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In this video tutorial, the presenter discusses their favorite feature in QuickBooks Online: creating custom drop-down fields. They also demonstrate how to utilize the new custom report builder to generate reports using these fields. It's important to note that this functionality is only available in the Advanced edition of QuickBooks Online. Viewers are instructed to check their version by accessing the gear menu, navigating to Account and Settings, and selecting Billing and Subscription under Accounting Settings. If the version indicates anything other than QuickBooks Advanced, viewers will need to upgrade their plan to access the discussed features.