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How to use Prep for Taxes | Get started tutorial

Use Prep for Taxes for a simpler Year End

Learn how to use Prep for taxes to review and adjust your client's QuickBooks Online accounts to get ready for tax season.

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What is Prep for taxes?

Prep for Taxes is a tool in QuickBooks Online Accountant that lets you review a client’s accounts from a single dashboard. After you review your client's accounts, the tool will automatically export accounts to the proper lines on tax forms. You can export the mapped tax forms to QuickBooks Tax powered by LodgeiT to get a headstart on your client’s tax return.

Step-by-step guide

Step 1: Review your client’s accounts

Your client’s annual Balance Sheet and Profit and Loss Reports sit side-by-side for quick comparisons. You’ll also see last year’s totals, account differences, and any adjusting entries you’ve made in Prep for taxes. To dive into a specific account and get a complete list of transactions:

  • Open your client’s QuickBooks Online company. Select the briefcase (Accountant Tools) icon. 
  • Select Prep for taxes.
  • Expand the list of accounts. Select the account total from the column for the current year.
Prep for Taxes

Step 2: Make adjusting journal entries

Adjust transaction totals without changing the original record. To make an adjusting journal entry while you're on the Review & Adjust tab:

  • Expand the list of accounts to find the account you want to adjust.
  • From the Actions column, select Make adjustment.
  • If you need to attach notes or documents to keep track of work on individual accounts, browse to the Actions column, then select Add attachment or Add note.
  • Icons appear next to each account for easy reference.
Review and Adjust in Prep for Taxes

Step 3: Export the mapped tax forms

When you’re ready to export, download a CSV for other tax preparation software.

  • Above the Actions column, select the Export icon.
  • Select Export to CSV.

Alternatively, if you’ve signed up for LodgeiT, you can start exporting from there.

exporting reports in Prep for Taxes

Related Resources/Articles

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LodgeiT Overview

Learn about using LodgeiT for tax preparation and lodgement direct to the ATO.

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Year-end guide and checklist

Follow this handy checklist to prepare for year-end.

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Import your clients’ BAS & Tax data

Import GST and PAYGW into QuickBooks Tax.

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