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10 TaxCycle Options to Review Before EFILE Opens

Get ahead of the game by setting your TaxCycle options before the EFILE system opens February 24th. Reviewing your options now will save you time later.

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.

If you have the return open, go to the File menu, then click Options.

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

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. TaxCycle uses this contact information on various forms and correspondence.

  1. In options, expand the Organization section.
  2. Enter the address information on the Contact and Address page. If you're using Options Profiles to share settings across your office, add this page to the profile so that everyone has the same settings. (Read the Contact and address help topic for more details.)
  3. On the Correspondence page, insert the logo and signature for the practice. These 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 preparer. If you're using Options Profiles, exclude this page so each preparer can set their information. (Read the "Preparer" section in the Preparer and firm help topic for more details.)

2. Enter authorization form details

Your clients must authorize you to access their data through CRA Represent a Client, to download their 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 AuthRep worksheet (formerly T1013). To learn more about submitting an authorization request to the CRA, read the Authorization/Cancellation Request (formerly T1013) help topic.
  4. If you need to use a different Preparer or Firm Name on these authorization forms, enter that name here. TaxCycle inserts this second name in the appropriate field in the Preparer/Firm representative section of the Engagement worksheet.
  5. If you're preparing returns for Québec, also complete the similar fields under the Revenu Québec Authorization Forms section.

3. Update your EFILE number and password

Enter your electronic filing credentials now so that they're 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 credentials allow you to use T1 EFILE, T1135, Pre-Authorized Debit (PAD), ReFILE for T1 adjustments, and T2 Corporation Internet Filing.
  3. If you're filing with NetFile Québec, also enter those transmission credentials on this page.
  4. 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're filing RL slips 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 won’t waste time browsing for files.

  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 folders 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 not shared with others, use a drive letter in the path: C:\server\Tax Returns\{ReturnType}\{ReturnYear}.
    • For files stored on a server shared, 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. Enclose variables in single braces { } (curly brackets). A list of variables appears 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 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 then click on a 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.
  4. At the bottom of the page, you will see samples of what possible file names will look like.

6. Set new file options

For each tax return type or module, you can set defaults to insert in fields when create a new file or carry forward one from the prior year. It's worth reviewing these options even if you have already carried forward your files to the current year. TaxCycle will display a review message when the entry in the field worksheet doesn't match the default 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 then click on a 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.
    • Client City and Province in the address for new files.
    • Goals and thresholds for optimizations.
    • Language of correspondence and contact method.
    • Authorization level and signing date defaults.
    • Default instalment options.

7. Customize print sets

TaxCycle comes with default print sets that meet the needs of most practices. However, you can make changes to these print sets or create as many sets as you need. To see this in action, watch the Print and PDF webinar.

  1. In options, expand the T1/TP1 section (or another tax return type), then expand Print and click on a year.
  2. Click once on a print set to edit it. Scroll down to the bottom of the list to create a new set. See the Print/PDF options help topic.
  3. 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.
  4. Click the edit link to change the printer and output options. See the Print/PDF output options help topic.

8. Set prices and invoice settings

Use TaxCycle to create invoices based on the forms used or on the time spent working on the file. The information entered in options flows to the Billing worksheet within each T1 tax return. From there, it flows to the CInvoice, JInvoice and FInvoice templates. To see the whole billing process, watch the Billing and Invoicing webinar.

  1. Learn more about how the Billing worksheet and invoice templates work in the T1 billing and invoicing help topic.
  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 click on a year. On this page, you can set hourly rates, form or item rates, seniors’ discount and more. See the Price and invoice options help topic.

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 Workflow to apply the settings to all years.
  2. To set separate options for each year, expand Workflow and click on a year.
  3. Drag and drop groups to change the order in which they appear. Drag and drop to reorder tasks or move them to a different group. (If a group contains no tasks, it won't show in file information.)
  4. Check the Required box if the task must be checked to consider the group completed. If all the tasks within a group are optional, checking one task within the group in file information marks the entire group as 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.

10. Save your options in an Options Profile

Options Profiles allow you to save your options in a zip file that you can share with your entire office or use as a back-up. Save some or all options pages to the profile. Create many profiles if you need to! To see how to create a profile, watch the Options Profile webinar.

  1. Click on Manage to expand the Options Profile section.
  2. Click New, to create a new, blank profile. Or click once on your Local profile, then click Clone to use it as a starting point.
  3. Follow the steps to name and save the profile. If you plan to share the profile on the network, be sure to create the path with a UNC path. For example \\mycomputer\sharedfolder.
  4. Check the pages you want to include in the profile.
  5. Choose whether to create an email to send to your team and click Create to complete the profile.

For step-by-step instructions, see Options Profiles help topic.