Prep for taxes is a feature that allows you to seamlessly transition book data from QuickBooks Accountant to ProConnect Tax, or export the data (as .csv) for use in other tax prep software.
How it works
The goal of Prep for taxes is to simplify the books handoff come tax time. From this dashboard, you will be able to execute a number of functions to help ensure the accuracy of your clients' books, as well as make any adjustments needed at the bookkeeper level, before either the tax preparer continues the work in ProConnect Tax, or the books data is exported for tax preparation elsewhere.
When the books are all said and done, and it’s time to hand them over to the tax preparer, that’s where Prep for taxes comes into play.
Some features available include:
Manage engagement documents
With the Documents tab, organize your documents the way you like, and sort them into the account folders you create.
Simplify your financial statements
With the Groupings & statements tab, arrange your accounts into different groups to get reports sorted how you want them.
Review your clients’ accounts
With the Review & adjust tab, review your clients’ accounts and make any changes needed, such as switching accounting method and making adjusting journal entries.
Map accounts to tax forms
With the Tax mapping tab, assign your clients’ accounts to specific lines on tax forms.
See here to learn more about preparing and exporting your clients’ accounts with Prep for taxes in QuickBooks Accountant.
Now available is a deeper integration between QuickBooks Accountant and ProConnect Tax. With this comes a refined experience that offers greater control over your books data after the bookkeeper handoff.
Some features to expect include, but are not limited to:
Newly added review layer
Tax preparers now have a chance to review, reconcile, reclassify, and remap tax mappings as needed prior to bringing in the books data in to ProConnect Tax.
Book to tax adjustments
Create tax adjustments based on the books data when needed.
Track your adjustments
Downloadable workpaper record detailing all tax adjustments and each tax-adjusting transaction.
Create or update tax return
Once any book to tax adjustments are made, the tax return will be either updated or made.
Changes made by the tax preparer in ProConnect Tax will not impact the QuickBooks Accountant data at the bookkeeper level, and serve only to complete the tax return.
These enhancements are expected to be made available for use early November.
See here to learn more about creating and updating your clients' tax returns with Prep for taxes in ProConnect Tax.
Tax lines and forms supported
Here is a breakdown of the tax lines/fields currently supported by Prep for taxes. It's broken down by tax return type, and then sorted by schedule.