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Prepare and submit annual accounts using Workpapers and Pro Tax in QuickBooks Online Accountant

by Intuit•9• Updated 4 days ago

Learn the process for preparing and submitting annual accounts reports using Workpapers and Pro Tax in QuickBooks Online Accountant. This involves reviewing accounts, mapping, drafting reports, preparing the tax return, and filing with HMRC and Companies House.


Before you begin

  • You need access to your client’s file through QuickBooks Online Accountant.
  • Ensure Workpapers and Pro Tax are available for the client.

Prepare and submit the accounts

Follow these steps sequentially to complete the annual accounts submission process:

  1. Access your client’s file through QuickBooks Online Accountant.
  2. Find Accounting review and select Workpapers.
  3. Select the Review & adjust tab.
  4. Review accounts to ensure they are up-to-date and accurate. Select the Accounts â–Ľ dropdown to expand the list.
  5. To see a full list of transactions for an account, select the account ÂŁ figure for the current year.
  6. Make any necessary adjustments.

Ensure the chart of accounts (COA) are correctly mapped to annual accounts or excluded if not needed for the year.

  1. In the Annual accounts tab, select Map annual accounts.
  2. Use the dropdown menu next to each COA account to map it to a corresponding annual account, or mark it as excluded.
  3. Repeat for all relevant accounts.
  4. Select Save when finished.

Compile the annual accounts report for the year.

  1. In the Annual accounts tab, select View/edit report.
  2. Review each section, add any missing details, and address issues.
  3. If the report is complete, save it as Draft ready for tax calculation.
  4. If you need to return later, save the report as Work in progress.
  1. Select the Tax mapping tab.
  2. If any accounts are unmapped, select Assign tax line.
  3. Choose the correct tax line for each account, or select Not mapped.
  4. Select Save.
  1. In Workpapers, select Start return in Pro Tax.
  2. Mapped tax data from Workpapers will automatically populate a new return in Pro Tax.

In Pro Tax, work through the details for the CTComputation and CT600 form.

  1. Check the Auditor tab for any outstanding issues.
  2. Once complete, download the draft return using the Return action â–Ľ dropdown.
  3. Return to Workpapers.

Make necessary adjustments for the corporation tax charge using journal entries.

  1. In Workpapers, go to the Review & adjust tab.
  2. Next to Accounts, select the â–Ľdropdown to find the account needing adjustment.
  3. In the Adjusting entries column, select the (+) icon to open a new journal entry.
  4. Complete the journal entry details.
  5. Select Save and close.
  6. Go back to the Annual accounts tab and mark the annual accounts report as Ready for client approval.
  1. In the Annual accounts tab, select View/edit report.
  2. Download the annual accounts report in your chosen PDF format.
  3. In Pro Tax, download the tax return using the Return action â–Ľ dropdown.
  4. Send both documents to your client for approval.

After approval:

  1. Return to the Annual accounts tab in Workpapers.
  2. Save the annual accounts report as Ready for filing to CH and HMRC.
  3. Select Send report to Pro Tax.
  1. Go back to Pro Tax.
  2. Follow the steps in this article to file your Corporation Tax return.

Upon completing these steps, the annual accounts report and corporation tax return will be prepared, approved, and ready for filing with HMRC and Companies House via Pro Tax.