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Understanding Trial balance feature in QuickBooks Online Accountant

Intuit has come up with a new trial balance feature in QuickBooks online accountant.

 The intention is to make it easier for the accountants to maintain data and records of their clients into Intuit Tax Online.

In order to save time and efforts, the user can easily do all the necessary tasks required to prep that data of the client for a tax return.

As per Intuit’s research, 85% of the tax preparers are still using a manual process to prepare tax papers and doing manual entries into their tax application.

The job includes exporting the accounting system’s data to Excel followed by making year-end adjustments and corrections then posting this information back to the accounting system, and finally rekeying the information into the tax application.

The average time consumed for the entire process is of 5.3 hours, and reaching as high as 22 hours, per return.

QuickBooks Online Accountant Trial Balance feature is introduced to serve the following purposes:

  • Speed up your year-end review process
  • Perpetuate your work (saving your notes, attachments, and worksheets)
  • Eliminate manual data entry

Now let’s discuss how it works:

QuickBooks Online Accountant

Focus on the client list after logging in to QBOA. Point the cursor over the box in the TAX,” column. Click on the Start review link that appeared.

QuickBooks Online Accountant

A snapshot of your client’s accounts will be recorded. It means that if the client makes changes to records in this tax period, then it won’t make changes in the work that you have already done. The Trial balance is displayed as follows.

QuickBooks Online Accountant Software

Once the adjustments are over and you are ready to post to Intuit Tax online, move to Tax Mapping tab available on the Trial balance page.

This resembles the “Book to Tax” feature of QBO. Most of the accounts will be mapped to the proper tax lines by the QuikBooks online accountant automatically. Also, you can manually assign accounts to the proper tax lines that aren’t automatically mapped, or correct any that you feel are in error.

Book to Tax

Once the mapping is correct, click on the post to tax return button. You will get an option to view previous return, create a new one, or carry forward the prior year balance.

If you will select an existing return, you will get a list of the drop-down menu with the available returns.

list of the drop-down menu with the available returns

The program will tell you that it is posting the return, and later tell you that the return is ready for review.

The return in Intuit Tax Online is shown in the following screenshot:

The return in Intuit Tax Online

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