We are leaning in favour of the 2nd option but I hesitate to have it be all or none (i think that’s what you are saying). In the case of T5008s, all or none is probably ok. But for T3’s (and some T5’s), there are cases where we want some of them but not others (ie: the case where CRA has 20 slips that are aggregated to one client slip). Based on this, being able to change the default for T3’s or T5008’s might be the better option…? That way, especially with T3’s, we could set them all to 'Do not import" and then go through and pick the ones we do want to import…?
Thanks for anything you can craft on short notice…
I would like to have the option of matching the AFR data to an existing slip without overwriting the issuer name already entered or carried forward in TaxCycle .
I am in Oshawa where many clients have slips that read STATE STREET TRUST COMPANY CANADA but the AFR data shows GENERAL MOTORS CANADIAN HOURLY RATE EMPLOYEES PENSION PLAN. My clients know the slip is for their pension, and GM has used different trustees in the past, and might in future. Others may have their own preferences but I prefer to have the issuer name in TaxCycle match the physical slip.
I like the new option of exporting the T5008s from AFR to an Excel worksheet. How about a second step that allows us to fill in the missing “Cost or book value” (ACB) and possibly make other corrections such as amalgamating slips, then import the data into TaxCycle.
If that facility already exists, can someone please explain it to me.
[quote=“keith1, post:22, topic:572”]
I would like to have the option of matching the AFR data to an existing slip without overwriting the issuer name already entered or carried forward in TaxCycle . [/quote]
I would second this request. Sometimes the name on the paper T4 does not remotely match the name on the AFR data. Sometimes the AFR data shows a numbered company, yet the client only knows that they work at a Tim Hortons location.
As with Keith1, the T4 slip from the carried forward tax return may be populated with the name “Tim Hortons - Cayuga”, and that name is selected during the AFR import, yet the T4 still gets over-written with “11122233 Ontario Inc”. I would much prefer if Taxcycle did not over-write the name I had given to this slip in prior years.
Now…on the other hand… it might be just me, but I think this over-writing only happens with certain types of T-slips (T4’s T4A’s). It seems to me that for T3 slips and T5 slips, Taxcycle will not over-write last year’s name during the import if you match a T3 or T5 to a particular name that you had used last year.
For instance, I may have shortened a client’s T5 slip last year to something like “RBC Dominion Securities”. During an AFR Import if I select “RBC Dominion Securities” from the drop down Taxcycle does keep that name instead of over-writing it with “RBC DOMINION SECURITIES INC. RBC DOMINION VALEURS MOBILIERES” and making the Schedule 4 look really messy.
I think I’m going to change to your system Arliss. Like you said, a little more work but presumably the “Description Field” would carry forward to next year, so it would only need to be done once.
Things like T4’s, T4A’s, T4RSP, T4RIF etc don’t get printed on a schedule, so the names don’t need to look nice. I like my Schedule 4’s to look pretty… and this over-writing during AFR isn’t done with T3’s and T5’s, so that works well.
One idea which is already implemented to manage the T3s would be to copy the AFR name into the memo field, and then have an option to leave the description exactly as you have it.
Might this work for anyone/everyone? I could set it up as an option…
I like that with the consolidated T3’s. I had been doing that manually previously to help my self notice investment switches clients may have forgotten to mention. With AFR now of T5008’s that hasn’t become as necessary for me but I like the memo that is created none the less.
I don’t think the memo idea is ideal for the T4’s. I like the fact it populates the CRA recorded name in the issuer field as it can make it easier in the future year to match up.
If the extra issuer line idea is not acceptable maybe posting the issuer name from Doxcycle to both the Issuer field and the description field would solve this even better.
If by “memo field” you mean the field labelled “Account number of Description”, your suggestion has its own downside: no way to preserve the account number or description - which can be important, for example with clients who have several accounts at the same institution.
Should you have any questions or require more information, please contact me.
Regards,
Keith
Keith A. Jackson, CPA, CGA, CFP
Keith A. Jackson
Chartered Professional Accountant
1379 Langley Circle
Oshawa, Ontario L1K 0E2
This communication (and any information or material transmitted with this communication) is confidential, may be privileged and is intended only for the use of the intended recipient. If you are not the intended recipient, any review, retransmission, conversion to hard copy, copying, circulation, publication, dissemination, distribution, reproduction or other use of this communication, information or material is strictly prohibited and may be illegal. If you received this communication in error, please notify me immediately by telephone or by return email, and delete this communication, information and material from any computer, disk drive, diskette or other storage device or media. Thank you.
Actually I was seeking clarification. Cameron mentioned the “memo field” and snowplowguy responded with a reference to the “Descriiption Field”.
If Cameron was suggesting that he and his team could give us the option of importing the AFR issuer name to a memo attached to the TaxCycle issuer field with out disturbing the existing contents, I am all for it.
Should you have any questions or require more information, please contact me.
Regards,
Keith
Keith A. Jackson, CPA, CGA, CFP
Keith A. Jackson
Chartered Professional Accountant
1379 Langley Circle
Oshawa, Ontario L1K 0E2
This communication (and any information or material transmitted with this communication) is confidential, may be privileged and is intended only for the use of the intended recipient. If you are not the intended recipient, any review, retransmission, conversion to hard copy, copying, circulation, publication, dissemination, distribution, reproduction or other use of this communication, information or material is strictly prohibited and may be illegal. If you received this communication in error, please notify me immediately by telephone or by return email, and delete this communication, information and material from any computer, disk drive, diskette or other storage device or media. Thank you.
Why I like this idea better is when you are posting from Taxcycle it shows up from the previous years slip, as well as the issuer name, making sure you match up to the correct slip easier. I am not sure the memo idea would work as well. The AFR can then replace the issuer name and you are left with both issuer names.
Have you never encountered a client who has multiple T4s with the same issuer name? It’s hardly unknown in my experience (albeit only 50 years) when, for example, an employee transitions from part-time to full-time, or transfers from one division to another, or receives regular pay from a division and benefits or bonuses from head office. The same corporation may have more than payroll (RP) account under the same business number.
