Don't let your clients' choice of bookkeeping software lock you into a particular professional tax software. Importing GIFI from QuickBooks® Online Accountant into TaxCycle T2 returns is super easy.
Once you've completed your year-end review (and map any outstanding accounts to GIFI codes):
(You can also use the Import GIFI button in the Data menu.)
TaxCycle imports the GIFI codes and related balances to the correct lines on the GIFI schedules (S100, 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.)
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. If you use the Import GIFI button, TaxCycle remembers where you last imported a GIFI from, so it is easy to find the file again.
TaxCycle imports GIFI information from GFI, CSV or TXT files. This includes data exported from: