Luckily QuickBooks Online will allow you to edit these numbers, or delete them, and to add ones to accounts which do not have numbers. These default account numbers are not the GIFI account numbers that the Canada Revenue Agency (CRA) uses. Once you do this, you can see their default account numbers against some of your accounts in QuickBooks Online. Do an online search for ‘Can QuickBooks online automatically assign account numbers?’ and you will find instructions on how to do that. Quickbooks Online does allow a user to ‘turn on’ account numbers. So, a few years further along, I found something of a fix. It is not possible to ‘export’ your data from QuickBooks Online into any Canadian Tax software, for a T2 Tax Return, despite that being the reason most of us likely signed up for QuickBooks Online for in the first place! Or worse, perhaps you ended up having to pay an accountant one thousand or more dollars to do your T2 Tax return for you (if they are even willing to), and that likely did not brighten your day any. I know I was less that happy about the situation. This situation made doing your company income tax return a surprise long and painful experience. Later you discovered that there is no such export feature in QuickBooks online, nor (it seems) any plans to ever add one. If you are like me, you signed up for QuickBooks assuming that you would be able to easily export your data from QuickBooks to one of the popular income tax software packages, and that using QuickBooks Online would make doing your end of year (or end of 'fiscal year') taxes easy.
In that situation your company’s taxes might be included in your T1 personal income tax return. (If your business is not incorporated, you likely do not need to use a T2 return. T2 is the annual income Tax return that a Corporation (in Canada) needs to file (online, not on paper) to the Canada Revenue Agency (CRA). The same methods can be used to add any codes you wish to QuickBooks Online.
This is a Blog post (a personal review of sorts, based on actual personal experience) about how to export data from QuickBooks Online to income tax software, and how to add GIFI codes to QuickBooks Online. GIFI Codes Home Blog Knowledgebase Support Login About Reviews Francais ☰ QuickBooks Online Canada Export Data Income Tax T2 GIFI Codes
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