TaxCycle T2 and TaxCycle T5013 can import the amount in General Index of Financial Information (GIFI) format from a file with a GFI, CSV or TXT extension.
This includes files exported from:
- Accounting for Practitioners (AFP)
- QuickBooks® Desktop (using the CSV of a report, see below)
- QuickBooks® Online Accountant
- CCH Engagement
- CSV files you create yourself in Excel (they should follow the sample file format, below)
How to import a GIFI file
To import GIFI into a return:
- Open or carry forward a T2 or T5013 return in TaxCycle.
- Go to the Data menu.
- Click on GIFI Import.
- Browse to the file you want to import.
- Click Open.
You can also drag and drop the GIFI file onto the TaxCycle window to import.
TaxCycle imports the GIFI codes and related balances to the correct lines on the GIFI schedules (S100, S101, and S125) and into the Info worksheet (if that information is included in the file, but we'll never overwrite the company name and business number you've carried forward). If there are notes to the financial statements included in the GIFI export, these are inserted onto the Notes page in TaxCycle.
Forms that contain imported values have an orange starburst on the form icon.
You can update the GIFI values in the tax return at any time by reimporting a GIFI file using the same steps as above. TaxCycle will remember where you last imported a GIFI from, so it is easy to find the file again.
How to export a GIFI from QuickBooks® Online Accountant
As an accountant, you can export a GFI file from QuickBooks® Online Accountant (QBOA), within the Workpapers feature.
- Sign into QBOA.
- On the left, click Clients to view your list of clients.
- In the row for the client for whom you want to export GIFI, click the link the Workpapers column to open to their Workpapers.
- Click the Working Trial Balance tab and review the amounts to make sure they are ready for export.
- Click the GIFI Mapping tab and check that all accounts have assigned GIFI codes. If a GIFI code is missing, click the Assign GIFI code at the right of the row and choose the appropriate code. Make sure all accounts have codes before you continue.
- At the top right of the window, click the Save GIFI codes button. This will download a GFI file.
- Import the GFI file into TaxCycle.
How to export a GIFI from QuickBooks® Desktop
Unlike other accounting packages, QuickBooks® Desktop does not offer a standard GIFI export (the online version exports GFI files). Instead, you must export a CSV copy of the Income Tax Summary report.
- Open the company file in QuickBooks® Desktop.
- Under the Reports menu, expand the Accountant & Taxes section and then open the Income Tax Summary report.
- At the top of left of the report, select the tax year for the report.
- Double check that there aren't any accounts with Unassigned tax lines in the report. If there are, fix these by assigning tax lines to the accounts in QuickBooks® Desktop.
- Click the Excel button at the top of the report and select Create a new worksheet. (In older versions of QuickBooks, this button might be called Export.)
- On the Export Report dialog box, choose the option to Create a comma separated values (.csv) file.
- Click the Export button.
- Save the exported file to a location you will remember.
- Import the CSV file into TaxCycle.
Sample GIFI file
If you'd like to try importing into TaxCycle, we've included a sample file in with TaxCycle so you try it out.
C:/Program Files (x86)/Trilogy Software/TaxCycle/Samples/Sample QuickBooks® GIFI Export.csv
You can also use this file to create your own spreadsheet for GIFI import. Just copy the format provided.
Default GIFI import file path
You can set a default import path for GIFI files. If you are importing GIFI for the first time for a file, TaxCycle opens the default folder as specified in options. However, if you are importing GIFI for a second or subsequent time, TaxCycle will remember the last GIFI import folder and will open that folder.
To set this default:
- On the File menu, click on Options.
- On the left side of the dialog box, expand Files and folders, then click on Common Folders.
- Scroll down to the GIFI section.
- To automatically sync the default GIF folder with that used for T2 client files, check the first box.
- To set a separate folder, click on the browse button to select a folder.
- Click OK to save your changes.
Importing GIFI notes
You can set whether GIFI notes get re-imported in options:
- On the File menu, click on Options.
- On the left, expand T2 (or a different module) and click on General to apply the settings to all years. To set different options for a particular year, expand the section and click on a year.
- Under the GIFI section on the right, check Replace T2 notes when GIFI notes are re-imported.