Based on your trial balance, you can use the Setup>Chart of Accounts>Tax Codes screen to link tax codes to your accounts or create an export file in Excel. Use these tax links to ensure that, at tax time, a substantial percentage of your company's tax return is already complete using data you entered throughout the year.
Select:
UltraTax: To use the
UltraTax tax program.
Note: To use UltraTax, you
must have specified Corporation,
S-Corporation, or Partnership
in the Entity Type field of
the Setup>Company>Contact
screen.
Lacerte or Pro
Series: To select an export file for the Lacerte or Pro Series
tax program, respectively, from the Trial
Balance>Tax Links screen.
Note: If you use Lacerte or
Pro Series, you do not need to specify tax codes.
If you select the UltraTax tax program options, you must link tax codes to your accounts on the Tax Codes screen. Once you have specified the tax codes to use, you can run the tax export each year when you prepare your tax return.
To specify the tax codes to use once you have selected your tax program:
Click the Apply Tax Codes
from the action bar.
A list of all of the accounts defined in your chart of accounts appears
with their type and class, and the tax code assigned to each account.
Accounts that could not be matched with a code are identified by the
notation Select in the Tax Code column.
Note: To see a list of default
tax codes, click Default Tax Codes
in the Related Actions panel.
Review the table to verify the tax code assigned to each account. To select a code for an account that could not be matched, or to change the code applied to a specific account, select the appropriate code from the drop-down list in the Tax Code column.
Click Clear Tax Codes, if necessary, to clear an applied set of tax codes and select a different tax program.
Click Excel to export the table of tax codes to an Excel spreadsheet.
For more information about creating a tax link file for use with the tax program you specified when linking tax codes to your account, see Create Tax Links Files.