Editor’s Note: Intuit recently released its QuickBooks Desktop 2023 line-up. Murph has been evaluating various pre-release versions of these products for almost a year, spending hours communicating with Intuit personnel so we can help you learn about the new products. This is the first in a series of individual product articles intended to provide additional content to what’s found in our QuickBooks Desktop 2023 Product Summary.
About Cash Flow Hub
Cash Flow Hub is a new feature in all versions of QuickBooks 2023 Desktop within the US as of its initial (R1) release. That means you will see it included with Pro Plus, Premier Plus, all releases of Enterprise (v 23) and all versions of QuickBooks Accountant.
The Cash Flow Hub is your one-stop location to explore, manage and track your cash flow at a glance. It provides visibility into the accounts you monitor to track your cash position, including bank accounts, credit cards and loans. You can also manage your money-in and money-out transactions.
Cash Flow Hub can be accessed from either the Company or Reports menus. It also is accessible by selecting Cash Flow Hub from the shortcut sidebar on the Home Screen.
Just look at the wealth of information Cash Flow Hub provides:
Now let’s explore the Cash Flow Hub section by section.
This section has your bank accounts, credit card and loan accounts from the chart of accounts. You control the Accounts you want to display and use in computing your cash flow position.
Cash flow trend
This section of Cash Flow Hub graphically displays how your balances vary over time to identify key cash flow indicators impacting your future cash position.
In addition, you can change the period of the cash flow trend to give you the view that best projects your history and upcoming cash forecast.
This will help you plan for the future by understanding upcoming transactions affecting your cash flow.
You also can access your Profit & Loss Report, Balance Sheet and Statement of Cashflows from this Cash Flow Hub section.
This section illustrates the sources of revenue for your business, including both invoices you have already received for the period you select and upcoming Invoices for the same period.
You can look at not only open invoices, but actually send reminders directly from this section of the Cash Flow Hub.
It also provides access to traditional “money-in” reports such as the A/R Aging Summary and Customer Balances Summary.
By the way, for 2023, the A/R Aging reports in QuickBooks Desktop have been optimized behind the scenes to compile faster. That means these reports should run faster than under prior versions of QuickBooks.
This section illustrates the sources of expense for your business. You can look at both upcoming and paid bills. You can even take action to pay bills from this section of the Cash Flow Hub.
In addition, you can access your A/P Aging Summary and Vendor Balance Summary simply by clicking on the View Reports button at the bottom of this Cash Flow Hub section.
To summarize, Cash Flow Hub is a new focal point to monitor your company’s cash flow position and future. With it, you can:
- Review related account balances impacting cash flow
- Add accounts to the list of monitored accounts
- Examine your cash balance trends
- Track cash performance over a variety of specified periods
- Manage overdue payments and bills
- Examine reports related to various cash flow details
The Future of Cash Flow Hub
You might think you can find almost all the information in the Cash Flow Hub somewhere else in QuickBooks Desktop. Except for the Cash flow trends graphic, you are likely correct.
But the 2023 release of Cash Flow Hub shows an understanding by Intuit that they needed to replace a tool that was lost with the release of Desktop 2022, Cash Flow Projector (CFP).
While the Cash Flow Hub doesn’t (yet) do all of the same things CFP did, it currently does more logically make use of centralized resources Intuit has available in its Cloud, which it also uses for QBO.
Several new Desktop features work in this fashion, sharing common resources. That means when the demands of both user groups—Desktop and Online—can be fulfilled through a shared resource, it is easy to deploy a feature fulfilling the needs of all users.
As such, I personally see Cash Flow Hub as a looking glass not only into what may be a richer cash flow tool, but into many more resources for QuickBooks Desktop arising from the technology used to deploy this new feature.
To learn more about this QuickBooks 2023 Desktop feature:
Please attend our September QB Talks webinar, scheduled for 2 p.m. (EST), Sept. 21, 2022. Here, Laura Madeira will bring you “A First Look at QuickBooks Desktop 2023.” Laura develops this year’s QuickBooks Desktop training content and exam materials for Intuit, so nobody is more knowledgeable about the new features. You can REGISTER HERE for the webinar.
Customers using supported QuickBooks Desktop Banking Connections may download data from participating banks. Online services vary by participating financial institutions or other parties and may be subject to application approval, additional terms, conditions and fees.
Intuit’s policy on “Discontinuation and End of Software Support” has changed and is no longer based on a fixed date. Going forward, Intuit will provide support only for the latest version available during the term of an active subscription. For more details, see section 13.1.2. of Intuit’s QuickBooks 2023 End User License Agreement.
Materials within this feature, including graphic illustrations, were developed from various pre-release versions of QuickBooks Desktop 2023. Therefore, the final product version you may acquire may appear, act, or be functionally different from that illustrated or described herein.
Portions of this feature have been adapted from Intuit QuickBooks Desktop 2023-related content. All such source materials were adapted by Insightful Accountant solely for educational purposes.
As used herein, QuickBooks, QuickBooks ProAdvisor, QuickBooks Payroll, QuickBooks Payments, and QuickBooks Desktop (products) refer to one or more registered trademarks of Intuit Inc.; a NASDAQ publicly traded “INTU” corporation, headquartered in Mountain View, California (USA).
Any or all other trade names used herein, including any other vendor (app/software) products discussed within this article, may be registered, trademarked, or otherwise held by their respective owners and are hereby so acknowledged. They are referenced for informational and educational purposes only.
This is an editorial feature, not sponsored content. None of the vendors within this article have paid Insightful Accountant or the Author any form of remuneration to be included within this feature. The article is provided solely for informational and educational purposes.
The publication of this article, nor the inclusion of this product within the related series, does not represent any form of endorsement by either the Author or Insightful Accountant.
Note: Both Registered Trademark ® and Copyright © symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they might otherwise appear or be repeated. Every attempt is made to credit such trademarked products or copyrighted materials within our respective article footnotes and disclosures.
Like what you’re reading?
Subscribe to our FREE newsletter and we’ll deliver content like this directly to your inbox.