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Frequently Asked Questions

How is the all-new FreshBooks different from FreshBooks Classic?

If you've recently migrated to the all-new FreshBooks from FreshBooks Classic, the new FreshBooks has been rebuilt from the ground up, with over 250 new features to help you run your business more smoothly. Below is more information on what's been improved and what’s newly built. 

 

Existing Features

Overall Design

The navigation in new FreshBooks is now on the left side (instead of on top like FreshBooks Classic). We’ve also reorganized the tabs to make it easier to navigate and find what you’re looking for. 

FreshBooks classic account with navigation menu at top.

FreshBooks navigation with menu on left side.


A FreshBooks Classic account (left) compared to the all-new FreshBooks account (right)
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Dashboard

Similar to the Home tab in FreshBooks Classic, you can still get a snapshot of your business’ finances and see your outstanding invoices, profit, and expenses. The Dashboard also allows you to access your Reports so you can take a deeper look at your finances. For more details on each of our Dashboards, click here.

 

Invoices

Invoices in the new FreshBooks have a new look (with two templates), but the information displayed on the invoice is still the same as it was in Classic. Here are some of the additional changes:

  • You can now have different logos, making it easy to change the logo on any Invoice
  • Due Dates have been added, so any unpaid Invoice after migrating will automatically have one (if the date has passed, the Invoice immediately becomes Overdue). Feel free to reach out to us if you’d like your Due Dates updated in bulk
  • Instead of Partial Payments, there’s now the ability to add a Payment Schedule, allowing you to set a schedule for up to 12 payments on an Invoice (not available on Recurring Templates)
  • As well as sharing Invoices via email or downloading them as a PDF, you can also generate a shareable link and send the URL to your Client

 

Cost of Goods Sold

In FreshBooks Classic, you would designate an Expense Category as COGS on the Profit & Loss Report itself. To comply with Generally Accepted Accounting Principles (GAAP), COGS in the new FreshBooks are now designated individually as you create or edit any Expense (with the option to save any particular Expense Categories as COGS for future Expense creation).

You can also export the Expense Report in your new FreshBooks account to see which Expenses have been marked as COGS or not. Learn more about how COGS behave in the new FreshBooks.

 

Team Members (Staff)

To make it easier to collaborate, several new roles have been added, along with improvements to existing roles:

  • Business Owner - This is the primary administrator of the account
  • Admin - This is essentially a secondary administrator but they do not have full access like the Business Owner does
  • Manager - Similar to the Admin role above, except they do not see financial information or any team member's time or expense entries
  • Employee - Similar to the Staff role in FreshBooks Classic, they can track time and expenses for all Clients
  • Contractor - Similar to the Contractor role in FreshBooks Classic, they also get their own account and all time entries they track will appear in the Business Owner’s account
  • Accountant - Like in FreshBooks Classic, they can access your reports, but they can also add/edit Expenses, make Journal Entries, add accounts in the Chart of Accounts, and more

For full details on each of these roles and what they can or can’t do, check out these resources:


Note: if you have contractors and staff members, you’ll need to migrate your account first before your team members can join you. From within your new FreshBooks account, you can go to My Team, then click on the Send Invitation button next to each team member. They’ll receive an email with instructions on how to migrate over.My Team page with send invitation next to team member.

Also, If you have an Accountant invited in your Classic account, please reach out to us at moving@freshbooks.com or call us at 1-866-819-0852 to speak to one of our Migration Specialists so we can help your Accountant move over successfully as well.

 

Reports

The Reports you know and use regularly are still in the new FreshBooks, but are now all on one page and with new looks. In Classic, all the available filters are at the top of the Report. In the all-new FreshBooks, you can find any available filters for any report by clicking on the slider icon next to the Report title instead. Once you’ve chosen your options, click Apply and your Report will update.

Classic invoice details report with filters at top.

Invoice details report with filters inside slider icon.


A FreshBooks Classic account with report filters at the top (left) compared to the all-new FreshBooks account with report filters in the slider icon (right)
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Brand New Features

With the all-new FreshBooks, we’re able to build new features and implement improvements faster than before. Below are some brand new features that are only available on the new FreshBooks that you can now utilize for your business:


Accounting (General Ledger, Bank Reconciliation and more)

We’ve expanded our functionality to offer double-entry accounting (available on our Plus or Premium plans) with new reports and features like:

  • Chart of Accounts - You can now see your Chart of Accounts, and have your Accountant add custom accounts as needed
  • General Ledger - Drill down into each account to see all activity recorded as transactions/Journal Entries
  • Trial Balance Report - Identify discrepancies in your account totals and ensure your accounts balance
  • Journal Entries - Invite your Accountant and they’ll be able to create Journal Entries as needed
  • Balance Sheet - In Classic, the Balance Sheet was a blank template that you had to fill out yourself; in the all-new FreshBooks, the Balance Sheet is automatically populated for you. Your Accountant can create Journal Entries to add any additional information to your Chart of Accounts, which in turn will reflect on the Balance Sheet
  • Bank Reconciliation - Connect your bank account(s) and match transactions from your bank statement to entries in FreshBooks, ensuring your books accurately represent your bank accounts and that all your funds are accounted for


Advanced Payments

Also known as Virtual Terminal in FreshBooks Classic, you can use both FreshBooks Payments (WePay) and Stripe to proactively charge your Clients’ credit card details that have been provided to you. You can also save their card information to use on one-off invoices. Learn more about Advanced Payments here.

Message Center & Help Widgets

All accounts in the all-new FreshBooks now have a Message Center along with a Help widget, located in the bottom right corner. You can keep track of what’s newly released or updated, along with announcements and more inside the Message Center. Use the Help widget to also look up articles from our Frequently Asked Questions (FAQ) without leaving your account.

Other Income

In FreshBooks Classic, the only way to track income is to create a paid invoice for it. If you’ve been collecting income through other means that don’t require an invoice (like Rent), you can log it as an Other Income entry in the new FreshBooks. This will also reflect correctly in your reporting, especially with the Accounting reports. Read more about tracking Other Income here.

Proposals

Proposals are similar to Estimates, except you can now go in depth by providing a richer explanation of the services you’ll be providing. You can add text-based sections like Overview, Scope of Work, Timeline, and more, along with rich text editing (bold, italicize, bulleted and numbered lists). Attachments can be included on the Proposal, as well as uploading images to personalize it. You can also request for your Client to sign the Proposal with a legally binding e-Signature. Learn more about Proposals here.

Retainers

Retainers are similar to Recurring Templates (known as Recurring Profiles in Classic). The difference though, is that with Retainers, you can set a budget with your Client and reserve a block of time for time tracked on a recurring basis. The Retainer will generate invoices for you automatically, and all time tracked towards the Retainer are marked as billed as the invoice is generated. If you track any hours beyond the budget, those time entries are automatically flagged as excess hours, which you can then bill onto a one-off invoice (and at a different Rate too). Learn more about Retainers and how they work in detail here.

 



Need Help?

We want to ensure you have a smooth experience moving over to the all-new FreshBooks. If you’re experiencing any issues or you have further questions, please reach out directly at moving@freshbooks.com or call us at 1-866-819-0852 to speak to one of our Migration Specialists, Monday to Friday, 8 am - 8 pm ET. You can also check out our webinar if you want a guided demo of the all-new FreshBooks here.

 

 

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