The QuickBooks Online Accountant Trial Balance Page - dummies

The QuickBooks Online Accountant Trial Balance Page

By Elaine Marmel

You use the Trial Balance tool in QBOA to display the Trial Balance page. The page you see initially presents a working trial balance like the one shown here.

The Working Trial Balance tab of the Trial Balance page.
The Working Trial Balance tab of the Trial Balance page.

If you prepare a client’s tax return using Intuit Tax Online, Intuit’s cloud-based tax preparation software, you’ll want to make sure that your client’s accounts are mapped properly to lines on tax forms. The Trial Balance feature automatically maps account balances to lines on tax forms you’ll file for corporations using IRS Form 1120 (for corporations) or 1120s, partnerships that use IRS Form 1065, and sole proprietorships using IRS Form 1040.

For other business organization types, you can manually assign accounts to tax form lines. You also can manually assign lines on tax forms for accounts the tool doesn’t recognize, and you can change tax line assignments as needed.

Click the Tax Mappings tab on the Trial Balance page to see the page you use to map last year’s client QBO company information directly to tax forms.

The Tax Mappings tab of the Trial Balance page.
The Tax Mappings tab of the Trial Balance page.

To assign an account to a tax form line or edit the line to which an account is assigned, click the appropriate link in the Action column. QBOA displays a list box from which you select the appropriate tax form line. Then click Save.

Once you map your client’s accounts, you can use the Working Trial Balance page to make adjusting journal entries that affect both the tax return and the client’s books. When you’re ready, you can click Post to Tax Return to transfer the information to Intuit Tax Online and generate a tax return. You don’t pay anything to use the Trial Balance feature; you pay only when you print or e-file a return from Intuit Tax Online.