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Exporting GIFI data for Imports - TaxPrep
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 report its unique combination of accounts to the Canada Revenue Agency.
Procedure
- Open the Working Papers client file from which you would like to export.
- From the File menu, select Export | GIFI. The Export of Data to GIFI dialog will appear.
- Complete the fields of the dialog.>>Quick Reference
- Click OK to process the export. Depending on the selections made during the export process, the following may occur:
- If you selected the CaseView Notes option for the export, you will need to select the CaseView documents containing financial statement notes by clicking the applicable check boxes.
- If you selected the Entity Specific Export check box, the entity selection dialog appears for you to select the entity to export.
Results
The GIFI data will be exported. 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.
Notes
- The SIC and AIC fields in the Engagement Properties are not exported to the GIFI export file.
- The E.I.N./BN (Business Number) field in the Engagement Properties is included in the GIFI export file. The 15 character Business Number is exported in the following format: 12345 6789 XX1234.
- Financial statement notes may also be exported from CaseView separately from the GIFI balances. >>Quick Reference
