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CCH ProSystem fx Tax

Export Index

Note

This topic applies to imports from CCH ProSystem fx Tax 6.1 or lower. To import from a higher version, contact CaseWare Support to obtain a copy of the Conversion Guide for ProSystems fx.

Before attempting to export data to a US tax package, you must enter the relevant codes in the Tax Code column in the Tax setup in the Working Trial Balance. In addition, after a year-end close, you should review the tax codes assigned for any now obsolete tax codes, so that they can be reassigned to active tax codes instead. Working Papers updates the program for available tax codes every year.

Note the following:

• Working Papers does not currently support the exporting of tax codes for all existing tax forms and schedules.

• When assigning tax codes to rental properties, it is recommended that you use either pre-defined tax codes (for example, 802, 803) or user-defined tax codes (for example 802.01, 803.01), but not both together. Multiple user-defined tax codes can be used to denote separate properties (such as 802.01, 802.02, 802.03) if more than one property exists.

• If any tax code description contains the words Book Amt, that tax code is exported to a special internal input sheet and it does not appear anywhere on the final tax return. For S Corporation tax entities, the internal input sheet is named "M1 Book Amounts for Automatic Adjustments"; for Partnerships, the sheet is titled "Book Amounts".

• When exporting the Book Income amount, the Net Income before tax adjustments is exported. This affects Line 1, Schedule M1 "Net Income per Books", and Schedule L "Returned Earnings Unappropriated" amounts on the tax return.

• All Federal Tax adjustments must be marked as Permanent or Temporary in the Adjusting Journal Entries screen. All current entries are set to Temporary. Please check existing entries and change to Permanent if applicable. The Federal Tax adjustment amount will go to the Permanent or Temporary column of the corresponding Form, depending on the tax entity selected in the Engagement Properties dialog.

• The M3 Code column in the Working Trial Balance is not normally used for CCH ProSystem fx Tax. Working Papers exports to CCH ProSystem fx Tax, which then updates the line in the M3 schedule associated with a tax export code. The M3 line associated with a tax export code may be modified by clicking Modify in the Tax Code List dialog. You can export directly to the M3 schedule, but the recommended method of updating the M3 schedule is via regular tax export codes.

Once you have set up a tax export for CCH ProSystem fx, you can then create a CCH ProSystem fx export file.

To create a CCH ProSystem fx export file:

1. On the File menu, click Export, and then Tax Software.

2. In the Tax Software box, select CCH ProSystem fx Tax.

3. In the Export Path box, enter the path to the directory where the export files are to be placed. Use the Browse button to locate the directory. When linking to CCH ProSystem fx, this path is required.

4. In the Export Filename box, the default file name is COMPFILE and must not be changed.

5. In the Export File Extension box, the default extension for the export file is TXT and must not be changed.

6. In Tax Year, select the appropriate tax year.

7. If you are exporting data for a consolidated company, do the following:

   1. To export the information about a single entity, select Entity Specific Export.

   2. To export any associated sub entities along with the entity, select Include Sub Entities. Note that you will be exporting a consolidated total of the parent company and all its subsidiaries.

8. If using multiple currencies in the trial balance and you want to convert a foreign tax balance to the default currency before exporting, select the Apply Foreign Exchange check box.

9. To include other basis adjustments in the exported balances, select the Include Other Basis Adjustments check box.
   
   If you do not wish to include the other basis adjustments in the export, clear the check box.

10. Select the type of book balance to export.

11. Click OK to process the export.

If there are any errors or problems during export, an export log file appears. Review the log and resolve the issues before rerunning the export.

Export files that Working Papers creates:

COMPFILE.txt

Note

• The top-level company name and address will be included for all tax exports. If you are exporting entity-specific data from a consolidated file, you will need to modify the company name and address in the tax package once the import to the tax package is complete.

• When the import is complete, the user may receive a diagnostic error message regarding the net income. This error appears because CCH calculates the Net Income on the import in a different manner than Working Papers does prior to the export. In order to stop getting the error message on import, remove the override from Form L-3 Box 30 in CCH.

To import the file into CCH ProSystem fx:

1. Launch CCH ProSystem fx.

2. On the File menu, select Import, and then G/L Bridge.

3. Click the accounting drop-down menu and select one of the following:

4. For 2007 and subsequent tax year engagements, select ProSystem fx Engagement. In the G/L Bridge Options dialog, under Import options, select "Import identification information", "Import beginning balance sheet data", "Import beginning inventory data", and "Import state and city taxes data". Under Schedule M-3 import options, select "Import Schedule M-3 book amounts".
   
   Note: If you are using ProSystem fx Tax version 2007.05.000 or higher, select CaseWare rather than ProSystem fx Engagement.

5. For 2006 and prior tax year engagements, select CaseWare.

4. Click the Select Import File button to browse to the exported Working Papers text file.

5. Now select the correct return.

   1. Click the Select Return button.

   2. Select a new file or open an existing file.

   3. Click OK to return to the G/L Bridge dialog.

6. In order to import beginning balances and M3 Book balances, set CCH to import the starting balances.

1. Click the Options button.

2. Under Import Options, select Import beginning balance sheet data.

3. Click OK to return to the G/L Bridge dialog.

7. Click the Process button to complete the import.