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In this video tutorial, the presenter highlights their favorite feature in QuickBooks Online: building custom drop-down fields. They also demonstrate how to use the new custom report builder to create reports utilizing those custom fields. Important to note, these features are only available in the advanced edition of QuickBooks Online. To check your version, you can access the gear menu, go to Account and Settings, click on Billing and Subscription, and look for "QuickBooks Advance." If your version is Simple Start, Essentials, or Plus, you will need to upgrade to access the discussed features by clicking on "Upgrade Your Plan."