assign GIFI codes

If you have already finished the mapping process, you can skip straight to step 4 to assign GIFI codes.

To get started:

1. Select the Go to client's QuickBooks dropdown menu in the upper-left corner of the page, then choose your client.
2. Go to All apps > Accounting > Income Tax.
3. Under the Tax mapping tab, check the Working Trial Balance and the GIFI Mapping to ensure that all work is completed. Any unassigned codes can be added to the Tax mapping section.
    
   • Please note that you will receive a warning if certain account types have an opposite value to what is expected for that account type. For example, cash of -$1,000 remapped to bank indebtedness will show a -$1,000 balance in the GIFI file (the expected value for bank indebtedness is $1,000).
   • If you would like to adjust the attribute for GIFI export, check the box when remapping your account.
   • The following scenarios may require flipping the attribute when remapping:
     • Asset to Liability
     • Liability to Asset
     • Revenue/Income to Expenses/Cost of Goods Sold
     • Expenses/Cost of Goods Sold to Revenue/Income
        
4. To assign GIFI codes, go through the list and change the tax line.
5. A row displays beneath the line to map. Select the GIFI code from the list.
6. Tick the Reverse the numerical attribute of account (+/-) checkbox if required.
7. Once completed, select Save. This saves the information in a GIFI file format.
8. Export the GIFI.

For further details, please refer to this article: Workpapers GIFI mapping article.

Please let us know if you have any questions or require further assistance.