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In this video, the presenter highlights their favorite feature in QuickBooks Online: building custom drop-down fields. They will demonstrate how to use the new custom report builder to create reports utilizing these custom fields. The tutorial notes that these features are only available in the Advanced edition of QuickBooks Online. To check which version you have, users should click the gear menu, go to Account and Settings, and then select Billing and Subscription. If the version is Simple Start, Essentials, or Plus, the discussed features won't be accessible, and users will need to upgrade to QuickBooks Online Advanced by selecting "Upgrade your plan."