Import a trial balance from Microsoft Excel

Overview

Preparing a tax return in TaxLab starts with importing the source data for your entity. If your entity is not using Xero, and your return will be calculated using additional data than what the IRD already holds, you can import your entity's trial balance into TaxLab using Microsoft Excel. You can also use this functionality to reimport your trial balance figures, if they are updated as you are working.

Importing your data

1. In Microsoft Excel, organise the trial balance data into 4 columns: Account Code, Account Description, Amount and Reporting Codes (Reporting Codes are optional, but are used for automated categorisation of the balance sheet and income statement, and the ir10 if included).
2. Select and copy the data (do not include the column headers).

   Do not leave any blank rows or columns, and do not include total rows.

3. In TaxLab, open the entity’s income tax calculation.
4. Click the Workpapers tab > Accounts.
5. On the Trial balance page, click the Import arrow > Import from Excel.
6. On the Import from Excel window, click in the box and paste the trial balance data you copied from Excel.
   • Optional:
     • Clean import (zero out all accounts before importing):
       • This option is applicable only if you are re-importing a trial balance from Excel. It ensures your trial balance in TaxLab matches your trial balance in Excel. 
     • For AU only: Round accounts to zero decimal places on import. We recommend selecting this option if you will be efiling the income tax return.
     • For AU only: Map accounts based on standard trial balance:
       • If you select this option, the system will automatically assign the accounts to the tax return based on the standard reporting codes of your firm. If you do not select this option, you will need to assign the accounts manually. 
7. Click the Import to [tax year] button.
   
8. If the import is successful, a message displays in a green banner informing you of the number of records that were imported. 
9. Click the Close button.

Troubleshooting

If you encounter errors when importing your trial balance data, review these common issues:

1. No Blank Columns or Rows
   • Ensure there are no empty columns or rows within your data range.
2. Clean Cell Content
   • Each cell should contain information on a single line.
   • Remove any large or unnecessary spaces within cells.
3. Remove Formatting
   • Clear all formatting from your data to ensure compatibility.
4. Exclude Headers
   • Do not include headers when copying your data into TaxLab.

What's next?

Once you have imported your data you can Assign accounts in a trial balance.

Related Articles

If you are working with a consolidated group, you can import trial balances for a group.

If your entity uses Xero as their accounting system, you could instead Import a trial balance from Xero