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The Plus version of QBO is the most full-featured version of QBO. It contains all the features found in the Essentials version. In addition, you can

❯❯ Create, send, and track purchase orders.

❯❯ Track inventory using the first in, first out (FIFO) inventory valuation method. QBO supports light inventory needs: If you sell finished goods, QBO should be able to manage your needs. But if you need to assemble finished goods to sell, QBO won’t meet your needs on its own. You can look for an app to supplement your inventory needs; I talk about apps at the end of this chapter.

❯❯ Track, create, and send 1099-Misc forms.

❯❯ Categorize income and expenses using class tracking.

❯❯ Track sales and profitability by business location. You can assign only one location to a transaction, but you can assign multiple classes to a transaction.

❯❯ Give employees and subcontractors limited access to the QBO company to enter time worked.

❯❯ Track billable hours by customer.

QBO supports light job-costing needs, but it does not allow you to automatically cost labor.

❯❯ Create budgets to estimate future income and expenses, and create multiple budgets per year, location, class, or customer.

I used QBO Plus as I wrote this book because it contains the most features, therefore users of other versions might find references in this book to features they don’t have. Accounting professionals: The company that comes with QBOA is a Plus company.

The Plus version supports five simultaneous users and two accountant users and can be scaled up to support 20 users. The Plus version also contains more than 65 reports: all the reports found in both the Simple Start and the Essentials versions, and some additional reports.