I do not use DoxCycle’s OCR to read slip data and transfer it to TaxCycle. With the ability to download slip data from CRA, why not use that? I scan slips and other data into DoxCycle and then compare the slips to what I’ve downloaded from CRA. I check off the slips in DoxCycle and TaxCycle as I match them up.
I scan donations and medical receipts into DoxCycle as well and find that it is a good way to keep all documents in one spot. I also check off the donation slips and med receipts in DoxCycle and TaxCycle screens for those items.
For self-employed or rental schedules, I scan in the client’s summaries or their trial balance. Some clients provide more info so I scan as much as they give me. I do not scan the clients receipts into DoxCycle since it would create a much too large file and I don’t see the benefit of me saving that information. I tell the client that they are responsible for keeping the data. I’m responsible for backing up the numbers I put on the tax return. I do scan in receipts for major items such as a new vehicle, agreements, or financing agreements.
I use the classification system in DoxCycle to arrange documents in the order in which I want them presented. This is a great asset of the program. Once you classify the document type, DoxCycle arranges it the way you have pre-specified. I don’t have the program with me right now so I am not sure if I’ve got the terminology right.
To use DoxCycle best, you also need to create print formats in TaxCycle that will print to DoxCycle. Some people use DoxCycle as a PDF copy to provide to the client. The TaxCycle print format would include the forms that you want the client to have. I use DoxCycle as my T1 working paper so I have TaxCycle print the forms that I might need to refer to in the future.
One of my wishes for DoxCycle is a more robust way of annotating the file but in a pinch, I can open the file in Adobe and do it there. I also wish there was a better way to present the document type short-cuts but I’ve mentioned this a couple times as suggestions and nothing has changed so I’ve pretty much given up on that hope.
All-in-all, a good, but not great program. It does allow you to consolidate T1 documents in one file.
Others use DoxCycle for T2’s but I use Caseware and find it easier to maintain the working papers in Caseware and export that to a PDF than to use DoxCycle.
I have used DoxCycle for T3’s in a similar way that I use it for T1’s.