15 Features of QuickBooks Enterprise Diamond Edition

Managing a growing business shouldn’t mean managing a dozen disconnected tools. In today’s fast-paced market, organizations need a centralized ERP that eliminates “integration fatigue” while scaling alongside them. 

Enter QuickBooks Enterprise Diamond – the most powerful tier in the QuickBooks ecosystem. Diamond doesn’t just offer features; it offers a total business command center.

By combining accounting, payroll, sales, and advanced inventory into one seamless environment, it supports up to 40 concurrent users, ensuring your entire team stays in sync. 

Top Features of QuickBooks Enterprise Diamond Edition

Here is a deep dive into the features that solidify Diamond’s status as a best-in-class ERP solution.

1. Bill and PO Approval

QuickBooks Enterprise Diamond enables you to create customized workflows to speed up bill and purchase order approvals. This feature is available only in the Platinum and Diamond editions. You can go to the Set up Approval Process in the Company menu to create approval workflows for bills and purchase orders based on different conditions. 

Moreover, you can assign users for approvals and notifications. If not approved, you can set the period after which a reminder will be sent. 

2. Advanced Inventory

In addition to the basic inventory features, QuickBooks Enterprise Diamond includes Advanced Inventory. With the Advanced Inventory feature, businesses can track items by serial and lot numbers.

Moreover, you can implement bar codes on items to ensure an easy pick, pack, and ship process. You can also implement FIFO to ensure accurate reporting and costing of items. In addition, only in the Platinum and Diamond editions can you set expiration dates for items.   

3. Advanced Reporting

QuickBooks Enterprise Diamond offers more than 200 reports for every business function, including accounting, sales, payroll, tax, and more. Additionally, you get 70 industry-specific reports. For example, you get Profit & Loss Monthly Comparison for retail and Job Costs by Vendor & Job Summary for construction. 

These reports can be customized according to your requirements by adding or removing fields, data ranges, and filters. You can also combine different reports to get better data insights. Furthermore, Advanced Reporting allows you to create new reports from raw QuickBooks data.    

4. Advanced Pricing

The Advanced Pricing feature automates pricing management by enabling companies to create pricing rules tailored to their business requirements. You can create pricing rules based on customers, vendors, or location. Moreover, Advanced Pricing automatically applies sales tax based on location. 

You can set discounts on bulk purchases and set markdowns for specific manufacturers. Advanced pricing also enables you to set date ranges for pricing rules in a promotional campaign.    

5. Multi-Company Management

QuickBooks Enterprise Diamond enables you to manage business entities with different company files simultaneously. You can manage transactions from multiple company files on a common dashboard and establish relationships between them. 

You can also create inter-company transactions from a bill and custom workflows for approvals. Moreover, you can consolidate reports from multiple companies for advanced data insights. You can toggle between multiple company tabs to work simultaneously. 

Suggested Read: Top 9 Features of QuickBooks Enterprise Platinum Edition

6. Cash Flow Hub

Cash Flow Hub is a platform that gives you real-time visibility into the business’s cash flow. You get a dashboard with details of all accounts (savings, credit card, checking), along with the cash balance.

It also displays the cash flow trend for the specific period. Moreover, you can view the amount paid and owed in the Money Out and Money In sections, respectively.

7. Priority Circle

Priority Circle is Intuit’s premium support service included with the Diamond edition. Being a member of the Priority Circle gives you access to dedicated phone and chat assistance by QuickBooks experts. In addition, you get access to an extensive library of training courses, webinars, and tutorials valued at $3,000 for free.   

8. Enhanced Payroll

Enhanced Payroll, also known as Assisted Payroll, is integrated with the Enterprise Platinum and Diamond editions. It helps businesses facilitate accurate payroll calculations and automate tax filings. You can review employee hours and pay them through direct deposits. 

Moreover, employees can view their W-2s and pay stubs on the online portal. Intuit incurs a maximum employee fee of $3 per employee, with no fee for more than 220 employees.

Exclusively available for QuickBooks Enterprise Diamond users, Intuit offers additional assistance for payroll setup and files taxes on your behalf.  

9. QuickBooks Desktop Payments

The QuickBooks Desktop Payments feature is integrated with the Diamond edition to make receiving payments easier. It helps you accept payments via your preferred mode, including credit cards, ACH, and debit cards. You can add a button to your invoices so customers can pay directly. All the payments sync automatically with QB Enterprise, reducing manual errors.  

10. QuickBooks Time Elite

QuickBooks Time Elite is Intuit’s employee time tracking solution that optimizes payroll management. It enables you to manage and create employee schedules and share them with the team instantly.

Moreover, you track employee mileage and set up geofencing to remind the employee to clock in or out when they enter or leave a job site. Employees can clock hours on the same portal and get real-time updates on any scheduling changes. 

All the data syncs with QuickBooks Enterprise in real time for easy billable hours calculations. QuickBooks Time Elite offers you clear visibility into employee productivity and project status. 

11. Fixed Asset Tracking and Management

Managing fixed assets and assessing their value over time can be challenging. Fixed Asset Manager (FAM) optimizes asset management by calculating depreciation values in accordance with the IRS standards.

You can create an item list of fixed assets and set the depreciation schedule and method for accurate calculations. Moreover, FAM allows you to manage asset sales and disposals and customize fixed asset reports.  

12. Sales Order Management

QuickBooks Enterprise Diamond edition offers various features for sales order management. It offers a Sales Order Fulfillment Worksheet dashboard where you can track the status of all orders, whether open, picked, packed, or shipped.

Moreover, you can assign pickers to specific bins and get real-time updates. QB Enterprise also integrates with multiple e-commerce platforms like Amazon and Shopify.  

Also Read: Top 9 Advanced Features of QuickBooks Enterprise Gold Edition

13. Data Level Permissions

QuickBooks Enterprise Diamond offers advanced access controls to prevent unauthorized access and insider threats. Admin can assign pre-defined roles, such as View-only, Banking, Accounts Payable, etc., to users based on their responsibilities.

You can build new roles from scratch or edit existing ones to fit your business needs. You also have the flexibility to add, delete, or tweak specific permissions for any role at any time.

QuickBooks Enterprise offers data-level permissions only in the Platinum and Diamond editions. The data level permissions enable admins to give a user access to only certain functions of the QB Enterprise, depending on the locations and domains they work in.  

14. Multi-location Inventory Tracking

This feature is beneficial for businesses that have multiple inventory sites, such as warehouses. It enables you to track the quantity and value of each inventory site. Moreover, you can transfer the inventory from one location to another and set up reorder points for items in a specific inventory site. 

Furthermore, purchased items can be sent to and sold from your preferred site location. QuickBooks Enterprise Diamond also offers customized reports, such as Quantity on Hand by Site and Inventory Stock Status by Site for multi-location inventory tracking.     

15. Data Security

QuickBooks Enterprise Diamond deploys multiple security features to ensure data protection. It offers 256-bit encryption to ensure the security of all your critical data, such as vendor information and credit card details.

Admins can track user activity on the audit trail to identify any suspicious behavior. Moreover, they can set a date range for users’ access in accordance with a specific project. 

Why Choose QuickBooks Enterprise Diamond Edition?

The Diamond edition is for enterprises that don’t want just a basic accounting tool but a complete business solution that overcomes data silo challenges of a fragmented tech stack. It is built for mid to large businesses that manage high transaction volumes, multiple locations, and complex workflows.

If you work with a large team and want a collaborative platform that supports 40 users working simultaneously, the Diamond edition is the right choice. 

For more information, check out the comparison of QuickBooks Enterprise Silver, Gold, Diamond, and Platinum versions.

Realize the Full Potential of QuickBooks Enterprise Diamond with Cloud Hosting

Local desktops often hold back QuickBooks Enterprise because of limited access and performance issues. Moving to a cloud platform removes these barriers, allowing your team to work more securely from anywhere.

Cloud hosting of QuickBooks Enterprise Solution lets multiple people use the software remotely without worrying about lag or security risks. You can also scale your IT resources as your needs change, which helps you avoid high upfront costs and technical headaches.

Intuit-authorized providers like Ace Cloud Hosting offer cloud environments built specifically for QuickBooks. These setups come with 99.99% uptime, enterprise-grade security, and support that is available 24/7. As an Intuit partner, Ace Cloud Hosting also provides genuine QuickBooks Enterprise Diamond licenses at some of the best prices in the industry.