How to Import QuickBooks Data Into a Business Return

 QuickBooks data in a business return

  1. Begin by reviewing the Tax-Line mapping associated with each account in the Business’ QuickBooks Chart of Accounts. The Program will enter the imported amounts on specific lines of the Income Statement, Balance Sheet, and certain tax forms based on the Tax-Line Mapping for each account; therefore, only those Tax-Line Mappings supported by the program should be used. Refer to the  Tax-Line Mapping Table to ensure your data flows to the appropriate lines in the the program tax return.
    1. Tax-Line Mapping can be assigned by editing each account type by selecting Company, then Chart of Accounts. Once in the Chart of Accounts, select the account you wish to edit, and click Account, then Edit Account from the bottom left. This will open the Edit Account dialog box. Select the appropriate Tax-Line Mapping from the pull-down list.
    2. Alternatively, you may follow these steps:
      1. Enter the Report Center in the QuickBooks company file.
      2. Choose the List Reports.
      3. Open the Account Listing Report. This report shows the accounts from the Chart of Accounts and the Tax Line associated with each account.
        1. To change the Tax Line associated with an account, double click on the data in the Tax Line column. This will open the Edit Account dialog box.
        2. Choose the appropriate Tax-Line mapping from the Tax-Line Mapping pull-down list.
        3. Once the desired tax line is chosen, click Save and Close.
        4. You can then move to the next account in the report that requires a change and repeat Steps 1 through 3.
  2. Once you have reviewed the Tax-Line Mapping and made any corrections necessary, return to the Report Center to create the file for the program import.
    1. Choose the Accountant & Taxes reports.
    2. Open the Income Tax Preparation report for the tax year for which you are filing the tax return.
    3. Create the .csv file for import into the program.
      1. If there is an “Export” button at the top of the report, click it.
        1. Select the option for a comma separated values (.csv) file.
        2. Click Export.
        3. Save the exported .csv file to the location of your choice.
      2. If there is no “Export” button, print the report to file.
        1. Click Print at the top of the report.
        2. Select File and “comma delimited file.”
        3. Click Print.
        4. Save the .csv file to the location of your choice.
  3. The data from the consumable report you created can now be imported into the Business return to populate the Balance Sheet and Income Statement.
    1. Open the return in the program.
    2. From the Return menu on the file bar at the top left of the program, select Import Financial Data.
      1. Check Yes to clear any previously entered Balance Sheet and Income Statement data and import the selected financial data.
      2. A dialog box will appear where you will choose the file for import.
      3. Locate the file you created in Step 2 and click Open.
        1. The data in the imported file will flow to the locations indicated in the Tax-Line Mapping Table automatically.
        2. Note that adjustments may be required when the program has predefined lines on the Financial Statements for ease of entry on the tax return, but a corresponding Tax-Line Mapping is unavailable. For example, “Other income” on the the program Income Statement includes a predefined line for “Income or loss received from a pass through entity,” but no corresponding Tax-Line Map is available. Therefore, income or loss received from a pass through entity would be given the Tax-Line Mapping of “Income: Other income” and would be entered in the table under line 8h of the Income Statement when imported. You would need to transfer the amount of income or loss received from a pass through entity to line 8e and delete the related line from the 8h table to ensure the amount flows to the appropriate line on the tax return. Additionally, due to Tax-Line Map limitations, all equity/capital information must be manually entered on the Balance Sheet.
        3. Don’t forget to choose the appropriate code from the list for each item in the tables for "Other Assets and Other Liabilities" on the Balance Sheet and "Other Income and Other Deductions" on the Income Statement.