Export to TaxCycle

You can export data from Working Papers to TaxCycle to prepare Canadian tax returns. The data is exported to a .t2 file, which you can open in TaxCycle.

Prerequisites:

  • Install .NET 8.0.11 or higher.
  • Close TaxCycle before performing the export in Working Papers.
  • Specify the tax information in the Engagement Properties, and ensure that the Tax Jurisdiction drop-down is set to Canada.
  • Assign tax export codes to accounts or enter the relevant codes in the Tax Code column of the Working Trial Balance | Tax tab.

To export Working Papers data to TaxCycle:

  1. On the ribbon, click Engagement | Export | GIFI....
  2. In the Export of Data to GIFI dialog, click the Export Type drop-down menu and select Direct export to TaxCycle T2.
  3. In the Export File name field, enter or Browse for the location of the existing TaxCycle T2 file where you want to export your data.

  4. Select which documents to include in the export:

    • Balances: Select any applicable export options in the dialog. If you select Entity Specific Export, a dialog displays where you can select the entity to export.
    • CaseView Notes: Click OK. A dialog displays where you can select the CaseView documents containing the notes you want to export.
    • Balances and CaseView Notes: Select any applicable export options in the dialog. If you select Entity Specific Export, a dialog displays where you can select the entity to export. Click OK. A dialog displays where you can select the CaseView documents containing the notes you want to export.

    Note: For CaseView Notes to be listed in these dialogs, you must create a section around the note in CaseView and enable the Include in Export option. For more information, see Export financial statement notes.

  5. Click OK to complete the export.

being exported to. User should see a notification in TaxCycle confirming that GIFI

data has been imported into the return.

The data is exported to GIFI, and a notification appears in TaxCycle confirming the export into the return. The export automatically adjusts 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 including cents should be adjusted within the tax application.