Assigning tax codes from within a trial balance

Alerts and notices

You can assign Tax codes, M-3 codes, and Property codes to accounts in the Trial Balance workspace

  1. In the navigation pane, select the engagement to which you want to assign tax codes.
  2. Click the Trial Balance tab.
  3. In the Tax Code column, double-click the row for the account to which you want to assign a tax code. If necessary, Add the Tax Code column to the view to see this information. See Customizing the trial balance view for information on how to add or remove columns in your trial balance views.
  4. Choose Tax Code or M-3 Tax Code from the drop-down list at the top of the Assign Tax Code dialog.
  5. Select the desired tax code in the Tax Code list.

    Notes

    • You can filter the Tax Code list by choosing a filter option from the drop-down list in the top-right of the dialog and selecting the desired tax code.
    • If you choose code 88888, the account will appear on the Tax Code report. If you choose code 99999, the account will not appear on the Tax Code report. Accounts coded with either code will not be transferred to the various tax applications.
  6. Click OK to close the Assign Tax Code dialog.
  7. Optional: If the client that you are working on has multiple-unit entities, use the Property Code column to assign tax coded accounts to specific input units in the tax return. Enter the appropriate unit number in the field that corresponds to the unit number in the tax application input.

    Property code example

    The following example illustrates the use of a Property code to designate the input screen location for multiple-unit entities when transferring data to a tax application.

    If you are transferring utilities expenses for a farm to the UltraTax CS Farm input screen and the tax code for the first unit's utilities is 632 and the Property code is 1, you would transfer the second units utilities with a tax code of 632 and Property code of 2.

    If you do not see a Property Code column, see the Customizing the trial balance view article for information on how to add or remove columns in your trial balance views.

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