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Grouping T3's

I brought this suggestion up last year and I’ll make another pitch for it. One of the more frustrating parts of preparing/reviewing tax returns is matching the downloaded T3’s to the paper copies provided by the client. It would be a life-saver (ok I’m exaggerating a bit) to be able to group the T3’s on the slip summary so the reviewer can match them up with the paper copies. Even being able to move the T3 slips to put them side by side would help but grouping them would be the best.

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Thanks Helga. I haven’t tried this yet and the reason is that the data import is done by my assistant who sorts slips, rolls the file forward, creates the DoxCycle file, and enters the T1 information. I’m not downplaying her importance in the work flow (especially since she is my wife) but she isn’t at the stage where she can do all this grouping. Also, inevitably, we don’t have all the T3’s when the client brings their information into the office. I will try it on a couple T3’s and see if it speeds things up a bit.

We definitely have more experienced staff do the matching. Our assistant only imports if the download and the slips match dollar for dollar. Otherwise sorting it out can be a bit of a pain!

I would like to see an Alias name + a T3 Group sub-total.

This would help immensely when reviewing and reconciling stacks of T3’s which are totaled on the paper slips by Financial Institute name and separately issued by Investment name on the CRA Slips and CRA AFR.

My worst case is 23x client T3 slips.

I end up creating an excel to reconcile. Argh.

Have you used the “export T3s” feature at the bottom on the Import screen? It creates the excel spreadsheet for you then you can just shift things around and total them up. Between this and the summaries on the consolidated T3s issued I’ve uduslly managed to reconcile everything fairly quickly.

@jglass, Yes, I have exported T3’s. I also created a spreadsheet where I can put in the various T3 boxes and then enter a number beside each T3 which groups all the “1’s”, “2’s”, etc together so I can do grouping that way. I just prefer to let the software provide these tools so we don’t have to resort to external ways of grouping.

Most times I can figure out the T3’s from the slips summary. I have some active investor clients who end up with crazy numbers of T3’s.

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I have active investors with self managed accounts with a crazy amount of T3’s and T5008’s.

Most are split 50/50 with spouse.

I find the TaxCycle T3 and T5008 grouping methodology to be awkward and too prone to human (my) error. I thought that it was something that I was doing incorrectly so I had someone from TaxCycle watch me do the matching. It was still a mess. Obviously my mistake. However it shouldn’t be this hard to match and this prone to errors. I hope to participate in T1 2018 T3 and T5008 matching improvements.

For now my work around is to do the following:

  1. Down the AFR values.

  2. Export the AFR values to Excel for T3 and T5008.

  3. For clients with up to 25 AFR slips (T3 and/or T5008)
    3A. Match the values in Excel from additional client source docs.
    3B. Import the AFR Slips per the CRA download.
    3C. Note the naming Alias.
    3D. Create a reconciliation in Excel.
    3E. Add the 50% values in Excel if split.
    3F. Add ACB values to T5008.
    3G. Memo the T3 name alias on the slips.

  4. For clients with more than AFR slips (usually 100 to 400 T3 and/or T5008 slips)
    4A. Match the values in Excel from additional client source docs.
    4B. n/a
    4C. Note the naming Alias.
    4D. Create a reconciliation in Excel.
    4E. Add the 50% values in Excel if split.
    4F. Add ACB values to T5008.
    4G. Memo the T3 name alias on the slips.
    4H. Manually enter the T3’s and T5008.

I am really open to participate in creating a better process, and/or, learning from others who have a better process.