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I have been using QuickBooks for many years. I am not an accountant so I have avoided anything that is not absolutely necessary to run my business. From the very first version of QuickBooks I have used (back in the 1990s) the Inuit recommendation for accounts was to not set up any Tax-Line Mapping for any account so I have never done that. Now I am trying for the first time to use TurboTax Business Incorporated but it refuses to import any QuickBooks data because my QuickBooks is missing a bunch of GIFI codes. Since I have no clue as to how to map these, I was hoping that QuickBooks would have some sort of built in feature that would either assign these codes for me (preferred method) or at least walk me through assigning the codes based upon QuickBooks recommendations. Does such a feature exist and, if yes, how do I access it?
Thanks
Hello BertP1,
Welcome back to the Community. QuickBooks is a versatile program that helps you streamline your work using the powerful features offered in the program. Rest assured, I'll be happy to share more info so you're on the right track.
QuickBooks offers a feature called Workpapers that allows for you to either edit GIFI codes that we've already mapped for your account balances, or assign GIFI codes for account balances that have not yet been mapped. This feature automatically groups your account balances within the appropriate area of the tax form as each GIFI code is assigned. It's important to note that this feature is available in QuickBooks Online Accountant. You can connect with QBOA accounting professionals in your area using this link here.
Otherwise, if you're using QBOA, here's a helpful article that provides more info about the Workpapers feature and how to use to your advantage.
Let me know if this info helps. I'll be one message away in case you have other questions.
Thanks for the reply but I am using QuickBooks DeskTop, not online. Is there anything available in the DeskTop version?
I see. In order to learn more about the options available with GIFI codes in QuickBooks Desktop, I recommend getting in touch with the phone support team. You can reach out to them by dialing 1-833-317-2226. To find out more about our hours and other contact methods, please follow this link here: Intuit QuickBooks Desktop software support policies. Feel free to keep me posted on how you make out. I'll be one message away in case you need anything else.
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