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News > Nine TaxCycle options to review before tax season is in full swing

Nine TaxCycle options to review before tax season is in full swing


TaxCycle is highly customizable to meet the needs of your practice. To save time during tax season, review these options before you're in the thick of things.

Where do I find all these options?

For all the tips below, you must first open TaxCycle Options. On the Start screen, click Options in the blue bar on the left. Or, if you have the return open, go to the File menu, then click Options.

The settings below are accessible from the left-hand side of the Options dialog box.

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1. Set preparer and firm information

When you create a new tax return, TaxCycle inserts the Organization and Preparer details stored in options into the Engagement worksheet. This contact information is then used on various forms and correspondence.

  1. 2019-organization-options In options, expand the Organization section.
  2. Enter the address information on the Contact and Address page. If you are using Options Profiles to share settings across your office, add this page to the Profile so that everyone has the same settings. (Read the Preparer and firm help topic for more details.)
  3. On the Correspondence page, insert the logo and signature that will appear on the letter templates. Include this page in Options Profiles as well if everyone in your office will share these settings. (Read the Signature and logo help topic to learn more.)
  4. On the Preparer page, enter the name, designation and signature file for the individual preparer. If you are using Options Profiles, exclude this page and then each preparer can set their own information. (Read the Preparer and firm help topic for more details.)

2. Enter authorization form details

Client authorization is required so you can access CRA Represent a Client, download data from Auto-fill my return, and EFILE tax returns on your clients' behalf. Complete this information in Options so that it flows into every tax return you create.

  1. In options, expand the Organization section.
  2. Click on Authorization. Changes to authorization form options apply to all TaxCycle modules.
  3. In the CRA Authorization Forms section, enter your firm's business number, RepID, Group name and GroupID, as required. These eventually flow to forms like the T1013 depending on the authorization option you set there.
  4. If you need to use a different Preparer or Firm Name on these authorization forms, enter that name here. This information will then be used to populate the related field in the Preparer/Firm representative section of the Engagement worksheet.
  5. If you are preparing returns for Québec, also complete the similar fields under the Revenu Québec Authorization Forms section.

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3. Set EFILE number and password

Enter your electronic filing credentials now so that they are ready for filing when the EFILE system opens.

  1. In options, expand the Transmission section.
  2. On the EFILE Accounts page, enter your EFILE Number and Password. These are used for T1 EFILE, T1135, Pre-Authorized Debit (PAD), ReFILE for T1 adjustments, and T2 Corporation Internet Filing.
  3. If you are filing with NetFile Québec, also enter those transmission credentials on this page.
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  1. For slips returns and other return types that you can upload to the CRA by Internet file transfer (XML), complete the Slips Accounts and Slip Transmitter pages. Learn more in the Internet File Transfer (XML) help topic. If you are filing Relevés with Revenu Québec, you can also set up your Québec transmitter number and transmitter ID.

4. Review default folders

Review default file locations at the beginning of tax season to make sure they point to the correct folder on your computer or network. Setting the correct path(s) means you don’t have to browse when opening an existing file or carrying forward a return, saving you time.

2019-folder-structure

  1. In options, expand Files and folders, then click on Client Folders.
  2. In the Folder structure field, enter a path with variables to define a hierarchy and naming convention for your folders. Use a backslash to separate parent from child folders.
    • On first install, this path points to your Windows® Documents folder and organizes the folders by return type and year: C:\Users\{WindowsUserName}\Documents\TaxCycle Files\{ReturnType}\{ReturnYear}.
    • For files stored on a local computer, in a folder that is not shared with others, use a drive letter in the path: C:\server\Tax Returns\{ReturnType}\{ReturnYear}
    • For files stored on a server that is shared with everyone in the office, use the server name, preceded by two backslashes: \\server\Tax Returns\{ReturnType}\{ReturnYear}
  3. Your path can include any items from the list of Available variables. Variables must be enclosed in single braces { } (curly brackets). A list of variables appear in the blue box on the options page.
  4. An example of your proposed folder structure appears under the field to help you see the results of the variables. If you have a file open, it uses the data from that file to show a preview.
  5. Check Create new folders as required when saving a file to automatically build the folder structure as you save tax returns.

For more information on the available variables, sample folder structures, and setting exceptions, read the Folder options help topic.

The Client Manager also uses these locations as default folders to monitor. Therefore, if you change these locations after setting up the Client Manager, be sure to update your monitored folder locations. See the Indexing and monitored folders help topic.

5. Review file naming

For each tax module and year, you can set the format of all new TaxCycle files you create or carry forward.

  1. In options, expand the T1/TP1 section (or another tax return type) and click on File Naming to apply the settings to all years.
  2. To set separate options for each year, expand File Naming and then click on a specific year.
  3. On the right, set the contents and order of suggested files names, including the taxpayer name, tax year, social insurance number, business number, etc.
  4. At the bottom of the page, you will see samples of what possible file names will look like.

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6. Set new file options

For each tax return type or module, you can set options for certain fields in all new files that you create or carry forward.

Setting these options saves you entering data in each return. It is worth reviewing these options even if you already carried forward your files to the current year. For any files you have already created, TaxCycle will display a review message when the choice in the field on the Info worksheet does not match the default you set in Options.

  1. In options, expand the T1/TP1 section (or another tax return type) and click on New File to apply the settings to all years.
  2. To set separate options for each year, expand New File and then click on a specific year.
  3. Scroll through the list on the right to set the following defaults:
    • Optional carry forward values, such as whether to carry forward the answer to the Elections Canada question.
    • Address City and Province for new files.
    • Goal and thresholds for optimizations.
    • Language of correspondence and contact method (inserted onto the Info worksheet).
    • Authorization level and signing date defaults for various forms.
    • Default instalment options
  4. New for 2018-19, default disclaimers now appear on their own page in Options.

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7. Customize print sets

TaxCycle comes with default print sets that meet the needs of most practices. However, you can still review those options before the season begins. For each type of tax return and year, you can create as many print sets as you want, select and organize forms into any order and configure printers, trays, PDF output and many other options. To see this in action, watch the video of the Print and PDF webinar.

  1. In options, expand the T1/TP1 section (or a section for another tax module).
  2. Expand Print and click on a year to set print options for that particular year.
  3. Click once on an existing print set to edit it. Scroll down to the bottom of the list of print sets to create a new set. See the Print/PDF options help topic.
  4. Drag and drop forms between the two columns at the bottom to adjust the form selection for the selected print set. The form selection for the set is in the right-hand column. See the "Form selection" section in the Print/PDF options help topic.
  5. Click the edit link to change the printer and output options. See the Print/PDF output options help topic.

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8. Set prices and invoice settings

There are a couple of places to look at if you want to use TaxCycle to create invoices based on forms used in the return or on the time spent working on a file. The information entered in options flows to the Billing worksheet within each T1 tax return. Then, it is used to create the CInvoice, JInvoice and FInvoice.

  1. Learn more about how the Billing worksheet and invoice templates work in the T1 billing and invoicing help topic. Or watch the video of the Billing and Invoicing webinar.
  2. Expand the Return Preparation section and click on Invoicing to set the GST/PST number, province for sales tax and configure integration with QuickBooks online or QuickBooks desktop (if desired). See the Price and invoice options help topic.
  3. Expand the section for T1/TP1 (or another tax return type) and click on Price to apply the settings to all years. To set separate options for each year, expand Price and then click on a specific year. On this page, you can set hourly rates, per-form or item rates, seniors' discount and more. See the Price and invoice options help topic.

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9. Customize workflow groups and tasks

TaxCycle includes tasks and groups to help you track the progress of a return for each person in the file. In options, you can customize TaxCycle to match your practice workflow. Set required tasks. Reorder, show or hide the tasks and groups in file information.

  1. In options, expand the T1/TP1 section (or another tax return type) and click on New File to apply the settings to all years.
  2. To set separate options for each year, expand Workflow and then click on a specific year.
  3. Drag and drop groups to change the order in which they appear. Drag and drop to re-order tasks or move them to a different group. (If a group contains no tasks, it will not show in file information.)
  4. Check the Required box if the task is required in order to consider the group complete. If all the tasks within a group are optional, checking one task within the group in file information marks the entire group complete.
  5. Clear the Show check box to hide a task.

For detailed instructions, see Workflow groups and tasks help topic or watch the video of the Workflow groups and tasks webinar.

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