I’m brand new to TaxCycle and have a few questions…
Once I’m in TaxCycle, say working on a T2, how do I open a T1 file for another client? I had a call the other day and couldn’t figure this out; I had to close the program down and re-open it to get to the T1!
As I am just moving to the software and have some t-slips to prepare for my corporate clients - would it be a good idea to first create the PY T2 and then create the T4/T5 slips from that file or start from scratch on the t-slips? I thought it might be helpful when it comes time to prepare next year’s T2 to have it there anyway, for comparatives…
Can you share with me how you use DoxCycle? I’m struggling to grasp it’s purpose. I understand I can scan t-slips into for T1 prep, but is that the main purpose? Am I missing out on a benefit/key use?
Thanks for any tips/tricks you can share. So far, I’m loving the software
Re 1) I have TaxCycle pinned to the Taskbar.
Right click on the TaxCycle icon and open up another instance of the program.
Re 2) Totally depends on the file. You can only create T4’s for shareholders based on the T2 so I normally just start the T4 file from scratch.
Re 3) I don’t use DoxCyle anymore. Find it too cumbersome. I don’t like to have all my PDF’s in one file. It is nice for organizing, but I rather have separate PDFs for different documents. Just based on preference I guess.
I will also pin TaxCycle to the task bar after reading @Rein because I too find this frustrating.
I create T4s from scratch.
I used DoxCycle for a year or two then quit because Medical Slips were not entering properly so I found it to be too much work. I also try to scan medical and donation receipts in customer pdf files.
Thank you for your replies! I can’t believe I didn’t think to just open another instance of the program; I do this for Caseware and have done this for other programs; I spent forever trying to find a way to do this within the program!!!
1 & 2 much like the others. T4/T5 generation depends on the file. If I happen to have the T2 created/open I use it, otherwise just do from scratch (lazy?).
DoxCycle is a bit of a conundrum for me…I use it for T1s mostly as it classifies fairly well and I can put all of a client’s “stuff” in the file for the most part. There are some with enough outlying pieces though that I have a spot on disk where it lives instead. But it’s convenient for responding to T1 post-assessment requests…mostly…and I also put the signed T183 in it.
I don’t use it at all for the other stuff, just PDF as needed.
DC is a bit of a strange beast. It can take a PDF and sort through it for a T1 reasonably well, but if there are multiple slips on a single page it barfs on them, and certain forms it simply refuses to recognize. I don’t bother with it for T4s and T5s or slips that are on AFR.
Use the Client Manager to open the second (or additional) files - these will open in a new window, and your original file will remain open as it was.
I find it is too much extra work to create a prior year T2 unless you need to file it. I keep waiting for @Steven to implement my suggestion from a few years ago - to get TaxCycle to import prior year data from the COR files downloaded from CRA (via AFR). But, in the meantime, I would just create the T4/T5 from scratch - it’s not that much extra work.
I don’t use DoxCycle either. In my opinion it just a tool that helps you scan and organize documents to support the tax returns. I am quite comfortable using whatever scan tool comes with our various printers, and saving/renaming the PDFs to specific folders we create in the Windows file system. I don’t need another application to “help” me keep track of that. However, as @SmallBizGuy mentioned, DoxCycle can also pull “some” info from the scanned receipts, and send it directly to TaxCycle.
@Amy
Welcome to the TaxCycle community. You will find lots of problem solving support here.
@keith1
I am with @keith1, the best way to get started is to follow the webinars.
Ask TaxCycle support to help you download the test files. Then use a test file or one of your own client prior year tax data to practice the following:
Settings
Workflow
Data download and import
Manual data entry
Excel import forms
How data flows from data entry forms to tax forms and schedules
Data editing and review techniques - auto fill, check marks, keyboard commands, edit menus
TaxCycle form names
TaxCycle print sets. How to clone and edit for your preference. Change naming. Change order. Change default set forms inclusion.
10.TaxCycle letter templates. How to customize for each year. How to clone and add your preference.
Client manager data set-up, navigation, customization.
Custom fields. What fits your practice. What to use. Why. How.
– To track retention. Year client first acquired.
– To track your services. Earliest year tax return prepared.
– To track tax data domains. Farm. Residential rental. Proprietorship. etc
I’ve watched all the webinars; I was posting looking for experience tips that might not have been included. Also, watching the webinars are great, but when you haven’t used the software yet, it doesn’t all click.
