We wrote earlier this year about the QuickBooks monthly trial balance feature in QuickBooks Online (QBO). Intuit replaced this feature with a tool they are now calling “Prep for Taxes.”  Intuit is both relabeling this tool and improving it. However, QuickBooks’ own documentation is still a little confusing.

A Trial Balance Tool by Any Other Name

What is the motivation here? Intuit used to be known for trying to label things with non-standard terms. We’ve suspected that this was so that those who weren’t accountants would feel more at home. Several months later, this double-barreled Column label “Prep for Taxes (replaces Trial Balance)” may be a sign that accountants aren’t buying it. Accountants are the only ones who can see this feature; clients can’t view this in their own books. Perhaps Intuit is waiting for NEXT tax season to be over.

Prep for Taxes Is an Improved Trial Balance Tool

At any rate, once you navigate your way into the Prep for Taxes tool it is, wait for it – a Trial Balance function, but an improved one. We gave the advantages in our previous post, but arguably the biggest advantages are improved tax mappings, better graphic presentation of the accounts, and the fact that you can now switch between accrual and cash basis without actually toggling the client’s books.

One of their own top results for a QuickBooks training video when you search on this issue still calls it “Trial Balance.”

We work with clients on accounting, bookkeeping, technology, and other business consulting issues. Contact us if you need help!



Get more small business tips and coaching!

Join our mailing list to receive timely tips and insight on accounting, technology, and marketing. It's hosted by Mailchimp and you can safely unsubscribe at any time. Your email will never be shared with 3rd parties.

You have Successfully Subscribed!

Share This