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tweimann
September 17, 2020
Question

GIFI account in Canada for Undeposited Funds in Quickbooks

  • September 17, 2020
  • 1 reply
  • 0 views

I am trying to export my QuickBooks 2016  desktop file to TurboTax and it wants a GIFI code for the Undeposited Funds Account.  Any ideas what this should be?  The same as the company bank account?  This is a code for taxes in Canada, I'm not sure if this question area is for Canada or everywhere else too.

Thanks!

1 reply

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Nick K
September 18, 2020

Hi tweimann,

 

Being able to export and import the information in your QuickBooks Desktop company file is something we know is imperative to business owners. Id be happy to go over what a GIFI code is and what it means.

 

A GIFI code is short for General Index of Financial Information. What that means is that it's a standard list of codes that you use to prepare your financial statements. In order to get this information I suggest contacting our Protax department to get assistance on getting your GIFI code. You can get their contact information here.

 

Hope this helped!

T
tweimannAuthor
September 18, 2020

Hi,

 

Yes I understand what a GIFI code is as I have one for every account in quickbooks except for the I deposited funds account that quickbooks makes for you.  I looked up codes in the government  GIFI list and don't find anything for this item.

L
LauraAB
September 18, 2020

Hello again. It's great to hear that you're familiar with GIFI codes and have reviewed the CRA's General Index of Financial Information (GIFI) list. I can see how the Undeposited Funds account would cause this kind of hiccup since it's different from other accounts. In this case, I recommend consulting an accountant or the CRA to learn what code would be best to use for this account. If you don't already have an accountant, you can search the QuickBooks Find an Accountant page to find someone to help you out.

 

When looking at the Tax-Line Mapping options for that account in QuickBooks's chart of accounts, it may be as simple as choosing one of the cash and deposits codes, but a professional in this area will be able to help you determine which is the one you should go with. To get to the Tax-Line Mapping I've just mentioned, you can follow these steps if you're not sure where to go.

  1. Go to the Company tab.
  2. Choose Chart of Accounts.
  3. Right click on the Undeposited Funds account.
  4. Select Edit Account.
  5. Find the Tax-Line Mapping in the Optional section.
  6. Click Save & Close when you're done.

I'd just like to go over a point my colleague made as well. He suggested that you contact our Pro Tax department, but Pro Tax is a QuickBooks Online Accountant feature, so in this case, that department wouldn't be able to help with your Desktop platform. I'll bring this up to make sure that we're all on the same page with which departments can help when.

 

If you and an accountant or the CRA determine that there isn't a proper code for the Undeposited Funds account, I recommend getting in touch with TurboTax support to learn if there's a way around this option during your import into that product. Here's a link to help you get in touch with that team: TurboTax Contact Us

 

Wishing you the best with working this out!

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