About GIFI and Working Papers exports
The General Index of Financial Information (GIFI) is a comprehensive list of financial statement items where each item has a unique code. It allows your corporation to efficiently prepare its T2 tax return to the Canada Revenue Agency.
Working Papers allows you to export data in client files into GIFI text files for importing into tax applications. This is applicable when TaxPrep is selected as the Tax Vendor in the Engagement Properties set in Working Papers. The GIFI numbers and corresponding current year balances will be exported in a comma-delimited file (.GFI).
The text file should not be used for paper filing.
GIFI Export Balances
The export will automatically adjust for positive and negative balances as required for GIFI filing purposes. For example, a balance of ($10,000.00) in GIFI code 3600 - Retained earnings/deficit, will export as 10,000.00.
Balances include cents and should be adjusted within the tax application.
