T2 Data Connection
The T2 Data Connection is a functionality that helps you minimize duplicate data entry, ensures uniformity and helps you optimize tax situations when preparing returns of corporations from a related or linked corporate group.
The T2 Data Connection offers the following characteristics:
- links creation between a corporation’s return (initial return) and the returns of the other corporations from the related or associated corporate group and import of pertinent data in the linked returns;
- calculation of allocation scenarios impact in the initial return to determine the optimal allocation for the related or associated corporate group;
- copy of the links and of the optimal allocation defined in the initial return to the returns of the other corporations from the related or associated corporate group;
- display of diagnostics where a difference in the allocation amount is detected between the initial return and the linked corporation;
- synchronization of the different allocation amounts either by copying the initial return cell’s value to the linked corporation or by updating the initial return’s value with the one from the linked return.
To allow you to efficiently use the T2 Data Connection, we are introducing some scenarios recommended for certain tax situations and we encourage to use the suggested methodology.
Furthermore Corporate Taxprep offers you additional functionalities to facilitate the execution of certain tasks:
Group of forms "Corporate Group Allocation Scenarios"
From the Form Manager, use the group of forms "Corporate Group Allocation Scenarios" to facilitate your form search when determining the optimal allocation. When using this group of forms, only the forms pertinent to this task will be displayed in the Form Manager.
Related or Associated Corporate Group Name
The group name can be used to manage information on client files or clients displayed in the Client Manager, thus facilitating the search of client files of corporations that belong to the same group.
The column Name of the Related/Associated Corporation Group is an optional column available in each predefined filter (except for the "File Data" filter) that you can add to the Client Manager display to sort, filter or group based on the related or associated corporate group name.
To be able to use the group name in the Client Manager, you must enter the group name in the appropriate cell of the first copy of the Schedule 9, Related and Associated Corporations Workchart (Jump Code: 9 WORKCHART) during the link creation to the returns of the other corporations in the group. The group name can be copied in the returns of the other corporations during import of the list and the data where the group name is different from the one in the initial return.
Tip: For more information on the T2 Data Connection, please consult the T2 Data Connection guide, available in the Professional Centre.