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In this video tutorial, the presenter discusses their favorite feature in QuickBooks Online: building custom drop-down fields. Additionally, they demonstrate how to use the new custom report builder to create reports utilizing these fields. It is emphasized that these features are only available in the Advanced edition of QuickBooks Online. To check your version, viewers are instructed to click the gear menu, go to Account and Settings, then select Billing and Subscription to see if they have the Advanced version. Users with Simple Start, Essentials, or Plus need to upgrade to access these features. Instructions on how to upgrade are also provided.