Update Accounts

You can import an updated trial balance from Microsoft Excel or Xero. You may want to do this if there are changes to the trial balance source data, for example at the year end when new figures become available. In effect, you are re-importing the trial balance and the process is very similar to how you imported the trial balance for the first time.

When you re-import the trial balance, the system goes through the accounts to see if they already exist. Where an account does exist already, the system will just update the amount. If an account does not already exist, the system will add it to the trial balance.

Import an updated trial balance from Microsoft Excel

1. Follow the steps to import a trial balance, using the new data, and ensure you select the select the Clean import check box.
2. Click the Unassigned tab to see if there are any new accounts.

Import an updated trial balance from Xero

When you update the balances in Xero, the balances do not automatically update in TaxLab. You need to manually update the trial balance in TaxLab.

1. Follow the steps to import a trial balance.
   • As you are already connected to Xero, select the Xero ledger to import from and choose Import Data From Xero.
   • To ensure the system imports the reporting codes from Xero and therefore automatically assign any new accounts, ensure the Import Reporting Codes check box is selected.
2. To ensure your trial balance in TaxLab matches your trial balance in Xero, ensure the Clean import check box is selected.