The 'Workpapers' or Trial Balance feature is designed for Accounting professionals to simplify year-end accounting processes. Its goal is to save time and resources required to gather formal reports and financial statements at year-end.
This feature is available in QuickBooks Online Accountant edition and is accessible via the Accountant dashboard. All information and notes entered into the 'Working Papers' is automatically saved, and is only made visible to Accountants and Bookkeepers (clients will not have visibility). Once all year-end adjustments are made through Workpapers, accountants can quickly and easily complete corporate tax returns using GIFI codes.
In this article, you'll learn about:
- Feature highlights
- How to access Workpapers
- How to export from QuickBooks Online to a GIFI file
- How to print from Workpapers
- Frequently asked questions
Feature highlights
- Trial Balance activity timeline: a filterable timeline that displays client and Accountant activities impacting balances.
- Make adjustments in Trial Balance: one-click access to transaction details.
- Add notes and attach documents that will only be visible to you and your firm.
- Other transactions: shows all non-adjusting journal entries and re-classified transactions.
How to access Workpapers
- Log in to the QuickBooks Online Accountant firm where you'll see the client you were granted access to.
- From the client list you can choose review data, or you can open up the client and choose Workpapers from the Books to Tax navigation menu on the left.
- The screen displays a Working Trial Balance. You can adjust entries by clicking on the + button. You can also browse for documents, drag and drop, or leave notes for team members.
You can also access Workpapers under the Accountant Tools menu.
How to export from QuickBooks Online to a GIFI file
- In QuickBooks Online Accountant, go to the Workpapers section for your client’s books.
- Check the Tax Mapping to insure that all the work is completed. Workpapers automatically assigns most accounts to tax lines. Any unassigned accounts appear in the "We found unmapped accounts" section. Select Assign tax line and move them to the correct tax line.
- A row will appear beneath the line you wish to map. Select the tax line from the list and then Save.
- Once completed, select Tax options at the top right, then select Export GIFI file. This will save the information in GIFI file format.
- Open ProFile and create a return or open the return you want to import the GIFI codes into.
- From the File menu, select QBOA Import.
- Select OK, and the export is completed.
How to print from Workpapers
On the Tax mapping section, select the printer icon.
Tax mapping print preview
On the Tax mapping section, select the printer icon.
Frequently asked questions
How do I access my client's company files?
The process of accessing a client company's file remains the same, the navigational component will not change. Client files can be accessed directly from the QuickBooks Online Accountant dashboard. Workpapers is a new functionality that is being added to QuickBooks Online Accountant. The current software interface will remain the same.
Is Workpapers only available to Accountants?
Workpapers is available to all Accounting professionals who use the QuickBooks Online Accountant software.
Can I use Workpapers for my personal tax return?
Currently, Workpapers only supports corporate tax returns.
If another Accountant in my firm makes changes to Workpapers, how can I review the Audit trail?
You can review the changes made to Workpapers in QuickBooks Online by accessing the Audit Log under the Gear icon.
If another Accountant in my firm makes changes to Workpapers, how can I review the Audit trail?
You can review the changes made to Workpapers in QuickBooks Online by accessing the Audit Log under the Gear icon or Recent Transactions icon.
Can you update Workpapers simultaneously with another user?
No, only one Accountant will have accessibility to update a client's file at a time. This ensures that redundant or duplicate work is not entered into Workpapers.
Does WorkPapers only work with ProFile?
No, it is a standard GIFI file that will integrate with QuickBooks Online Accountant and all major software.
Does WorkPapers work with TurboTax Business Incorporated?
At this time it does not work with TurboTax Business Incorporated.
Does WorkPapers work with non-Incorporated businesses?
No, at this time there is no GIFI import into the T1 return.