Trial Balance in QuickBooks® Online Accountant Reimagined to Prep for Taxes

Intuit® Accountants News

For many clients, their tax return is a measuring stick for their business and your shared relationship, but breaking out a fine-tooth comb for every review can be a scattered, sluggish affair. With the new Prep for Taxes tool, you’ll get precision without sacrificing efficiency.

Prep for Taxes (which replaces Trial Balance) in QuickBooks® Online Accountant simplifies your review process because it shows your clients’ profit and loss statement (P&L) and balance sheet all in one place. Plus, you can make adjustments from a single screen and export returns directly to Intuit® ProConnect™ Tax Online to save even more time.

How it works: To access Prep for Taxes, select the “Clients” tab in QuickBooks Online Accountant, then select “Prep for Taxes” from the drop-down in the action column next to the client you want.

If you’re working in your client’s QuickBooks Online, you can also access Prep for Taxes from the Accountant Toolbox.

prep for taxes

You’ll find your client’s annual balance sheet and P&L reports in one consolidated view.

prep for taxes review and adjust

From here, you have the flexibility to take several actions and get just the information you want:

  • Expandable view: Expand rows for more details or collapse for a high-level summary.
  • Quick filters: Easily flip between accrual basis or cash basis accounting methods. View year-over-year changes in dollar amount or percentage.
  • Single-screen adjustments: Expand rows to add attachments or notes, and make adjustments to every category without exiting your workflow.
  • Smarter tax mapping: Instantly see which accounts have been mapped to a tax form, as well as the total amount mapped to each line item. Make edits in line with more vertical drawer space and predictive text filters.
  • Exportable returns: Export right into ProConnect Tax Online with the option to create a new return or update an existing one.

Learn more about how to use Prep for Taxes.

Editor’s note: This article originally published on the Firm of the Future blog.