Appendix 6 Import from QuickBooks

Introduction

This function allows the User to import financial information into a Business Tax Return from a QuickBooks Chart of Accounts. Utilizing the Tax Line Mapping in QuickBooks ensures that the return data flows to the appropriate lines in the Business Return.

Setup and Review Tax Line Mapping in QuickBooks

This first step is to review the Tax Line Mapping associated with each account in the QuickBooks Chart of Accounts for the business. Refer to the Tax Line Mapping Table at the end of these directions to determine which line in QuickBooks corresponds to the line in the Business Return.

To Assign Tax-Line Mapping from the Business:

1. Open QuickBooks.

2. From the Opening Screen in QuickBooks,

a. Click Company in the Menu Bar, drag the arrow down to Chart of Accounts, and click once. The Chart of Accounts window will open.

b. Click the Account Name to highlight and then click the Accountbutton. This will open the Edit Accountwindow for this account. Select the correct tax-line mapping choice from the pull-down list according to the table at the end of these directions, and click Save and Close.

c. Move to the next line in the Chart of Accounts and follow the same procedure until every line in the Chart of Accounts has been completed.

Create the Export File

Once you have completed the Tax Line Mapping, the export file can be created, which will contain data that has been entered into QuickBooks and has been associated to a corresponding line in the Business Return by the Tax Line Mapping.

To Create the Export File:

1. From the Opening Screen in QuickBooks, click Reports in the Menu Bar, scroll down to Accountant, scroll down to the new menu that has opened to Income Tax Summary. The Income Tax Summary Report will be produced.

2. Select the appropriate Tax Year for this Business Return from the drop down list.

3. Click the Excel button which can be found just above the date bar, and the Export Report window will open.

4. Select “A common separated (.csv) file” which will create a .csv file.

5. Click the Export button at the bottom of the Income Tax Summary Report window and the Create Disk File window will open.

6. Select a location for the file, enter a name for the file and click Save. The default location will be the Company File in QuickBooks. This file could be created by the Taxpayer and given to the Tax Preparer on an external storage device.

Import Data into a Business Return

After an export data file of a business` financial data has been created in QuickBooks, this data can be easily imported into a Business Return.

Import Financial Data:

1. Create a new Business Return or open an existing Business Return according to the directions in Chapter 5.

2. Click Return in the Menu Bar, drag the arrow down to Import Financial Data, and click once. The Import Financial Data Window will open.

3. Click Yes to continue with the import of new data. Any financial data already entered in the Business Return will be replaced with the data from this imported file. Click No to cancel the request.

4. Locate and select the QuickBooks export file previous created, and click OK to complete the Import of Financial Data.

5. The Financial Data will now appear on both the Financial Statements sheets within the Business Return based on the Tax Line Mapping.

6. Make any necessary adjustments. Please note: Adjustments may be required when the Business Return has predefined lines on the Financial Statement for ease of entry on the Tax Return, but a corresponding tax line mapping is unavailable. Example: The category Other Income on the Business Return Income Statement includes a predefined line for “Income or loss received from a pass through entity,” but no corresponding tax line mapping is available for QuickBooks import. 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. The User 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.

7. Enter all equity/capital account information on the Balance Sheet.

Tax Line Mapping Table

QuickBooks Tax-Line Mapping	Business Returns to Which the Tax-Line Mapping Applies	Line in the Business Return to Which Data Flows
Income: Gross receipts or sales	1120, 1120S, 1065	Income Statement, Line 1a
Income: Returns and allowances	1120, 1120S, 1065	Income Statement, Line 1b
Income: Interest Income	1120	Income Statement, Line 3a
Income: Gross rents	1120	Income Statement, Line 4a
Income: Gross royalties	1120	Income Statement, Line 5
Income: State tax refund	1120	Income Statement, Line 8h
Income: Other income	1120, 1120S, 1065	Income Statement, Line 8h
COGS-Schedule A: Purchases	1120, 1120S, 1065	Income Statement, Line 9a
COGS-Schedule A: Cost of labor	1120, 1120S, 1065	Income Statement, Line 9b
COGS-Schedule A: Section 263A depreciation	1120	Income Statement, Line 9c
COGS-Schedule A: Add`l section 263A costs	1120, 1120S, 1065	Income Statement, Line 9c
COGS-Schedule A: Meals and entertainment	1065	Income Statement, Line 9c
COGS-Schedule A: Other costs	1120, 1120S, 1065	Income Statement, Line 9c
Deductions: Comp. of Officers -Schedule E	1120	Income Statement, Line 30a
Deductions: Compensation of shareholder/officers	1120S	Income Statement, Line 30a
Deductions: Shareholder medical insurance	1120S	Income Statement, Line 21
Deductions: Shareholder life insurance	1120S	Income Statement, Line 21
Deductions: Shareholder disability insurance	1120S	Income Statement, Line 21
Deductions: Compensation of other officers	1120S	Income Statement, Line 30a
Deductions: Salaries and wages	1120, 1120S	Income Statement, Line 30b
Deductions: Other salaries and wages	1065	Income Statement, Line 30b
Deductions: Guaranteed payments-use of capital	1065	Income Statement, Line 20
Deductions: Guaranteed payments-partners	1065	Income Statement, Line 20
Deductions: Guaranteed pmts-medical insurance premiums	1065	Income Statement, Line 37
Deductions: Repairs and Maintenance	1120, 1120S, 1065	Income Statement, Line 29
Deductions: Bad debts	1120, 1120S, 1065	Income Statement, Line 13
Deductions: Rents	1120, 1120S, 1065	Income Statement, Line 28
Deductions: State taxes	1120	Income Statement, Line 32b
Deductions: State franchise or inc. tax	1120S, 1065	Income Statement, Line 32b
Deductions: Local property taxes	1120, 1120S, 1065	Income Statement, Line 32d
Deductions: Payroll taxes	1120, 1120S, 1065	Income Statement, Line 32d
Deductions: Other miscellaneous taxes	1120, 1120S, 1065	Income Statement, Line 32d
Deductions: Licenses	1120, 1120S, 1065	Income Statement, Line 24
Deductions: Interest expense	1120, 1120S, 1065	Income Statement, Line 22a
Deductions: Charitable contributions	1120	Income Statement, Line 15
Deductions: Depletion	1120, 1120S, 1065	Income Statement, Line 17b
Deductions: Advertising	1120, 1120S	Income Statement, Line 11
Deductions: Retirement plans/etc.	1065	Income Statement, Line 27
Deductions: Pension/profit-sharing/etc.	1120, 1120S	Income Statement, Line 27
Deductions: Employee benefit programs	1120, 1120S, 1065	Income Statement, Line 19
Deductions: Employee medical insurance	1120S, 1065	Income Statement, Line 21
Deductions: Employee disability insurance	1120S, 1065	Income Statement, Line 21
Deductions: Meals and entertainment (subj to 50% limit)	1120S	Income Statement, Line 25a
Deductions: Meals and entertainment(subj to 50% limit)	1120, 1065	Income Statement, Line 25a
Deductions: Meals and entertainment (100% deductible)	1120S	Income Statement, Line 25c
Deductions: Meals and entertainment(100% deductible	1120, 1065	Income Statement, Line 25c
Other Deductions: Accounting	1120, 1120S, 1065	Income Statement, Line 10
Other Deductions: Advertising	1065	Income Statement, Line 11
Other Deductions: Auto and truck	1120, 1120S, 1065	Income Statement, Line 35
Other Deductions: Bank charges	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Business gifts	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Commissions	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Continuing/professional education	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Credit & collection costs	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Discounts given	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Dues and subscriptions	1120, 1120S, 1065	Income Statement, Line 26
Other Deductions: Independent contractors	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Insurance	1120, 1120S, 1065	Income Statement, Line 21
Other Deductions: Janitorial & cleaning	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Laundry	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Legal & professional fees	1120, 1120S, 1065	Income Statement, Line 23
Other Deductions: Office expenses	1120, 1120S, 1065	Income Statement, Line 31
Other Deductions: Parking	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Postage and Delivery	1120	Income Statement, Line 37
Other Deductions: Postage & delivery	1120S, 1065	Income Statement, Line 37
Other Deductions: Printing	1120S, 1065	Income Statement, Line 37
Other Deductions: Printing & copying	1120	Income Statement, Line 37
Other Deductions: Security	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Supplies	1120, 1120S, 1065	Income Statement, Line 31
Other Deductions: Telephone	1120S, 1065	Income Statement, Line 34
Other Deductions: Telephone/Internet	1120	Income Statement, Line 34
Other Deductions: Tools	1120, 1120S, 1065	Income Statement, Line 37
Other Deductions: Travel	1120, 1120S, 1065	Income Statement, Line 33
Other Deductions: Utilities	1120, 1120S, 1065	Income Statement, Line 34
Other Deductions: Other deductions	1120, 1120S, 1065	Income Statement, Line 37
Schedule K-Rentals (not Fm 8825): Income-rental	1120S, 1065	Income Statement, Line 4b
Schedule K-Rentals (not Fm 8825): Expenses-rental	1120S, 1065	Income Statement, Line 37
Schedule K-Portfolio Inc (Loss): Interest income-Bank, CDs, etc.	1065	Income Statement, Line 3b
Schedule K-Portfolio Inc (Loss): Interest income-CD`s/etc.	1120S	Income Statement, Line 3b
Schedule K-Portfolio Inc (Loss): Interest income-US Treasury obligation	1065	Income Statement, Line 3c
Schedule K-Portfolio Inc (Loss): Interest income-U.S. Treas	1120S	Income Statement, Line 3c
Schedule K-Portfolio Inc (Loss): Dividend income	1120S, 1065	Income Statement, Line 2a
Schedule K-Portfolio Inc (Loss): Royalty income	1120S, 1065	Income Statement, Line 5
Schedule K-Portfolio Inc (Loss): Other income	1065	Income Statement, Line 8h
Schedule K-Other Income (Loss): Other income	1120S	Income Statement, Line 8h
Schedule K-Deductions: Charitable contributions	1120S, 1065	Income Statement, Line 15
Schedule K-Deductions: Other deductions	1120S, 1065	Income Statement, Line 37
Schedule K-Inv. Interest: Int. exp. on investment debts	1065	Income Statement, Line 22b
Schedule K-Inv. Interest: Int. exp.-investment debts	1120S	Income Statement, Line 22b
Schedule K-Foreign Tax: Total foreign taxes	1120S, 1065	Income Statement, Line 32c
Schedule K-Other items: Sec. 59(e) expenses	1120S	Income Statement, Line 37
Schedule K-Other items: Section 59(e) expenses	1065	Income Statement, Line 37
Schedule K-Other items: Tax-exempt interest income	1120S, 1065	Income Statement, Line 3d
Schedule K-Other items: Other tax-exempt income	1120S, 1065	Income Statement, Line 8g
Schedule K-Other items: Nondeductible expenses	1120S, 1065	Income Statement, Line 36c
B/S-Assets: Cash	1120, 1120S, 1065	Balance Sheet, Line 1, End of Year
B/S-Assets: Accts. Rec. and trade notes	1120S, 1065	Balance Sheet, Line 2a, End of Year
B/S-Assets: Accts. Rec. and trade notes.	1120	Balance Sheet, Line 2a, End of Year
B/S-Assets: U.S. government obligations	1120, 1120S, 1065	Balance Sheet, Line 4, End of Year
B/S-Assets: Tax-exempt securities	1120, 1120S, 1065	Balance Sheet, Line 5, End of Year
B/S-Assets: Other current assets	1120, 1120S, 1065	Balance Sheet, Line 12, End of Year
B/S-Assets: Loans to stockholders	1120	Balance Sheet, Line 6, End of Year
B/S-Assets: Loans to shareholders	1120S	Balance Sheet, Line 6, End of Year
B/S-Assets: Mortgage/real estate loans	1120, 1120S, 1065	Balance Sheet, Line 7, End of Year
B/S-Assets: Other investments	1120, 1120S, 1065	Balance Sheet, Line 12, End of Year
B/S-Assets: Buildings/oth. depr. assets	1120, 1120S, 1065	Balance Sheet, Line 8a, End of Year
B/S-Assets: Accumulated depreciation	1120, 1120S, 1065	Balance Sheet, Line 8b, End of Year
B/S-Assets: Depletable assets	1120, 1120S, 1065	Balance Sheet, Line 9a, End of Year
B/S-Assets: Accumulated depletion	1120, 1120S, 1065	Balance Sheet, Line 9b, End of Year
B/S-Assets: Land	1120, 1120S, 1065	Balance Sheet, Line 10, End of Year
B/S-Assets: Intangible assets	1120, 1120S, 1065	Balance Sheet, Line 11a, End of Year
B/S-Assets: Accumulated amortization	1120, 1120S, 1065	Balance Sheet, Line 11b, End of Year
B/S-Assets: Other assets	1120, 1120S, 1065	Balance Sheet, Line 12, End of Year
B/S-Liabs/Cap: Accounts payable	1065	Balance Sheet, Line 14, End of Year
B/S-Liabs/Cap: S-T Mortgage/note/bonds pay.	1065	Balance Sheet, Line 15, End of Year
B/S-Liabs/Cap: Other current liabilities	1065	Balance Sheet, Line 19, End of Year
B/S-Liabs/Cap: All nonrecourse loans	1065	Balance Sheet, Line 16, End of Year
B/S-Liabs/Cap: L-T Mortgage/note/bonds pay.	1065	Balance Sheet, Line 18, End of Year
B/S-Liabs/Cap: Other liabilities	1065	Balance Sheet, Line 19, End of Year
B/S-Liabs/Eq.: Accounts payable	1120, 1120S	Balance Sheet, Line 14, End of Year
B/S-Liabs/Eq.: S-T Mortgage/note/bonds pay.	1120, 1120S	Balance Sheet, Line 15, End of Year
B/S-Liabs/Eq.: Other current liabilities	1120, 1120S	Balance Sheet, Line 19, End of Year
B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay.	1120, 1120S	Balance Sheet, Line 18, End of Year
B/S-Liabs/Eq.: Other liabilities	1120, 1120S	Balance Sheet, Line 19, End of Year
B/S-Liabs/Eq.: Loans from stockholders	1120	Balance Sheet, Line 17, End of Year
B/S-Liabs/Eq.: Loans from shareholders	1120S	Balance Sheet, Line 17, End of Year
B/S-Liabs/Eq.: Capital stock	1120S	Balance Sheet, Line 21b, End of Year
B/S-Liabs/Eq.: Capital stock - Preferred Stk.	1120	Balance Sheet, Line 21a, End of Year
B/S-Liabs/Eq.: Capital stock - Common Stk.	1120	Balance Sheet, Line 21b, End of Year
B/S-Liabs/Eq.: Paid-in or capital surplus	1120, 1120S	Balance Sheet, Line 22, End of Year
B/S-Liabs/Eq.: Treasury stock	1120S	Balance Sheet, Line 28, End of Year
B/S-Liabs/Eq.: Cost of Treasury stock	1120	Balance Sheet, Line 28, End of Year
Schedule M-1: Depreciation per books	1120, 1120S, 1065	Income Statement, Line 18
Schedule M-1: Expenses on books not on return	1120, 1120S, 1065	Income Statement, Line 37
Schedule M-1: Income on books not on return	1120, 1120S, 1065	Income Statement, Line 8h
Schedule M-1: Tax-exempt interest income	1120	Income Statement, Line 3d
Fm 8825-20a: Income-other rental real estate	1120S, 1065	Income Statement, Line 8h
Fm 8825-A: Gross rents	1120S, 1065	Income Statement, Line 8h
Fm 8825-A: Advertising	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Auto and travel	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Cleaning and maintenance	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Commissions	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Insurance	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Legal and other prof. fees	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Interest expense	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Repairs	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Taxes	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Utilities	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Wages and salaries	1120S, 1065	Income Statement, Line 37
Fm 8825-A: Other misc. rental expenses	1065	Income Statement, Line 37
Fm 8825-A: Other miscellaneous expenses	1120S	Income Statement, Line 37
Fm 8825-B: Gross rents	1120S, 1065	Income Statement, Line 8h
Fm 8825-B: Advertising	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Auto and travel	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Cleaning and maintenance	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Commissions	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Insurance	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Legal and other prof. fees	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Interest expense	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Repairs	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Taxes	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Utilities	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Wages and salaries	1120S, 1065	Income Statement, Line 37
Fm 8825-B: Other misc. rental expenses	1065	Income Statement, Line 37
Fm 8825-B: Other miscellaneous expenses	1120S	Income Statement, Line 37
Fm 8825-C: Gross rents	1120S, 1065	Income Statement, Line 8h
Fm 8825-C: Advertising	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Auto and travel	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Cleaning and maintenance	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Commissions	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Insurance	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Legal and other prof. fees	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Interest expense	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Repairs	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Taxes	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Utilities	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Wages and salaries	1120S, 1065	Income Statement, Line 37
Fm 8825-C: Other misc. rental expenses	1065	Income Statement, Line 37
Fm 8825-C: Other miscellaneous expenses	1120S	Income Statement, Line 37
Fm 8825-D: Gross rents	1120S, 1065	Income Statement, Line 8h
Fm 8825-D: Advertising	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Auto and travel	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Cleaning and maintenance	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Commissions	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Insurance	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Legal and other prof. fees	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Interest expense	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Repairs	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Taxes	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Utilities	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Wages and salaries	1120S, 1065	Income Statement, Line 37
Fm 8825-D: Other misc. rental expenses	1065	Income Statement, Line 37
Fm 8825-D: Other miscellaneous expenses	1120S	Income Statement, Line 37
Dividends: Div.--< 20% owned corps.	1120	Income Statement, Line 8h
Dividends: Div.--20% or > corps.	1120	Income Statement, Line 8h
Dividends: Div.--debt-financed stk.	1120	Income Statement, Line 8h
Dividends: Div.--< 20% pref. stk.	1120	Income Statement, Line 8h
Dividends: Div.--20% or > pref. stk.	1120	Income Statement, Line 8h
Dividends: Div.--< 20% foreign. corps.	1120	Income Statement, Line 8h
Dividends: Div.--20% or > foreign corps.	1120	Income Statement, Line 8h
Dividends: Div.-wholly owned foreign	1120	Income Statement, Line 8h
Dividends: Div.-domestic corps.	1120	Income Statement, Line 8h
Dividends: Div.-affil group members	1120	Income Statement, Line 8h
Dividends: Div.-from FSC`s	1120	Income Statement, Line 8h
Dividends: Other div.-foreign corps.	1120	Income Statement, Line 8h
Dividends: Inc.-controlled foreign corps.	1120	Income Statement, Line 8h
Dividends: Foreign dividend gross up	1120	Income Statement, Line 8h
Dividends: IC-DISC and former DISC div.	1120	Income Statement, Line 8h
Dividends: Other dividends	1120	Income Statement, Line 8h
Dividends: Ded.-div. paid on pref. stk.	1120	Income Statement, Line 37
Tax/Payments: Estimated Qtrly Payment #1	1120	Estimated Tax Payments Worksheet
Tax/Payments: Estimated Qtrly Payment #2	1120	Estimated Tax Payments Worksheet
Tax/Payments: Estimated Qtrly Payment #3	1120	Estimated Tax Payments Worksheet