If you link tax codes to your accounts, you can use the Trial Balance>Tax Links screen to create a file (based on your trial balance) to use with your tax program. The file you create allows you to complete a substantial percentage of your company's tax return using the data you have already entered into the system.
When you set up your account, you must use the Setup>Chart of Accounts>Tax Codes screen to select the tax program you use to apply the correct tax file or tax codes. You can then use the Tax Links screen each year to create a tax link file to help you prepare your tax return.
Note: Accounts with balances missing tax codes appear in the list of Tax Links with MISSING in the Tax Code column. Before you export, go to the Setup>Chart of Accounts>Tax Codes screen to apply the missing codes.
The Tax Links screen displays the tax balances as of the end of the last tax year for the account, based on the tax program you identified on the Tax Codes screen when you set up the account. A tax link action bar item appears for the tax program you specified on the Tax Codes screen. For example, if you use UltraTax, Tax Link to UltraTax is an action bar item on the Tax Links screen. You can use this action bar item to create an UltraTax import file.
To create a tax link output file:
Click the tax link button on the action bar for your tax program:
Tax Link to UltraTax creates an output file specifically formatted for UltraTax.
Tax Link to Lacerte creates a CSV-output spreadsheet specifically formatted for Lacerte.
Tax Link to ProSeries creates a text file to export to ProSeries.
Tax Link to Generic creates an Excel file to edit for use with your tax program.
Save the created export file to your hard drive.
Perform the following steps based on the tax program you use.
UltraTax: From UltraTax, open your client, click Utilities, Third Party, Accounting Power, and browse to and select your file.
Lacerte or ProSeries: From Lacerte or ProSeries, go to the trial balance import section of the tax program to import the file.
Generic: From other tax programs, use the Excel action bar item on the Tax Links screen to export the file. Then, follow the procedures of that tax program to import data from the exported file.
For more information about:
Linking tax files and codes to your accounts, see Apply Tax Codes
Trial balance, see Review Trial Balance