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In this video, the presenter introduces a favorite feature of QuickBooks Online: building custom drop-down fields. They will also demonstrate using the new custom report builder to create reports with these fields. It's important to note that these features are only available in the Advanced edition of QuickBooks Online. Viewers are guided on how to check their version by accessing the gear menu, navigating to Account and Settings, and checking the billing and subscription section. If the version shows Simple Start, Essentials, or Plus, an upgrade to QuickBooks Online Advanced is necessary to access the discussed functionalities. Viewers are advised to click on "upgrade your plan" for the upgrade process.