:47:39.101 --> 00:47:41.141
So we can do, you know, show a warning, right?
00:47:41.422 --> 00:47:42.601
Um, and then click on Save.
00:47:43.181 --> 00:47:45.802
So then I created my dimension, okay?
00:47:45.862 --> 00:47:48.192
But then inside each dimension, that's when I create my values.
00:47:48.262 --> 00:47:51.882
Again, imagine this being classes and a class that you can label.
00:47:52.001 --> 00:47:58.141
So, so this would be, uh, Miami, and the next one would be New York.
00:48:00.445 --> 00:48:01.135
And LA.
00:48:02.226 --> 00:48:02.496
Okay?
00:48:02.525 --> 00:48:08.226
And then you're gonna see how this works once we start creating them in the, in the transactions.
00:48:08.675 --> 00:48:19.623
Now, when you go create a transaction, let's say for example, I write, I create an invoice and I pick my customer Okay?
00:48:19.893 --> 00:48:22.744
And then I pick the product and service that I'm selling to that customer.
00:48:23.414 --> 00:48:28.900
Let's say I get, I have all these different dimensions here, okay?
00:48:29.099 --> 00:48:30.170
Now, it says hidden.
00:48:31.739 --> 00:48:33.619
It says hidden because they don't print.
00:48:34.130 --> 00:48:45.260
Now, that's a whole nother conversation that we need to have is, like, I wish I could choose which dimensions print on the invoice, because you got that functionality in QuickBooks Desktop where you can choose which custom fields show.
00:48:45.960 --> 00:48:49.849
They don't, so there's only for internal tracking, but that could be pretty interesting.
00:48:50.679 --> 00:48:53.289
So basically you, you pick the one that you want.
00:48:53.329 --> 00:48:59.070
Now, something that's really neat about what they did here with dimensions is...
00:48:59.619 --> 00:49:04.739
I'm just gonna pick a couple of items here, and I'll pick a couple dollar amounts, okay?
00:49:05.030 --> 00:49:09.880
Because typing dimensions in, so now you have this matrix of data you have to track.
00:49:09.880 --> 00:49:25.059
I mean, you know, y- you think that tracking classes and locations and customer projects is a lot of work, try also tracking four different dimensions across every single line item in every single one of your QuickBooks files.
00:49:25.090 --> 00:49:27.079
So that's a lot, a lot, a lot, a lot, okay?
00:49:28.170 --> 00:49:33.480
So then we, uh, we come in here and then we pick it, but what's really neat about this is, well, there's two things going on.
00:49:33.480 --> 00:49:36.840
One is AI is trying to guess what to put.
00:49:37.179 --> 00:49:44.530
Now, this is never gonna guess it because it's a brand-new dimension I never used before, so there's no way it'll guess it, so this thing will just stay there AI-ing all day long.
00:49:45.039 --> 00:49:58.340
Uh, but if you actually pick the, the, the dimension I like, I have this option called apply to all, which I, I wish they brought this down with, for classes in- Yeah QBO, QBO Advanced and, and, and, and QBO Plus.
00:49:58.610 --> 00:49:59.829
It's so useful.
00:50:00.090 --> 00:50:04.679
So you're gonna apply to all, and it brings it all down through all your lines.
00:50:04.719 --> 00:50:05.349
Can you imagine?
00:50:05.349 --> 00:50:07.090
Like, that would just make our life so much easier.
00:50:07.510 --> 00:50:09.570
Um, so here under department I can...
00:50:10.349 --> 00:50:12.639
You know, let's say for example this is another dimension that I have.
00:50:12.989 --> 00:50:14.269
I can do apply to all.
00:50:14.530 --> 00:50:19.059
And another quasi-interesting one is, let's say for example you have some of these filled in.
00:50:19.449 --> 00:50:23.940
So I'm gonna fill this in, I'm gonna fill this one in, and I'm gonna fill this one in, okay?
00:50:24.219 --> 00:50:28.239
So I got some of them filled in, and I have some empty ones.
00:50:28.260 --> 00:50:40.360
So what I could do is I could click on this and then click on the one that I wanna do and apply to empty lines, and it only goes through your empty lines and fills in your empty lines, and it keeps the ones that are already there, okay?
00:50:40.880 --> 00:50:44.030
Now, I wanna say, I don't say this lightly, but I wanna say this.
00:50:44.630 --> 00:50:56.880
If you're looking at this and you have coded classes before for a lot of lines, and this stuff doesn't make you jump out of your chair and, like, be super excited, you have no soul.
00:50:58.710 --> 00:51:01.519
A- anyway so we'll go here, a- apply all.
00:51:01.659 --> 00:51:02.079
There we go again.
00:51:02.079 --> 00:51:02.199
Are you
00:51:02.380 --> 00:51:03.039
calling me out-
00:51:03.690 --> 00:51:03.780
Yeah,
00:51:04.130 --> 00:51:06.119
I am on my own, on my own webinar?
00:51:06.650 --> 00:51:07.219
Yeah, probably.
00:51:07.230 --> 00:51:08.130
Jesus, Hector.
00:51:08.289 --> 00:51:08.429
Yes.
00:51:08.599 --> 00:51:08.820
Rude.
00:51:09.429 --> 00:51:09.639
Okay.
00:51:09.639 --> 00:51:10.349
I'm right here, dude.
00:51:10.650 --> 00:51:10.900
All right.
00:51:11.090 --> 00:51:15.750
Anyway, a- anyway, so, like, that's, that, that's just pretty neat, uh, that you have that.
00:51:15.929 --> 00:51:29.532
One thing that I wish, uh, they had is for you, like custom fields, for you to say,"Hey, for invoices I'm only gonna be tracking, like-" Three of these dimensions and for ex- expenses I'm only gonna be tracking that dimension.
00:51:29.692 --> 00:51:30.811
Some- something like that.
00:51:30.981 --> 00:51:31.351
Okay?
00:51:32.242 --> 00:51:45.338
So it could be so it could be either one of, it could be either one of those uh, I, I really wish you could do that, but, like, right now if your dimension is on and it's active, all of them show in all the transactions.
00:51:45.347 --> 00:51:51.898
So it does make this screen a little, a little tight unfortunately but, uh...
00:51:51.907 --> 00:51:56.228
A- a- and it, sometimes it makes it hard to read, but it's just really, really neat.
00:51:56.307 --> 00:52:10.407
And then the consequence of having that level of richness for dimensions, I'm just gonna X out of this for a second, is then later on you can run a report which is a P&L by dimension.
00:52:10.458 --> 00:52:14.967
So just kinda think of a P&L by class, but you have four other classes you could choose from.
00:52:15.447 --> 00:52:17.967
So the total by, and I pick any of my dimensions.
00:52:17.967 --> 00:52:19.418
So for example, I have one called department.
00:52:19.438 --> 00:52:21.577
Like, these are all my own made-up dimensions, right?
00:52:21.847 --> 00:52:22.438
Like, they're not...
00:52:22.748 --> 00:52:27.447
They don't have to be office, they don't have to be service type, they don't have to be platform, they don't have to be partner.
00:52:27.608 --> 00:52:29.998
That's my own made-up dimension value.
00:52:30.228 --> 00:52:34.648
You would then, in your real world, you would have your own made-up dimension value in your own company.
00:52:35.077 --> 00:52:44.188
So I go to deliver to city or whatever, and then I'll be able to see, okay, I got some sales going into LA and there's a whole bunch of stuff in not specified.
00:52:44.188 --> 00:52:48.177
Or I can go, let's say, this office, and I can see the dimensional.
00:52:48.188 --> 00:52:49.887
Again, it's, it's a P&L by class.
00:52:49.918 --> 00:52:50.197
Simple.
00:52:50.197 --> 00:52:56.617
It's a P&L by class, and you can have, you know, your own, uh, type of dimensions that you create here.
00:52:56.648 --> 00:52:58.248
Like I said, some, some don't have information.
00:52:58.898 --> 00:53:02.068
And this al- also works in your filters.
00:53:02.077 --> 00:53:11.807
So if I do just, like, a regular P&L and I don't wanna see the columns, I can go to customize and go, okay, just show me let's go to the...
00:53:11.847 --> 00:53:19.097
for department or let's say for service type, only show me maintenance and new service type, okay?
00:53:19.427 --> 00:53:20.657
Uh, or something like that, right?
00:53:20.668 --> 00:53:28.268
And then I apply the changes, and then my P&L will change bec- because it only contains those two dimensions, right?
00:53:28.288 --> 00:53:33.467
And again, I get to choose whether or not I want to cross-reference that dimension.
00:53:33.797 --> 00:53:50.847
But what's super interesting about this and what makes, like, this stuff, like, a nerd's dream, another one of those things that if you don't get excited about this you have no soul type of thing- Is that I went in there and I, and I chose to filter out or only show the transactions that affect these two dimensions.
00:53:51.197 --> 00:53:55.807
On top of that, I could, I could pick a totally different dimension to group by column.
00:53:55.807 --> 00:53:57.538
So I'm actually doing a cross-section.
00:53:57.547 --> 00:54:00.557
This is like a cross-section of dimensions.
00:54:00.557 --> 00:54:02.237
This is like interdimensional reporting, right?
00:54:02.237 --> 00:54:02.248
Right?
00:54:02.248 --> 00:54:02.438
It's like the multiverse.
00:54:04.987 --> 00:54:06.858
It, it's the new Christopher Nolan movie.
00:54:06.858 --> 00:54:11.577
It's the interdimensional reporting where you can w- where you can cross, cross these-
00:54:11.588 --> 00:54:13.128
Dimension inception
00:54:13.288 --> 00:54:13.608
Right.
00:54:13.617 --> 00:54:14.088
Exactly.
00:54:14.527 --> 00:54:15.128
Exactly.
00:54:15.688 --> 00:54:20.757
So that's, that to me is just super neat, and it also works across the consolidated reporting.
00:54:20.757 --> 00:54:46.887
So if I do a consolidated reporting, again, within the concept and within the, the, the, the, the, the concept of every company having the same dimension options, you can run a a P&L- And this stuff is also really interesting, is you can run a multi-company P&L, consolidated P&L across all the companies, and you can have four particular dimensions.
00:54:46.898 --> 00:54:59.938
So this is g- So if every one of the companies, every one of the companies uses the same dimension, uh, or in a shared dimension situation, you see a consolidated report across all dimensions, so just super awesome.
00:55:00.197 --> 00:55:18.427
Or the same way I can do it by company, so I can do it by company, and then use my my filters to then pick, you know, like, hey, I just wanna see my interdimensional reporting for a specific dimension, but across all my companies, right?
00:55:18.447 --> 00:55:29.547
And again, y- yeah, this is all junk data, so, like, it's hard to, like, really see it until you actually have a company that has multiple, uh, locations, and you know what the data looks like, and you know what this means.
00:55:29.797 --> 00:55:32.807
But this stuff is just really, really, really exciting.
00:55:33.208 --> 00:55:33.478
Okay?
00:55:33.637 --> 00:55:47.177
Now, as far as, like, dimensions go like, uh location is associated with one side of a transaction, classes are associated with another side of the transaction.
00:55:47.177 --> 00:55:53.248
Where do, where do dimensions fall as far as which side of the transactions, or is it across?
00:55:53.248 --> 00:55:55.427
Dimen- So great, great, uh, great questions.
00:55:55.478 --> 00:55:59.717
Dimensions fall in the line item, the detail side of the transaction.
00:55:59.938 --> 00:56:00.068
Right?
00:56:00.088 --> 00:56:02.322
They, they don't go to the head- header side of the transaction.
00:56:02.322 --> 00:56:02.507
Okay.
00:56:02.507 --> 00:56:07.527
So if you wanna look at open invoices by dimensions, you will not get that.
00:56:07.958 --> 00:56:13.527
If you wanna look at the specific items inside the open invoices by dimensions, yes, you can get that.
00:56:13.527 --> 00:56:14.197
Does that make sense?
00:56:14.697 --> 00:56:15.018
Yeah.
00:56:15.168 --> 00:56:15.277
Right.
00:56:15.288 --> 00:56:24.378
So it's a, an, an, a sim- similar as class, but more, more functionality tied to it.
00:56:24.387 --> 00:56:24.398
E-
00:56:24.547 --> 00:56:25.387
ex- exactly.
00:56:25.398 --> 00:56:25.728
Exactly.
00:56:25.768 --> 00:56:29.748
And so what's your policy on going over, or, like, do we end at 1:00 Eastern?
00:56:31.327 --> 00:56:35.557
I, I can stay a little longer if, uh, if, if you wanna keep continuing.
00:56:35.918 --> 00:56:36.532
Um- I, I
00:56:36.532 --> 00:56:36.668
can-
00:56:36.668 --> 00:56:45.987
I understand that people if you gotta leave, you gotta leave, but we, this of course being recorded, so we, we, you can of course catch the remainder
00:56:47.677 --> 00:56:50.898
I don't, I don't have to go longer, but I- there's more stuff I want to show you.
00:56:50.927 --> 00:56:52.367
Like, there's just so much stuff to show you.
00:56:52.378 --> 00:56:54.467
Yeah, we're three minutes to the end here, but
00:56:54.898 --> 00:56:55.248
All right.
00:56:55.617 --> 00:56:55.887
All right.
00:56:55.907 --> 00:56:59.507
So if you have a soft closing, Dan, do you want to do that?
00:56:59.927 --> 00:57:07.257
Uh, and, like, I'll stop sharing so you can, like, do whatever ending sharing you want to do, and I'll stay an extra 15 minutes and, um- Okay and show you.
00:57:07.257 --> 00:57:11.228
There's just a lot more stuff that I want to show you and, like, a, at least I want to get you excited about it.
00:57:11.228 --> 00:57:12.018
It's just a lot of things.
00:57:12.827 --> 00:57:21.557
Yeah, the only thing w- we wanted to, to mention is next time on the, on the QB Power Hour, we're gonna be having Joel from Timesheets.com.
00:57:21.568 --> 00:57:30.248
He's actually created a a new AI, uh, tool called KnitWit that he's gonna be coming on to talk about that.
00:57:30.248 --> 00:57:36.038
So we're we're, we're calling it Becoming a Promptologist, uh, with, with KnitWit.
00:57:36.047 --> 00:57:40.318
So we'll, we'll have the head KnitWit come on, come on and talk about that.
00:57:40.318 --> 00:57:53.717
He's created a really cool tool to be able to like we did, like Sharrin did with the people versus robots that we did a couple months ago, where she took the same prompt and put it to the different LLMs.
00:57:54.018 --> 00:58:08.668
You can do that with this, uh, with this tool and then stitch together, that's where the knitting comes in to be able to n- combine the, the results of multiple LLMs across the platform.
00:58:09.007 --> 00:58:12.887
So, um, join us for that in, in a couple weeks.
00:58:13.918 --> 00:58:15.137
Back to, back to Hector.
00:58:15.648 --> 00:58:15.907
Yeah.
00:58:16.677 --> 00:58:17.068
Thank you.
00:58:17.248 --> 00:58:17.557
All right.
00:58:17.777 --> 00:58:21.788
So one of the questions that people ask is, what about balance sheet by dimension?
00:58:21.858 --> 00:58:27.057
That's coming, uh, it's just not, uh, they haven't enabled it in my file yet, but they will.
00:58:27.248 --> 00:58:33.878
That's, it was in the, it was in the pipeline and it, some people are beta testing the balance sheet by dimension.
00:58:34.108 --> 00:58:36.978
You can do balance sheet, consolidated balance sheets.
00:58:36.978 --> 00:58:38.527
That, yes, that's, that, that's a yes.
00:58:38.838 --> 00:58:42.498
But the balance sheet by dimension is still not available here.
00:58:42.507 --> 00:58:49.557
If you actually type up here dimension, uh, the P&L by dimension is the only stock report that shows.
00:58:49.557 --> 00:58:52.027
But that, that balance sheet by dimension should be coming pretty soon.
00:58:52.027 --> 00:58:55.358
As a matter of fact, I thought it was supposed to come already, but different conversation.
00:58:56.898 --> 00:59:08.708
Becky asked,"Is there a possibility that they'll add another dimension to QBO Advanced?" That is a possibility, but I would not hold my breath or, or bet any more than$1 on the pro- possibility of that happening.
00:59:10.610 --> 00:59:10.909
Okay?
00:59:11.989 --> 00:59:12.349
All right.
00:59:12.559 --> 00:59:16.219
So I wanna talk to you about something that could be exciting for the inventory nerds.
00:59:16.250 --> 00:59:25.409
Maybe in the chat if, if you're an inventory nerd, just say,"I am," because then that will give me some excitement about the fact that there are some inventory nerds out there.
00:59:25.670 --> 00:59:29.690
So I wanna talk a little bit about the stuff that's coming for inventory.
00:59:30.719 --> 00:59:31.119
Okay?
00:59:31.889 --> 00:59:33.349
So the...
00:59:34.489 --> 00:59:41.639
I wanna start with what does QuickBooks Desktop have that QBO or IS doesn't have in inventory?
00:59:43.010 --> 00:59:51.530
What, what currently as of today QuickBooks Desktop has multiple units of measure, has inventory assemblies, has on QBO...
00:59:51.570 --> 01:00:06.659
I mean, on QuickBooks Desktop Enterprise Platinum, multiple inventory site locations, um, uh, lot number tracking, serial number tracking, um- Landed cost exp- expiration dates, landed cost.
01:00:07.420 --> 01:00:16.480
All that stuff is in the pipeline to get pulled over, and a lot of it will be ready by Intuit Connect or, like, shortly after Intuit Connect.
01:00:16.519 --> 01:00:22.860
And the reason why I can tell you that is because I'm the one that's hired to do that demo at Intuit Connect.
01:00:22.880 --> 01:00:30.860
So I've been working with the pro- I've been working with the product teams for, like, two months talking about all the things that it ha- And, and obviously every- everything goes at Intuit speeds, right?
01:00:30.860 --> 01:00:32.949
Like, you know, because they have to test it and test it and test it.
01:00:33.329 --> 01:00:42.059
But it's really exciting to, like, finally see inventory level screens in, like, this QBO interface where we're so used to not seeing them.
01:00:42.360 --> 01:00:51.159
So it's pretty cool, and it's, it feels a little bit surreal at this point because you always thought of, of Intui- uh, of QBO as the anti-inventory software, right?
01:00:51.599 --> 01:01:05.840
So when you create a product or service or, or, or particularly an inventory product, which is where, where, uh, multiple, uh, units of measure is, it's a lot more useful, you now see a dropdown menu here called units of measure, right?
01:01:05.840 --> 01:01:10.510
So I create first a unit of measure group, and then we have the individual units of measure.
01:01:10.539 --> 01:01:16.599
So I'm gonna go to individ- I'm gonna go to units of measure group, and then you get just like QuickBooks Desktop, you get the little templates, right?
01:01:16.840 --> 01:01:21.480
Do you wanna do quantity, length, weight, volume, area, whatever, right?
01:01:22.230 --> 01:01:25.699
So let's just do custom so we can build, like, our own thing, okay?
01:01:26.050 --> 01:01:27.099
Uh, and let's do custom.
01:01:27.099 --> 01:01:32.050
So let's say the base unit is gonna be, let's say, a yard, okay?
01:01:32.289 --> 01:01:34.000
And then we'll display it as YD.
01:01:35.349 --> 01:01:38.789
And then let's do another custom unit, which we'll call it meter.
01:01:41.748 --> 01:01:42.918
And we'd call it NT.
01:01:42.978 --> 01:01:55.313
Like I actually don't know if there's, um, if there's a, uh If there is a better display name or, or abbreviation for, for that, and then-
01:01:55.313 --> 01:02:08.123
Is the, the concept still the same as that you typically want to use your base unit to be the smallest unit of measure and then allow the math to, to happen from that, or does it matter?
01:02:08.574 --> 01:02:08.893
Yeah.
01:02:08.903 --> 01:02:14.014
So the, the very first one is your base, okay?
01:02:14.304 --> 01:02:17.023
And the base, and this is an important concept, thank you for asking.
01:02:17.393 --> 01:02:21.014
The base is not necessarily the lowest.
01:02:21.563 --> 01:02:30.353
It's the one that you most commonly work with, and I would say ideally how you do inventory, okay?
01:02:30.423 --> 01:02:32.333
So I, I'm gonna give you an example, okay?
01:02:32.623 --> 01:02:42.333
So if you were in the clothing business and you were, you were buying yarn or thread, okay you would buy them by the spool, okay?
01:02:42.623 --> 01:02:48.063
And the spool people, like for whatever reason, they sell you 100-meter spools, okay?
01:02:48.204 --> 01:02:49.224
That's how they do it, right?
01:02:49.224 --> 01:02:51.014
Like you buy them from China, they're 100-meter spools.
01:02:51.903 --> 01:03:04.414
But when you assemble these, you use approximately, let's say four yards or four and a half yards or, or 17 inches or 27 inches of that for a particular shirt.
01:03:04.983 --> 01:03:06.653
Now, when you...
01:03:06.673 --> 01:03:08.583
when the person goes cut, cut...
01:03:08.614 --> 01:03:15.753
when the person in the, in the factory goes and cuts from the spool, they might cut by the yard or they might call, cut by the inches.
01:03:16.094 --> 01:03:20.873
So you, you need to have different units of measure depending on the application, okay?
01:03:21.063 --> 01:03:23.454
You may also buy them by the spool.
01:03:23.463 --> 01:03:35.873
Like maybe, maybe, uh, they give them to you by the 100-yard spool or 100-meter spool, but when you buy them, you buy them by the case and there's 250 100-yard spools.
01:03:35.873 --> 01:03:36.443
You know what I mean?
01:03:36.443 --> 01:03:53.143
So like, so depending on how you have it and, and how you store it in your warehouse, and when it arrives how you count it, and then how you count them individually for inventory for your inventory, your annual inventory adjustments, you might need to make those changes.
01:03:53.143 --> 01:03:56.503
And th- these display names are all custom, right?
01:03:56.503 --> 01:04:06.474
So if you want meter to just be an M, which is probably the correct one, and you want yard to be a Y, which is probably the correct one, and then we do here inch, and then we do IN, okay?
01:04:06.884 --> 01:04:08.914
And then the equals, that's where you make your calculation.
01:04:08.914 --> 01:04:14.123
So like, uh, in a meter, how many, how many yards are there in a meter, okay?
01:04:14.264 --> 01:04:14.943
Nobody knows.
01:04:14.943 --> 01:04:18.324
That'd be like George Washington- Saturday Night Live sketch.
01:04:18.324 --> 01:04:19.664
Nobody knows.
01:04:19.664 --> 01:04:19.684
That's right.
01:04:19.684 --> 01:04:19.934
Right.
01:04:20.123 --> 01:04:22.773
So I'm gonna say that's like 3.3, right?
01:04:22.773 --> 01:04:23.623
Or something like that, right?
01:04:23.643 --> 01:04:28.228
So there's 3.3, uh, yards in one meter, right?
01:04:28.228 --> 01:04:29.463
Like I, I'm, I don't know what it is.
01:04:29.523 --> 01:04:30.494
I think it's something like that.
01:04:30.844 --> 01:04:31.704
Don't ask, okay?
01:04:32.054 --> 01:04:33.974
Uh, or maybe like.8 maybe.
01:04:33.974 --> 01:04:34.864
I- Yeah I don't remember.
01:04:34.864 --> 01:04:36.063
I think it's 3.3 feet.
01:04:36.153 --> 01:04:36.994
I think it's like.8.
01:04:37.043 --> 01:04:37.364
Okay.
01:04:37.643 --> 01:04:39.664
And then inches, how many inches are in a yard?
01:04:39.664 --> 01:04:40.773
Again, nobody knows.
01:04:41.014 --> 01:04:43.034
I'm gonna say 60.
01:04:43.123 --> 01:04:45.273
36 inches in a yard
01:04:45.878 --> 01:04:46.108
Yeah.
01:04:46.478 --> 01:04:47.268
Okay, thank you.
01:04:47.538 --> 01:04:48.608
36 inches in a yard.
01:04:48.608 --> 01:04:48.907
Okay.
01:04:49.228 --> 01:04:51.288
So so then you do...
01:04:51.418 --> 01:04:52.327
So then, then you...
01:04:52.398 --> 01:04:53.927
Actually, in this case it would be the, uh...
01:04:53.927 --> 01:04:58.188
So in this case, because a inch is smaller than a yard, then you go the op- you go the- The
01:04:58.188 --> 01:04:58.717
other way.
01:04:58.728 --> 01:04:58.748
Yeah
01:04:59.018 --> 01:04:59.887
you go the opposite.
01:04:59.898 --> 01:05:01.978
So it's like one divided by 36.
01:05:01.978 --> 01:05:03.807
I don't know if these calculators are built in here.
01:05:04.088 --> 01:05:04.458
They're not.
01:05:04.467 --> 01:05:04.728
Nope.
01:05:05.197 --> 01:05:13.378
So I gotta do my one divided by 36, okay, which is.0277.
01:05:14.458 --> 01:05:14.947
Okay, perfect.
01:05:15.398 --> 01:05:28.467
So we do point, we do.02, and this is where, this is why inventory nerds are a special type of person- because this stuff is only exciting for that specific type of person.
01:05:28.467 --> 01:05:28.648
Right.
01:05:29.027 --> 01:05:29.338
Okay?
01:05:29.728 --> 01:05:38.447
All right, so then we'll do save and close, and now we have our, our, our unit, which is for that item.
01:05:38.447 --> 01:05:43.128
So when I have this item, I'm, I'm just gonna call this, uh, thread or something like that.
01:05:43.137 --> 01:05:49.307
Thread black level five, whatever I'm just gonna call this.
01:05:49.307 --> 01:05:55.318
Thread black level five, the unit of measure is length, okay, and then we save that.
01:05:55.677 --> 01:05:59.157
So then when I go transact, that is the other important piece.
01:05:59.157 --> 01:06:12.289
Now I'm gonna go transact with this, and I go to, let's say, bill And I bring in my, my item, which I have to enable.
01:06:13.510 --> 01:06:29.074
Maybe do purchase order might be easier, so I have to enable the items in the, in the bill, so let's just do purchase order Okay, we'll pick an item here Oh, come on people.
01:06:29.134 --> 01:06:29.434
Hold on.
01:06:29.434 --> 01:06:31.693
I gotta turn, I gotta turn something on in this demo file.
01:06:33.443 --> 01:06:34.893
Let's go to
01:06:37.750 --> 01:06:44.789
Are you able, while you're- Yeah checking that out, are you able to run inventory reports on those related units or is it still-
01:06:44.800 --> 01:06:45.329
Not yet.
01:06:45.679 --> 01:06:45.860
Yeah,
01:06:46.670 --> 01:06:46.728
it's a great-
01:06:46.728 --> 01:06:46.800
all on the base?
01:06:46.800 --> 01:06:48.000
Great, great question.
01:06:48.369 --> 01:06:50.230
The answer is not yet for some of them.
01:06:50.230 --> 01:06:50.329
Not
01:06:50.329 --> 01:06:50.610
yet.
01:06:51.019 --> 01:06:51.320
Yeah.
01:06:51.380 --> 01:06:59.590
I, I don't know, I don't know why but to be clear, that wasn't available in, um, in QuickBooks Desktop anyway.
01:06:59.590 --> 01:07:01.860
Like it's just never- Right n- never been available.
01:07:02.619 --> 01:07:02.840
Uh-
01:07:02.849 --> 01:07:08.789
Yeah, and, and, and a lot of the inventory management solutions that are out there s- don't do that either.
01:07:08.869 --> 01:07:09.460
Right, right.
01:07:09.460 --> 01:07:19.719
So- Like, like having a, like being able to run like a valuation report or a quantity stocks item report where you pick, you know, the specific unit of measure you wanna use is not available.
01:07:20.070 --> 01:07:30.949
And the, the problem, the problem with that is because the way these systems are set up, you can create six different units of measure for one i- for one group, three for another group, two for another group.
01:07:31.239 --> 01:07:37.349
How would you know how to set them up across all the units of measure for that sp- specific report?
01:07:37.610 --> 01:07:49.690
So the solution for that, which the solution I, I gave into it, I'm not sure if they understood it, I mean, or, or have time or resources to process, is if you could create a default unit of measure for purchasing, like in your...
01:07:49.960 --> 01:07:59.719
y- and a default one for selling and a default one for counting, and then when you run the report and you're like,"Which unit of measure would you like to use?" Use my default selling and it'll change them all to that.
01:07:59.949 --> 01:08:01.320
That, something like that could work.
01:08:01.320 --> 01:08:10.079
So I already gave them the mechanics of how that could work, like how I imagined something like that could work, but it's now gonna be up to them to see if they can execute that.
01:08:10.079 --> 01:08:15.420
And if they do, I would wait at least six months before expecting something like that- Right uh, to, to be in the system.
01:08:15.760 --> 01:08:16.789
Uh, but it would be great.
01:08:16.909 --> 01:08:20.760
Um, like something that w- we sincerely have always needed something like that.
01:08:20.979 --> 01:08:23.289
Okay, so let's go into the, the thread now.
01:08:23.310 --> 01:08:25.819
Let's just transact with it.
01:08:26.380 --> 01:08:34.960
And then, Let me see if I can turn off those some of these things here just so I can see a little bit better'cause all these dimensions get in the way.
01:08:36.010 --> 01:08:39.289
So I can, I can buy in this case one yard, right?
01:08:39.680 --> 01:08:40.029
Whoops.
01:08:40.609 --> 01:08:42.079
I saved it, went too fast.
01:08:43.847 --> 01:08:44.457
Go back to it.
01:08:45.518 --> 01:08:48.738
Okay, so I have one yard, right?
01:08:49.278 --> 01:08:55.818
Or I can do 27, let's say, inches, right?
01:08:55.868 --> 01:09:01.728
And it'll do the calculation, or I can do 58 meters, right?
01:09:01.728 --> 01:09:05.408
And it- and it'll do the calculation for you, and it will do the math for you.
01:09:05.738 --> 01:09:14.957
And what I mean by that is the cost to the, the cost of the unit, the individual cost of the unit Just let me just bring that back in here.
01:09:15.908 --> 01:09:24.198
The individual cost of the unit in this case is based on the mathematical calculation of the unit of measure.
01:09:24.207 --> 01:09:30.837
So if you said the base unit is worth this much, when you change the unit of measure, it, it recalculates it for you.
01:09:30.868 --> 01:09:37.717
Now, you cannot Another thing is you cannot have a different price based on the unit of measure.
01:09:37.738 --> 01:09:44.358
So it's all one price that gets mathematically calculated and proportionally calculated based on the unit of measure that you're using.
01:09:44.627 --> 01:09:44.927
Now,
01:09:45.057 --> 01:09:54.837
the- Essentially taking that coefficient that you've described in that setup of the unit of measure and applying it to the cost and/or price.
01:09:54.847 --> 01:09:55.097
Correct.
01:09:55.387 --> 01:09:55.698
Correct.
01:09:56.057 --> 01:09:56.398
Correct.
01:09:56.408 --> 01:10:08.427
So, like, you, you, you m- so when you W- which is the, the, the complicated piece is when you set a default unit of measure, so actually that's a good, good thing to use.
01:10:08.978 --> 01:10:14.328
And again, this might be something more for, like, an inventory type class where we go, like, deep into the- Yeah weeds of this stuff.
01:10:15.137 --> 01:10:17.717
So I don't wanna go super deep into the weeds of this stuff, but I do.
01:10:17.728 --> 01:10:17.768
Whoops.
01:10:17.768 --> 01:10:18.247
Um, but, um, uh, the, the Hold on.
01:10:18.247 --> 01:10:18.307
Wait.
01:10:18.307 --> 01:10:18.698
Um, thread.
01:10:29.333 --> 01:10:30.033
Let me open it here.
01:10:30.503 --> 01:10:31.684
So when you're setting up...
01:10:31.684 --> 01:10:37.014
So, so let's say, for example, that by default, let's say by, by default, like, it...
01:10:37.094 --> 01:10:40.463
Right now it's set up to yard to be the default unit of measure.
01:10:40.873 --> 01:10:44.394
But when I sell it, I sell it by the meter.
01:10:44.764 --> 01:10:49.083
I have to make sure that whatever price I put here, I put my price by the meter, right?
01:10:49.083 --> 01:10:50.724
So I'll do whatever it is, right, by the meter.
01:10:51.064 --> 01:10:53.344
I have to s- explicitly put that in there.
01:10:53.703 --> 01:11:01.173
And then if I buy it, let's say for example I buy it by the inch, then I put my price here, let's say$1 per inch or whatever.
01:11:01.923 --> 01:11:03.463
I put my, my, my price in here.
01:11:03.484 --> 01:11:16.894
You get a little preview here of what is the mathematical calculation of the base cost, because the base cost or the base unit of measure is the one that you're gonna see in the valuation report, okay?
01:11:16.953 --> 01:11:22.154
'Cause you're not gonna, like, a- as you questioned earlier, you're not gonna see either the purchasing unit or the sales unit.
01:11:22.384 --> 01:11:30.913
Now, it would be amazing if, again, I could say,"Look, just show it to me at the purchasing unit, show it to me at the sales unit," that would be awesome, but everything shows at base unit.
01:11:31.884 --> 01:11:33.554
So that's a little bit of that.
01:11:34.184 --> 01:11:41.863
A- a- and, and the reason why it s- it took so long to get there is because as you can tell, this stuff is complicated as heck.
01:11:41.904 --> 01:11:47.434
Like, I, I mean, it's like, like just there's so much math and so much logic that goes into this.
01:11:47.474 --> 01:11:48.363
I'll show you one more thing.
01:11:49.314 --> 01:11:50.904
It's called the manufacturing order.
01:11:51.253 --> 01:11:54.913
So this is where inventory valuation reports...
01:11:54.963 --> 01:12:00.293
I mean, sorry, this is where inventory assemblies got reimagined in Intuit Enterprise Suite.
01:12:00.854 --> 01:12:07.073
So if you have a, an inventory assembly item that contains, uh, multiple components, okay?
01:12:07.373 --> 01:12:09.863
And you can add your, you know, your multiple components here.
01:12:10.243 --> 01:12:20.807
Essentially, what you can do is you can say, you can say,"Hey, in order for me to assemble," uh, let me just pick a unit of measure here for this Okay?
01:12:21.018 --> 01:12:33.118
So in order for me to assemble one unit of this item called Item with Item Assembly, I need two cases of this thing, and then I need 35 inches of this thing, right?
01:12:33.118 --> 01:12:34.608
Depending, you know, whatever you're doing.
01:12:35.028 --> 01:12:43.738
And essentially what you're seeing here is a work order for the inventory assembly report, for the inventory assembly build.
01:12:43.938 --> 01:12:47.948
Okay, and then when you click on Review Build, uh, you tell them how many you want.
01:12:47.948 --> 01:12:50.148
So let's say I want two or I want three or whatever it is.
01:12:50.518 --> 01:12:51.707
You go to Review Build.
01:12:51.768 --> 01:12:55.457
If you're short, which is really nice, it tells you,"Look, it looks like you're short on this item.
01:12:55.768 --> 01:12:56.497
You don't have any.
01:12:56.497 --> 01:12:59.637
You can build," just like it works in QuickBooks Desktop.
01:12:59.927 --> 01:13:07.667
And again, we probably want to dedicate whole another tutorial to inventory,'cause inventory is just really, really deep.
01:13:08.167 --> 01:13:10.908
But these are the exciting things I wanted to show you.
01:13:11.158 --> 01:13:14.238
You got dimensional reporting, you got multi-company reporting.
01:13:14.438 --> 01:13:16.207
Now you have multiple units of measure.
01:13:16.207 --> 01:13:21.307
Now you have inventory assembly, so all of a sudden light manufacturing wor- works really well here.
01:13:21.658 --> 01:13:22.957
We're, we're excited to see...
01:13:22.967 --> 01:13:28.778
And again, I gave you guys that link, uh, where you can, can explore, you know, what, what they're working on.
01:13:29.787 --> 01:13:37.927
And you can go here and go All Categories and just pick Inventory and Order Management, maybe All Releases, and kinda see all the things that they're adding.
01:13:37.938 --> 01:13:43.268
Inventory with multiple shipping addresses, some enhancements to purchase orders, which I haven't seen yet.
01:13:43.688 --> 01:13:46.988
Uh, sales order enhancements, but God knows the sales order needs to be enhanced.
01:13:47.368 --> 01:13:48.917
Uh, some- and some other things here.
01:13:48.917 --> 01:13:55.807
So you kinda get to see all the things that are, uh, released, and you're gonna continue to see it in, in there as I post it.
01:13:56.297 --> 01:13:58.608
And again, hopefully there'll be some videos at some point.
01:13:59.618 --> 01:14:08.148
But just to get you excited about IS, I think, uh, hopefully for you that stick t- to the end, you saw that's really cool what they're, what they're coming up with
01:14:08.981 --> 01:14:09.811
Yeah, it's, uh...
01:14:09.832 --> 01:14:42.141
I mean, initially, uh, I, I likened it back to when In- Advanced first came out, where it was just like a core four things that, that kind of was released when it first was released, and it was very, like, underwhelming as far as,"Well, that's it?" But over the course of the past couple years with Intuit Enterprise Suite coming out, you, I mean, you just geeked out for a good hour about- Yeah the things that- And there's more that,
01:14:42.591 --> 01:14:43.252
uh- And there's more.
01:14:43.252 --> 01:14:43.511
Yeah.
01:14:43.511 --> 01:14:44.282
Yeah, and there's more.
01:14:44.282 --> 01:14:45.002
A lot more, yeah.
01:14:45.622 --> 01:14:46.792
And I'm, I'm not trying to sell it to you.
01:14:46.792 --> 01:14:47.362
All I'm saying is-
01:14:47.372 --> 01:14:47.702
Right.
01:14:47.702 --> 01:14:50.362
it's, it's, it's the next version of QBO, right?
01:14:50.381 --> 01:14:53.502
It's like QBO Advanced has a bunch of stuff, it's the next version of QBO.
01:14:53.752 --> 01:15:02.721
In order for them to charge two and a half times the cost of QBO Advanced, they need to add two and a half times more, at, at least from a value perspective, right?
01:15:02.731 --> 01:15:02.752
Yeah.
01:15:02.902 --> 01:15:06.162
Two and a half times more value in features.
01:15:06.171 --> 01:15:06.181
Uh-
01:15:06.752 --> 01:15:08.752
Or two and a half times less clicky.
01:15:09.322 --> 01:15:09.582
Right.
01:15:10.131 --> 01:15:10.481
I don't know.
01:15:10.591 --> 01:15:13.572
I don't, I don't think, I don't think IES fixes clicky.
01:15:13.572 --> 01:15:14.231
Right.
01:15:14.231 --> 01:15:16.462
Um clicky is gonna be clicky.
01:15:17.561 --> 01:15:19.351
It's just more data being tracked.
01:15:19.362 --> 01:15:21.782
Like, so now Dimensions is a whole new data table.
01:15:22.051 --> 01:15:24.032
Units of Measure is a whole new data table.
01:15:24.442 --> 01:15:25.631
Uh, there's another, uh...
01:15:25.631 --> 01:15:33.572
there's more data in jobs that you can do target margins on jobs and get a, get a alert when your job is, like, under the target margin.
01:15:33.612 --> 01:15:42.521
So it's just new data points in the database that can be tracked, and reports that show you the progress of whatever that thing that you're tracking.
01:15:42.532 --> 01:15:44.721
That's, that's in essence what it is.
01:15:45.442 --> 01:15:47.511
Can you, can you speak a little bit about the sandbox?
01:15:47.521 --> 01:15:48.787
Because we never did, uh, talk about that.
01:15:48.787 --> 01:15:49.171
Okay, yeah, yeah.
01:15:49.171 --> 01:15:49.442
Yeah.
01:15:49.761 --> 01:15:55.431
I did put in the chat the link of how to do that, how to do that sandbox.
01:15:55.862 --> 01:16:00.716
Uh, but what is, what is a sandbox, and- Uh- and how do
01:16:00.716 --> 01:16:02.862
you- I, I'm gonna show you the only way I know how to do it.
01:16:03.242 --> 01:16:03.341
Mm-hmm.
01:16:03.351 --> 01:16:08.362
Which I go to developer.intuit.com, okay?
01:16:08.681 --> 01:16:10.112
And then I go and I log in.
01:16:10.152 --> 01:16:13.962
Like, I literally just log in with my regular QBO account.
01:16:13.971 --> 01:16:14.431
Mm-hmm.
01:16:14.442 --> 01:16:23.341
If you've never been to developer.intuit.com and you've never logged in, it's gonna ask you to agree, agree to the terms of software development or whatever, right?
01:16:23.662 --> 01:16:24.702
So you're gonna agree to that.
01:16:24.702 --> 01:16:25.652
You don't have to pay anything.
01:16:25.652 --> 01:16:34.622
You don't have to, uh, buy anything because y- as a developer you get the first 500,000 transactions per month or whatever.
01:16:34.622 --> 01:16:35.862
I forget what the number is.
01:16:36.152 --> 01:16:36.992
You get that for free.
01:16:36.992 --> 01:16:39.561
But you're not gonna be doing any of that stuff because you're not a developer, right?
01:16:39.962 --> 01:16:44.202
You're gonna click up top, top on the right where it says My Hub, and you're gonna click on Sandboxes.
01:16:46.216 --> 01:16:49.695
And then you're gonna see all the sandbox companies that you have created.
01:16:50.235 --> 01:16:51.836
You could just click here where it says Add.
01:16:52.386 --> 01:16:55.645
Okay, they let you add up to 10 sandbox companies.
01:16:55.645 --> 01:16:57.105
These are like play files.
01:16:57.496 --> 01:16:58.746
They can have their own data.
01:16:59.935 --> 01:17:04.756
And it, it could be either a Plus account, an Advanced account, or a IAS.
01:17:04.756 --> 01:17:07.855
And you can even do the IAS multi-entity and click on Continue.
01:17:08.515 --> 01:17:19.956
And there's a bunch of other clickies that you have to do, and then at the end, like, if you're patient enough, you wait a couple of minutes, maybe 10 minutes or so, you'll be able to go to developer.intuit.com.
01:17:19.966 --> 01:17:25.235
You'll be able to see your sandbox companies there, and you'll be able to launch them, and you can play with it.
01:17:25.246 --> 01:17:26.935
That's the closest thing to what it is.
01:17:27.225 --> 01:17:32.865
It's technically a workaround because developer.intuit.com is meant to be for developers.
01:17:32.865 --> 01:17:33.195
Right.
01:17:33.195 --> 01:17:41.735
I don't think they did this saying,"Oh, I, like hopefully accountants can, uh, go pretend to be developers too." I don't think that's what it is, but because it's a free account that...
01:17:41.765 --> 01:17:48.805
and it's, like, basically no risk, and you can create your own free Intuit account, or you can you know, use your existing one, whatever you want.
01:17:49.496 --> 01:17:50.966
And then from here you can open...
01:17:50.966 --> 01:17:54.765
Like, I just created two sandbox companies in three seconds, right?
01:17:54.945 --> 01:17:58.576
So I can go to Open, and that will open an, an Intuit Enterprise.
01:17:58.576 --> 01:17:59.256
So that will log you out.
01:17:59.286 --> 01:18:06.716
It'll log in into the developer account, and it'll open a sandbox file, and that's the, that's the closest thing to a demo file that, uh, that we have.
01:18:06.975 --> 01:18:10.695
I don't know yet, though, if, if this is populated with data, honestly.
01:18:10.735 --> 01:18:11.595
Let me just double-check.
01:18:12.805 --> 01:18:14.126
Okay, so I guess it is populated.
01:18:14.536 --> 01:18:14.905
Looks like it is.
01:18:14.905 --> 01:18:15.105
Yeah.
01:18:15.225 --> 01:18:16.615
It is populated with data, right?
01:18:16.626 --> 01:18:19.956
So I think it's, if I have to guess, it's probably Craig's Landscaping.
01:18:20.676 --> 01:18:21.845
Um, let's look at the...
01:18:21.886 --> 01:18:23.626
Yeah, it's, yeah, that's, that looks like...
01:18:23.876 --> 01:18:24.775
Uh, no, not really.
01:18:24.786 --> 01:18:25.456
Airport service.
01:18:25.496 --> 01:18:28.305
Uh, it's probably some other- new data set that's in there.
01:18:28.305 --> 01:18:32.225
So yeah, it is populated, and this would be the, a, a way for you to play with it.
01:18:32.496 --> 01:18:38.115
Only thing that's uh, missing here is that it shows the QuickBooks logo instead of the IAS logo.
01:18:38.746 --> 01:18:39.515
I don't know why.
01:18:39.765 --> 01:18:40.376
Don't ask.
01:18:40.826 --> 01:18:41.166
Okay?
01:18:41.466 --> 01:18:45.176
But it, it is IAS, um, because there is dimensions.
01:18:45.176 --> 01:18:47.935
Otherwise you could probably, uh...
01:18:47.966 --> 01:18:49.086
I don't know what the heck's going on here.
01:18:49.296 --> 01:18:49.655
Okay.
01:18:50.466 --> 01:18:51.886
Supposed to be IAS, but I don't know.
01:18:51.886 --> 01:19:00.426
I would have to go explore to see if if I have to turn on dimensions or whatever, but, hmm, I'm kinda worried that maybe it is not working because it, it shows a Intuit logo here.
01:19:00.435 --> 01:19:00.466
Right.
01:19:00.945 --> 01:19:05.685
And I don't see any other specific things that would make it really obvious that it's IAS.
01:19:05.685 --> 01:19:10.515
But you saw in a nutshell what's supposed to be the workflow- to open up a, uh- It's the
01:19:10.515 --> 01:19:11.155
intention-
01:19:11.195 --> 01:19:11.775
Yeah is it's supposed
01:19:11.775 --> 01:19:12.166
to be that
01:19:12.225 --> 01:19:12.345
way.
01:19:12.416 --> 01:19:12.985
Intention's there.
01:19:12.985 --> 01:19:18.095
I'm sure there, there, somebody has to go in there and click a couple things and, and, and finish it off.
01:19:19.384 --> 01:19:35.134
Well, Hector, I really appreciate you taking the time out of your day to, you know, to share this information with, with our, with our audience because it is that nebulous box, uh, especially for the accounting community of what, what really is it?
01:19:35.144 --> 01:19:52.944
I mean, you, you would, you would essentially have to sit through a demo with your client to, to really get, you know, an understanding as to what you've done here, and you've done it in a more, in a more objective way as opposed to, you know, sitting through the sales process of of the demo.
01:19:53.654 --> 01:19:53.873
Right.
01:19:54.323 --> 01:19:54.604
Right.
01:19:55.094 --> 01:20:11.823
Yeah, and, like, what I would love, like, I think that if, a- again, if Intuit is listening, I think that to make this really successful is you actually have to convert a real desktop client to IES in a play environment and let people see their data on it.
01:20:11.833 --> 01:20:16.564
Like, the only way for people to get sold on this thing is to see their data on it.
01:20:16.564 --> 01:20:17.654
Let me see what my reports...
01:20:17.663 --> 01:20:23.104
Because it, because even with, even with, like, a regular demo, it's all fake data, right?
01:20:23.104 --> 01:20:33.573
So, like, people can't make the connection between how, how is this valuable for me until they see their data, their customer, their vendors, their custom fields converted into dimensions, et cetera, et cetera.
01:20:34.213 --> 01:20:47.463
So, like, I've- Yeah wished, like, they had a process to do this fairly quickly to make it really easy to give people a wow factor and go,"Okay, yes, I'm, I'm comfortable with this."'Cause moving people from desktop to online, it's hard already, just conceptually- Yeah it's hard.
01:20:47.463 --> 01:20:48.203
It's a change.
01:20:48.203 --> 01:20:50.104
UI change, feature change.
01:20:50.344 --> 01:20:52.634
It's already a difficult thing to...
01:20:52.634 --> 01:21:06.724
Accountants don't like change themselves, so even less they're gonna, like, dri- taking the client through change and dealing with all the complaints about the change, and then them being literally the sounding board and the receiving end of all the frustrations of that change.
01:21:06.953 --> 01:21:09.514
So accountants are most likely gonna be like,"No, no, forget about this.
01:21:09.543 --> 01:21:18.104
I'm just gonna, I'm gonna stall out as much as possible before I start recommending, uh, IES to my desktop clients." So I think if Intuit wanted to be really successful, it's like,"Hey, Mr.
01:21:18.104 --> 01:21:18.963
Customer, don't worry.
01:21:19.354 --> 01:21:21.783
I'll let you run in parallel for free for 30 days.
01:21:21.793 --> 01:21:23.743
Let me convert it for you so you feel comfortable.
01:21:24.014 --> 01:21:43.224
And then maybe once you feel comfortable, get your accountant involved, get your accountant comfortable, and then by January or October or whatever your deadline is, you know, we'll make a formal conversion then." Like, I think Intuit would be a lot more successful, um, doing that rather than, you know, forcing people into a one-year contract before they know what it looks like and just going through a lot of frustrations.
01:21:44.573 --> 01:21:45.033
All right.
01:21:45.373 --> 01:21:49.953
Well, again thanks again for, for joining us today, and we will see you in a couple weeks.
01:21:51.064 --> 01:21:52.344
Sharrin's not gonna be here.
01:21:52.854 --> 01:21:59.844
She is on, on, uh, PTO, uh, from the, from the, uh, uh, from the Power Hour.
01:21:59.854 --> 01:22:03.213
So it- it's just me and Joel- Yeah uh, next time, uh,
01:22:03.703 --> 01:22:06.913
talking about- I'm bummed because I really like Joel, and I, he and I have fun together.
01:22:06.923 --> 01:22:10.094
So I'm bummed I won't be there, but I'll be at the next one.
01:22:10.543 --> 01:22:10.863
Right.
01:22:12.014 --> 01:22:17.524
And, um, so we'll see you next time on the QB Power Hour, and, uh, hope everybody has a, has a great week ahead.
01:22:18.583 --> 01:22:19.363
Bye everyone.