Here will will go over how to connect to a clients books, manual entry, and sync settings.
Using the navigation bar in the clients portal click on "Companies" then click on "First Company" you will be taken to the "Connection settings"
2. Next choose the connection type: QuickBooks Online, Xero, or Manual Entry. Once chosen click "Save Settings" and this will cause the page to reload.
3. If choosing Quickbooks Online or Xero you should now see a button under "Connection Management" click there and there will be a pop up to sign in.
*Skip to step 8 if using Manual Entry.
4. Fill out the appropriate log in credentials and click "Sign In"
5. Once connected make sure the clients "Sync Settings" are ideal. Check the frequency definitions and decide which option you would like for your clients projection.
*SYNC NOW*
You can manually sync to your books with this button (if you changed something in your bookkeeping and want to reflect it in the projections).
*FREQUENCY*
This relates to how often you want TPP to update the projections from your business bookkeeping software.
*PROJECTION STRATEGY*
-Linear- Uses the data from Jan 1 of the current year until today, then extrapolates what the rest of the year will be.
-Rolling Average- Uses data from the last 365 days.
-Last Year- Uses the prior calendar year of data.
*ACCOUNTING*
Choose between accrual or cash basis depending on what your tax return uses. Most taxpayers are cash basis.
6. Clicking on the "Business Data" tab at the top will show you all the details coming from the clients books, including the dates for the data being pulled. You can also manually override any of the projected amounts by editing the 3rd column, your changes will be automatically saved.
7. At the top of the "Business Data" screen you'll see the company's settings. Here you can set the ownership percentage, entity type, start date, and more. You can also state if the business is a Specified Service Business or a Rental Real Estate Business.
Notes:
The wrong start date can mess up the projection, make sure its at least set for the prior year.
The payroll line is for total wages added up for all employees, but no taxes and other payroll costs.
The fixed asset box is for the QBI passthrough deduction. Qualified property includes tangible property subject to depreciation under section 167 that is held, and used in the production of QBI, by the trade or business (or aggregated trades or businesses) during and at the close of the tax year, for which the depreciable period hasn't ended before the close of the tax year. Fixed assets are on cost basis not FMV.
*8. Manual Data Entry: After choosing manual entry in the "Connection" tab click on the "Income And Expenses" tab.
Here you will see a pre-populated list of common income and expense accounts. You can edit the account names and typing into the last line will add an additional line for data entry so you can add as many accounts as youd like. Any data entered is automatically saved.
You can delete lines by hovering your mouse over the line you'd like removed and a red X will appear. Clicking the red X will delete the line.
To add additional companies click "+ Add Company" in the navigation bar and repeat this process for the connection type chosen.
Now that you've set up your clients business data lets move to Step 6: Personal Data of this series for entering the clients personal data.