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Use Prep for taxes to map your clients’ tax info

SOLVEDby QuickBooks2Updated December 01, 2023

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

Prep for taxes is a tool in QuickBooks Online Accountant lets you review a client’s accounts from a single dashboard. It's very similar to a trial balance. You can use it for any clients who use QuickBooks Online. After you review your client's accounts, 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 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:

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

Step 2: Make adjusting journal entries

Prep for taxes makes it easy to record adjusting journal entries if needed. These lets you adjust transaction totals without changing the original record. To make an adjusting journal entry while you're on the Review & adjust tab:

  1. Expand the list of accounts.
  2. Find the account you want to adjust.
  3. From the Actions column, select Make adjustment.

 You can attach notes and documents to keep track of work on individual accounts as needed:

  1. From the Actions column, select the small arrow ▼ icon.
  2. Select Add attachment or Add note.

 Icons appear next to each account for easy reference.

 Change the accounting method view

You can toggle between accounting method views to make your review easier. This won’t affect your client’s settings or view in QuickBooks Online.

  1. Select the pencil icon at the top.
  2. Toggle between Cash basis and Accrual basis.

Step 3: Export the mapped tax forms

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

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

If you’ve signed up for LodgeIT, you can start exporting through it. Want to sign up? Here’s how.

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