After you've reviewed your Working Trial Balance year-end information and completed your adjustments, you can export the trial balance for a tax preparer (or for yourself, if you are the tax preparer) to import into a tax application like QuickBooks Online Accountant Pro Tax or Intuit ProFile.
The Workpapers Tax Mapping feature allows 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.
The following information will guide you through the Tax mapping process in QuickBooks Online Accountant. These steps are also necessary when starting a return.
- From the client dashboard, select a client from the Go to client's QuickBooks dropdown menu.
- Select the option Income tax under the Books to Tax menu on the left-side bar.
- Select Tax mapping.
- Check the Working Trial Balance and the GIFI Mapping to ensure that all the work is completed. Any unassigned codes can be added to the Tax mapping section.
- You will receive a warning if certain account types have an opposite value of what is expected for that account type. For example cash $-1,000 remapped to bank indebtedness will show a -$1,000 balance on the GIFI file. (expected value is $1,000 for bank indebtedness)
- 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
- To assign GIFI Codes, go through the list and change the tax line.
- A row displays beneath the line to map. Select the GIFI code from the list.
- Select the checkbox Reverse the numerical attribute of account (+/-) if required.
- Once completed, select Save. This saves the information in a GIFI File format.
- Export the GIFI.
- Open the Pro Tax tab or alternate tax software.
- Create a new return to import the GIFI codes into.
- Begin the return.