Import a trial balance from Microsoft Excel

Modified on Wed, 01 May 2024 at 09:39 AM

In Microsoft Excel, organise the trial balance data under the following column headers: Code, Description, Amount and Reporting Codes (Reporting Codes are optional).

Select and copy the data (do not include the column headers).

Trial balance data that needs to be imported shouldn’t include any blank rows, blank columns, total rows.

In TaxLab, open the entity’s income tax calculation.
Click the Workpapers tab > Accounts.
On the Trial balance page, click the Import arrow > Import from Excel.
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 importing an updated trial balance or in other words, 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.
Click the Import to [tax year] button.
If the import is successful, a message displays in a green banner informing you of the number of records that were imported.
Click the Close button.