We are here to give you an Important update on the QuickBooks Desktop version. QuickBooks would no longer be giving Intuit support to its customers after 31st May. Here are all the details you should know:
When will QuickBooks Desktop discontinue?
Your QuickBooks Desktop 2020 software will be retired on May 31, 2023. Certainly, it applies to all 2020 versions:
- QuickBooks Desktop Pro,
- QuickBooks Desktop Premier,
- QuickBooks Desktop for Mac,
- QuickBooks Enterprise Solutions.
The software withdrawal has an impact on other Intuit products.
If you don’t upgrade your QuickBooks Desktop 2020 before May 31, 2023, then you won’t have access to live technical assistance in case of issues or any of the other Intuit services that QuickBooks Desktop can link with. It includes:
- Online bank feeds,
- QuickBooks Desktop Payments, and
- QuickBooks Desktop Payroll.
Discontinued versions won’t get the latest necessary security patches and updates.
What does discontinuation of support mean?
After May 31, 2023, the QuickBooks Desktop 2020 software will no longer provide access to
- QuickBooks Desktop Payroll,
- Desktop Payments,
- Live technical support,
- Online backup,
- Online banking, and other services.
This also suggests that QuickBooks users won’t get crucial security updates to safeguard their data as of June 1, 2023.
Products that are going to be affected because of this discontinuation:
- QuickBooks Desktop Pro 2020
- QuickBooks Desktop Premier 2020
- QuickBooks Enterprise Solutions 2020
- QuickBooks Premier Accountant Edition 2020
- QuickBooks Enterprise Accountant 2020
- QuickBooks Desktop for Mac 2020
Why is QuickBooks discontinuing its Desktop 2020 version?
According to a statement from QuickBooks, they made the termination because the Desktop platform increased the likelihood that users would be using out-of-date, non-compliant software and lacking critical upgrades. It is an obvious sign of why entering the “cloud” is now more essential than ever.
You must utilize accounting software that is both sufficiently compliant and effective in today’s increasingly fast-paced corporate climate.
According to Intuit, QuickBooks Desktop will eventually be phased out entirely in favor of QuickBooks Online (QBO). It is simpler to maintain a single web-based platform that all consumers may use rather than create various products to satisfy various needs.
QuickBooks has introduced its latest version as QuickBooks Online.
What can you do now?
Move to QuickBooks Online from your old version of QuickBooks Desktop 2020.
QuickBooks recommend you select a new QuickBooks plan so you won’t have service outages and can continue to receive security updates and features. They advise moving to QuickBooks Online if you want more flexibility and teamwork.
In short, you can access your data at any time, from any location, sync bank transactions, pay bills, and more with QuickBooks Online.
How much time does switching to QuickBooks Online take?
You may certainly switch to QuickBooks Online in under an hour. It takes longer the larger your company file is.
So now the question arises – How is your company’s data managed?
Your QuickBooks Desktop file is unaffected by the switch to QuickBooks Online. While you finish setting up your QuickBooks Online firm, you may still keep your books in QuickBooks Desktop.
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How can you move your data?
Once you understand all the details and differences between QBD (QuickBooks Desktop) and QBO (QuickBooks Online), you can decide what should you choose for your business. But switching over is as easy as following a few simple steps.
- Export the data
- Prepare the move
- Select your subscription.
Even though QBD and QBO are interactive and should be able to sync all the data as expected, some features or reports are not available in either QBO or the plan you have chosen.
Both platforms will be inaccessible while there is a transfer of your data between the two locations, which could take some time. It is strongly advised to schedule the migration for an evening or a slower period when it won’t significantly affect your job.
Choose the subscription plan that will benefit you the most and has all the capabilities you require daily based on your business demands and the types of documents you manage.
Naturally, determining which plan is the most economical depends on your budget.
Can you continue with QuickBooks Desktop 2020?
You can but it can be disastrous for you.
As we informed you, Intuit will discontinue live support for QuickBooks Desktop 2020 as a result of the sunsetting process. You’re on your own if some malfunctions occur. In the worst-case scenario, it might not be possible for you to migrate your data. Both of these options, starting from scratch or manually transferring everything, are not particularly appealing.
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Additionally, there will be no updates with security patches in QuickBooks Desktop 2020. It will make your systems more exposed as we mentioned above. Switching off QBD 2020 is a smart move, regardless of whether you move to an updated Desktop version or transition to Online.
How can Peniel Tech help you in such a difficult situation?
You should carefully examine which solution is best for your business if you are affected by this development. A seemingly simple changeover could not satisfy all of your needs, for instance, as numerous capabilities in QuickBooks Desktop are absent from QuickBooks Online.
Our devoted accounting consultant team can work with you to find the ideal solution for your company’s unique needs. It is because they have a wealth of expertise in helping businesses of all sizes across various industries.
To allow all impacted organizations ample time to install, train, and adjust to the new system, we advise them to begin planning this transition as soon as possible.
All in all, It’s critical that all of your software effortlessly interface with one another as you add more and more of it. Elate Accounting Software offers a wide range of integrations, from QuickBooks to many other modules. Additionally, Peniel Tech provides complete support and integrates ERP software with an accounting system, and assists you regardless of your use case.