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In this video tutorial, the presenter shares their favorite feature in QuickBooks Online: building custom drop-down fields. The tutorial also covers using the new custom report builder to create reports with these fields. It’s important to note that all discussed features are only available in the advanced edition of QuickBooks Online. To check your version, go to the gear menu, then account and settings, and navigate to billing and subscription. If it shows anything other than "QuickBooks Advance," such as Simple Start, Essentials, or Plus, you will need to upgrade your plan to access the features demonstrated in the video.