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All about TaxCycle's time-saving tools for preparing multiple years and types of returns


We've all run into clients who come in needing to prepare several years of returns. Whether you've been with TaxCycle one year or several, you have access to ALL our prior years. So, there's no going back to your old software. This saves you time. 

And, we've added a few features that make preparing multiple years and types of returns easier...

Supported years if you buy a license for 2016-17

 

Install and update just one program 

 

If you use TaxCycle, you only ever need to keep one program installed on your computer. Don't worry about  installing separate programs for each year or type of tax return. Install once and then let TaxCycle run automatic updates after that.

Refresh a carry forward to work on multiple years at once

Refresh carry forward in the Data menu

It's easy to carry forward from your old software to TaxCycle, or year-to-year within TaxCycle. Most professional tax software does something similar. This is nothing new.

But, TaxCycle does something even better... 

You can update a carry forward as you work, so it's easier to prepare multiple years of returns at once. This is really great when a client comes in with that extra slip from two years ago. 

Look for the Refresh carry forward item on the Data menu, or when you right-click on a form. 

Open multiple windows

Even though you can create all the tax returns you want from one program, you aren't restricted to working on multiple returns within one program window. By default, TaxCycle opens each return in its own window, and they are listed separately on the Windows® taskbar. On a big monitor, you can open two years of returns, then snap each to one side of the window and work on both at the same time.

TaxCycle even takes this one step further... 

Within a return, drag a form tab off the window to open it in a new window (just like you do with your web browser). So, work on the return in one window, while watching the summary or jacket update live in the second window. 

If you prefer keyboard shortcuts, add the Shift key to an existing command to open something in a new window side-by-side on your monitor or on a second monitor:

  1. When opening an item from Fast Find (F4), press Shift+Enter to open the form in a new window.
  2. When switching between spouses in TaxCycle T1, press Shift+F5 to open the spouse's return in a new window.
  3. Press Shift, then click on an icon in the Favourites bar to open the form in a new window.

Share data between return types

Another great thing about preparing multiple types of tax returns within one TaxCycle program is that you can share data between tax returns:

  • If you're preparing a T2 return, you can quickly create a T4, T4A or T5 file using the data in the return. Open the return and you'll find the buttons on the Data menu.
  • From a T1 return, you can create a T3 return or TaxCycle Forms file. Once again, the button is on the Data menu.
  • TaxCycle's SlipSync shares information from T3, T4, T4A or T5 slips with a T1 return. The steps are simple: prepare the T3, T4, T4A, or T5 slips. Publish the data to SlipSync (this always resides on your computer. Nothing is sent to us or to the cloud). Create or carry forward a T1 return. When there is a published slip that matches the taxpayer in the open T1 return, TaxCycle alerts you and you can bring in the slip. (Learn more in the SlipSync help topic.)

Watch this video to learn about SlipSync:

Keep track of your old returns too

If this is your first year with TaxCycle, you're probably thinking about how great these features are, but how they aren't as useful if all your prior year returns are in your old tax software, right? 

Not true! TaxCycle has handy features to help you manage your old returns:

  • The Client Manager keeps track of returns from your old tax software, so you can search and find them on your computer or the network within TaxCycle.
  • As long as you have the old tax program installed on your computer, the Client Manager will open those returns in your old software. And, you can also use the Prior year button on the Data or right-click menu to open the prior year return from within an open TaxCycle file.
  • Finally, as you build up your TaxCycle files from different returns, TaxCycle uses the SIN number to group different files together in the Client Manager. So, for a small business owner, you can see an entry for their T1 alongside their T3, T4 and T5 slips. This includes the files from your old software.

See relationships between returns in the TaxCycle Client Manager


 

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