I've just wasted an hour and a half trying to get a 3 page TB uploaded to Taxfiler. I tried connecting with Xero. I got a load of queries from TF that needed to be allocated. I did that and then checked the statutory accounts from TF to Xero and discovered fairly fast that a large number of other accounts had been neatly parcelled together and put to "sundry". So I disconnected from Xero and manually input the stuff. With the comparative column prepopulated from last year, this was the quickest way to do it. It seems that unless you have the exact spelling of a particular account Taxfiler will misunderstand even obvious stuff.
Assuming I take on more clients each year, I am not going to want to waste this amount of time on uploading a TB.
Are the Taxcalc type programs better at uploading TB's for statutory accounts?
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I only use Taxfiler for simple accounts, and generally where we've done accounts using the program before. I can imagine that a three page TB would be a bit of a challenge!
The Taxcalc import routine is a lot better, but I don't really like their chart of accounts. Worse is that left to its own devices the program will disclose far more than is required, so I have to finish off account by reclassifying things like VAT, directors loans and others to the correct heading
I tend to do it manually, partly because the charts of accounts don't always correlate that well. At least if I'm doing it manually, I can make the decision as to where stuff goes.
Having said that, I haven't got any three page TBs. Mine rarely take more than ten minutes.
Likewise @lion we do it manually.
Same problem with QBO.
It's all about the Account names - and merging serveral ex TB into one in Taxfiler.
I figured one day I would work through the clients' nominal and align the descriptions but that day is afar off.
Its excellent when you're used to it. The trick is as follows.
When importing a TB from the clipboard or from Xero, the first thing you are presented with is a list of unmatched accounts which need mapping. Most people will simply go through the list and click upload.
What I always do is, when presented with that list of 'unmatched accounts', click on the drop-down and select 'all imported balances'. This then displays every account that is being imported, ie not just the ones TF is unsure about, but the ones it has revealed a guess at.
Scan through every account to ensure each imported account is mapped to the applicable account in the TF chart of accounts.
Then when you press 'upload', if you've checked them properly, I guarantee it will work beautifully.
if you use Xero why don't you use the automatic link for fetching the TB. This facility that i use with QB online works wonderfully. if i have a criticism it is that i am unable to print a schedule showing the linking of my TB accounts to TF's categories. i have asked for such a feature
I couldn't be bothered doing this manually, honestly, I import every TB whether from VT, Xero or a spreadsheet. If following my advice above, you are not at the mercy of TF deciding which accounts to lump where. You'll notice that most things it guesses correctly, so a quick scan of the entire list (not just the unmatched accounts) will get you going very quickly.
Also, when you have done the above process once, it remembers the account choices and makes the following year even quicker.
Just my way. We all have our systems.
Than you Moonbeam. I hope that helps.
I experienced the same as you when I first started importing TBs. I've used it for a good few years so if you have any issues, let me know and I'll happily try to assist.
Use paste TB from Clipboard
you will first EXPORT TF tb to Excel
Then simply MAP your 3 pages of entries into the TF tb
Clearly several of your own TB entries will merge into a single TF tb nominal
Then copy the new TF populated tb to Clipboard
https://www.notjustnumbers.co.uk/2008/09/do-your-management-accounts-tak...
https://www.excel-university.com/articles/journal-of-acct/the-power-of-m...
the above articles may inspire.
Why though? You would need to remap in Taxfiler whereas VT final accounts prepares the accounts at a click of a button.
Thinking about it, there's no need. The iXBRL accounts can be produced by VT and attached to the CT600 in Taxfiler.