Using the Trial Balance Utility in QBOA, the tax prep is accelerated and the accuracy of year-end book analysis is improved.
Before you start:
- This will create a new return in ProConnect Tax. If the tax return has already been created via the Trial Balance, then subsequent exports to ProConnect Tax will ask if the current return is modified, or if a new return should be created.
- The export from QBOA will not push the information into an already existing ProConnect Tax return that was NOT created from within QBOA Trial Balance utility.
The Trial Balance Tax Mappings feature allows you to either edit tax lines that we've already mapped for your account balances or assign tax lines for account balances that have not yet been mapped. This feature automatically groups your account balances within the appropriate area of the tax form as each tax line is assigned. Since we’ve already pre-assigned many (or all) tax lines, you'll have a head start if you choose to post your balances to Tax. You can click Finish review at any time to freeze your adjustments and balances and prevent further updates to your workspace.
There are two ways to get started with Trial Balance:
- From the Client Dashboard in QuickBooks Online Accountant, look for the Trial Balance column and select the client whose books you want to review then click Start review to launch Trial Balance
- From your client's QuickBooks Online books, select Trial Balance from the Accountant Toolbox drop-down menu.
- Once Trial Balance is complete, click on Tax Mappings
- Many amounts are auto-mapped, but the tax line can be edited.
- For amounts that are un-mapped, choose Assign Tax Line under the Action column to map the amount.
- Once everything is mapped, Finish Review list in the upper right. This will freeze all the adjustments and mappings.
- Select View Tax Return to open the return in ProConnect Tax.