Hello I'm trying to figure out how to export a GIFI file from QBO to file my T2? Can anyone tell if QBO has this feature and if not, is there a way to do it manually?Thx
Being able to use the information you've generated in QuickBooks Online is a great option for ensuring that filing your taxes runs as smoothly as possible. With things like reports, the program organizes information in such a way that you can easily get a sense of your business and do what you need to do. I'm happy to go over GIFI files and T2s specifically so you know your options.
At this time, QuickBooks Online doesn't generate GIFI files needed for your T2 filing. In light of that, there are a few options to consider. The first is to use the General Index of Financial Information (GIFI) article from the CRA website to sort through your information to determine how to create such a file yourself.
The second option is to work with a QuickBooks Online Accountant (QBOA) user. Users with this access have tools to not only generate the GIFI files, but also the option to use a subscription called Pro Tax in the QBOA account to complete the T2 files. This could be a great resource for you, especially if you already have an accountant you're working with.
To connect with an accountant, you can invite someone you're working with already as a user by heading to the My Accountant tab and entering their email in the invite field. Make sure it's the email associated with their QBOA account so they can complete the process. If they don't have an account already, the process will prompt them to create one.
To find an accountant to work with, you can click the Find a pro to help button on the My Accountant tab and begin your search using your postal code or city name. This brings up a list of QuickBooks certified accountants near you.
Here's a little bit of information about GIFI mapping and Pro Tax that you can share with your accountant.