Most of our work is done in QuickBooks desktop, which does a decent job of preparing and filing T4’s. Is there an advantage to using TaxCycle instead?
I have some clients where I need T4 preparation outside of the accounting software so I use TaxCycle on most clients including Sage and QuickBooks clients. TaxCycle does a better job on employees who did not work a full year.
I prefer to import all into taxcycle and file. Love the print PDF for each employee feature.
My clients use many different accounting software, excel spreadsheets or manual records… Easy to manipulate to add taxable benefits that were not recorded or setup in the original documents and best of all when you need to look up a clients T4 or summary info for any reason (provide duplicate to employee, CEBA Loan, file Worksafe etc) open Taxcycle and there it is !
Thanks for your reply, sounds like a plan, could you share your process for importing into TaxCycle?
Thanks again
To import quickbooks and Sage 50 files, You actually go through the process to prepare the t4 for file up to the point the respective programs create the xml file. take not of where the file is saved and then go to taxcycle open the client t4 file and import the XML from the data menu. All the information is imported including the new boxes (assuming you are updated in quickbooks and sage of course)
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Exactly , I import XML files… since I have the client setup previously, I often carry forward the T4 file…then import the XML… this is allowing me to have a this year vs last year column
Also direct data entry on the T4Slips page… which saves a lot of time for those clients whom have Excel spreadsheet or Dean payroll book…
I find you can easily change the amounts as required… sometimes in Sage when you adjusted a paycheque it messes with the Insurable earnings… and you have to fix this manually at T4 Time… as the premiums were deducted.
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I did not know this was possible! Thanks @james1 @rachelavryl !
And thanks @gaywise for asking the question.