If you use TaxAct® 1065, 1120, or 1120-S, you can transfer company accounting records into your corporation or partnership tax return by importing a trial balance report generated from your accounting software.
It’s your responsibility (or your preparer’s responsibility) to ensure the accounting records in the CSV file match the appropriate tax line in the TaxAct program. If these don’t match, the program may not calculate your tax return correctly.
To get started:
- Generate a trial balance report (or similar report) for the full tax year in your accounting software.
- Select the option to export this report to a CSV file.
- Save this file to your computer.
Now you’re ready to import your company accounting records into TaxAct. TaxAct will transfer the company records and help streamline the process by auto-mapping identifiable accounts.
Trial balance report requirements:
The report must contain three columns — account description, debit, and credit. Here is an example:
To import a trial balance .CSV file into your TaxAct return:
- From within your TaxAct return (Online or Desktop), click Basic Info. On smaller devices, click the menu icon in the upper left-hand corner, then select Basic Info
- Click Import
- If you were a TaxAct customer last year, you can save time by importing last year's return. To skip this step, click Continue Without Importing.
- On the screen titled Accounting Records Import, click Import CSV File Now. Adjust all accounts for tax purposes prior to importing.
- Locate the trail balance .CSV file (previously exported from your accounting software), then click Continue.
- Review and verify the tax line auto-mapped for each account listed. For those accounts not auto-mapped, select the appropriate tax classification from the drop-down menu. Important considerations at this step:
- Certain accounts, such as items relating to depreciation or amortization, need to be entered separately in TaxAct.
- Print a summary to help you reconcile the return before clicking import. Click Print in the upper-right corner.
- All accounts must be assigned before clicking Import.
- Click Import to transfer the information into your return.