Why can't amounts be entered with some of the GIFI codes in QuickBooks Online Accountant?

According to the CRA's T2 software specifications, the following GIFI codes are system-calculated only and cannot be overridden.

• 1599 - Total Current assets
• 2008 - Total tangible capital assets
• 2009 - Total accumulated amortization of tangible assets
• 2178 - Total intangible capital assets
• 2179 - Total accumulated amortization of intangible assets
• 2589 - Total long-term assets
• 2599 - Total Assets
• 3139 - Total current liabilities
• 3450 - Total long-term liabilities
• 3499 - Total liabilities
• 3600 - Retained earnings/deficits in the list
• 3620 - Total shareholder equity
• 3640 - Total liabilities and shareholder equity
• 3849 - Retained earnings/deficit - End
• 8089 - Total sales of goods and services
• 8299 - Total revenue
• 8300 - Opening inventory
• 8301 - Opening inventory - Finished goods
• 8302 - Opening inventory - Raw materials
• 8303 - Opening inventory - Goods in Process
• 8518 - Cost of sales
• 8519 - Gross profit / loss
• 9367 - Total operating expenses
• 9368 - Total expenses
• 9970 - Net income / loss before taxes and extraordinary items
• 9998 - Total - Other comprehensive income
• 9999 - Net income / loss after taxes and extraordinary items
• Income and expenses related with farming:  9369, 9659, 9898, 9899, and 9970

How are amounts for these GIFI codes calculated?

The listed GIFI codes above are calculated based on the entry of other GIFI codes. For example, GIFI 2008 is the total tangible capital assets, represents the sum of all tangible assets reported. As per CRA, the breakdown of the tangible capital assets has to be itemized, and the software calculates the total.

Visit the following CRA Link for more information about GIFI codes.

What will happen if I import with the above GIFI codes?

Your Balance sheet will not balance on Schedule 100. The above GIFI codes, if used, will not import into the tax return. However, if GIFI code amounts adding up to the total are used, the software will calculate these amounts.

How do I fix this now that I have created the return?

It is recommended to go back into Workpapers and adjust the GIFI number to the correct GIFI number.

1. Navigate to the client’s Workpapers.
2. Select the correct tax year.
3. Click Tax mapping.
4. Identify the incorrect GIFI line item.
5. Adjust the incorrect GIFI line item and click Save. If you are uncertain which GIFI code to use, refer to the GIFI guide above provided by the CRA.