Add, edit and delete accounts

TABLE OF CONTENTS

• Overview
• How to manually add an account
• Update accounts by importing an updated trial balance
  • How to import an updated trial balance from  Microsoft Excel
  • How to import an updated trial balance from Xero
• How to edit an account’s code, name, or balance
• How to delete accounts
  • How to delete an individual account
  • How to delete multiple accounts in bulk
• Troubleshooting
• What’s next?

Overview

This article explains how to manage accounts within TaxLab. It includes steps for manually adding new accounts, updating balances from Excel or Xero, editing account details, and deleting accounts when required.

How to manually add an account

To add an account directly in TaxLab:

1. Open the entity’s income tax calculation.
2. Go to the Workpapers tab and select Accounts.
3. Select the New button.
4. Select the statement the account belongs to — Balance Sheet or Income Statement.
5. Enter the account code, name, and balance.
6. Select Add.

Update accounts by importing an updated trial balance

An updated trial balance can be imported from Microsoft Excel or Xero when there are changes to the trial balance source data, for example at year end when new figures become available. When re-importing, the system checks if accounts already exist—updating amounts for existing accounts and adding any new accounts to the trial balance.

How to import an updated trial balance from  Microsoft Excel

1. Follow the steps to import a trial balance from Microsoft Excel using the updated data. Ensure you select the clean import check box.
2. After importing, select the Unassigned tab to check for any new accounts.

How to import an updated trial balance from Xero

Balances updated in Xero do not automatically update in TaxLab, you need to manually update the data in TaxLab:

1. Follow the steps to import a trial balance from Xero.
2. Select the connected Xero ledger and then select Import Data From Xero.
3. Select the Import Reporting Codes checkbox to ensure the software imports the reporting codes from Xero, automatically assigning any new accounts.
4. Select the Clean import checkbox to ensure your trial balance in TaxLab matches your trial balance in Xero.

How to edit an account’s code, name, or balance

1. On the Trial balance page, select the account to open it.
2. Go to the Workpaper tab and select Edit.
3. Edit the account code, name, or balance as needed.
4. Select Confirm.

How to delete accounts

If an account was added or imported by mistake, it can be deleted.

How to delete an individual account

1. On the Trial balance page, locate the account you want to delete.
2. Select the account name to open it
3. Select the Settings button.
4. Select Permanently delete account from all tax years.

How to delete multiple accounts in bulk

1. On the Trial balance page, select the Chart of Accounts tab.
2. Locate the accounts you want to delete, and select their checkboxes.
3. Select Apply.

Troubleshooting

If an account cannot be deleted, you need to check the following:

• All prior years’ returns are unlocked.
• The account is not mapped to any tax return (IR10 etc).
• There are no workpapers attached to the account in any year.
• There are no breakdowns.
• Full access (not read-only) is available for the entity.

Related articles

Understanding workpapers