QuickBooks Cash – What is it?

Dan DeLongQuickbooks OnlineLeave a Comment

Intuit recently announced a new option called QuickBooks Cash. What is that? I’d like some cash, yes, please!! Just what is this QuickBooks Cash? QuickBooks Cash is a combination of several things that allow business owners access to the one thing that keeps their business afloat – Cash Flow!! QuickBooks Cash does a little bit of everything with regards to Cash flow. In general QuickBooks Cash will allow businesses to:

  • Instantly access money received through Payments
  • Setup a debit card
  • Budget with Envelopes
  • Schedule Bill Payments
  • Earn Interest
  • See a forecast of cash flow so they can plan for upcoming events

Instant Deposit

Sounds pretty awesome, right? At its core, QuickBooks Cash is a default deposit account that a new payment account is attached to. By setting it up as the default account, when a customer pays your through your QB Payment account, the amount of the payment gets instantly (30 minutes) deposited to the QB Cash Account and you can access it by withdrawing cash through an ATM, transferring it to another linked account, spending it with a Debit card, allocate it to budget for future expenses, or earn interest (1%…not too shabby) on it by doing nothing with it. (Say Whaaaaaat?!?)

If you already have a QB Payments account, you can attach a Debit card to your current business bank account and request the instant deposit, for a 1% fee, but with the QuickBooks Cash account, there is no fee for instant deposits.

Debit Card

When you set up the account, there is a Debit Card that is sent to you that you can use like a regular debit card to make purchases or withdraw cash from any Allpoint ATM. You can set up multiple debit cards and assign dollar amounts so you can control employee spending which helps in budgeting.

Bill Payments and Transfers

You can move money to pay your bills or transfer to other connected accounts if you have other operational accounts for payroll or other business activities.

Cash Flow Planner

After you set up this QuickBooks Cash Account, you’ll be able to access a Cash Flow Planner section. You can combine this along with your other connected Bank accounts to be able to predict and plan what will happen with your cash flow situation. You can enter events manually and QuickBooks will begin to predict what will happen based on historical transactions so you can plan and not be surprised. There are cash flow graphs that you can see out 3 or 12 months.

What’s the Catch??

Why would Intuit give you all of these tools? Well, it’s an all or nothing proposition. In order to have access to all of these cool options, there needs to be a couple requirements:

  • The QBO Company needs to have it as the default Payment deposit account
  • The User must not be the accountant
  • Only the person who signed up for it can transfer money

If you are an accountant, what you’ll notice, is that you can’t see it, only non accountant Admin users will see it. You can only set up the QuickBooks Cash Account when you apply for a QB Payments account or Set it as your default deposit account for an existing account. Since there are not just one, but two financial institutions at play here, as an accountant, you would not want to be the logged in user involved in the setup and activation of this account, so you won’t even see the Cash Flow menu option on the left side.

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