Corporate Taxprep 2021.1.1

Import Data from Other Group Returns

This last step consists in importing from the initial return, the list of all corporations in the group as well as their data into each file for the linked corporation. After importing, we suggest that you verify the data specific to the existing relationship between the filing corporation and each of the related or associated corporations.

To import the list and the data of all corporations from the return of another corporation in the group, proceed as follows:

  1. On the File menu. click Import Data, then click Corporate Group.
    The Group of Corporations Import Wizard is displayed.

    2. Important: Before continuing with this procedure, ensure the client files of the corporate group are closed. This way, you are sure to import data of client files containing the latest modifications.

    Click Next to begin.

  2. Select the initial return’s client file where you created links and determine the optimal allocation scenarios, and click Next.
    The wizard’s Import list page is displayed.
    A match is made between the list of related or associated corporations contained in the active client file and the one contained in the selected client file using the corporation’s name, the business number, the taxation year or the client file location. Corporations for which a match could be established are displayed in the Existing corporation area while corporations for which no match could be established are displayed in the New corporation area.
  3. Correct the incorrect matches.
    To create a new copy in the workchart for a new imported corporation, select <new corporation>.
    To import data of selected corporation’s client file to a copy of the active client file’s workchart, select the name of the corporation in the Filing Corporation list.
  4. Select only the corporations that are related or associated to the active corporation, and click Next.
  5. To import the data, carefully read the instructions provided by the wizard.
  6. Click Finish to proceed with the import.
    Save the last modifications made to the active client file.

To avoid importing incorrect data, the data (such as the relationship code and information concerning Schedule 9) concerning the relationship that the related or associated corporation has with the filing corporation will not be imported. Thus, once the import is finished, you must verify all copies of the Related and Associated Corporations Workchart (Jump Code: 9 WORKCHART) to enter the missing data or modify the rolled forward data.

Tips:

  • The procedures described above must be repeated in each return for corporations belonging to the related or associated corporate group.
  • If the allocation amounts are modified after data import and that you are processing the returns of a group with a high number of related or associated corporations, we suggest that you import again the list and data; only the modified allocations will be imported.
  • After importing data for each of the client files in the group of related or associated corporations, click Recalculate on the Tools menu to refresh the diagnostics related to the T2 Data Connection. Note that the source client files for each of the linked corporations are used to validate the values in the active client file and to display these diagnostics.
  • You can import the list and the data from all related or associated corporations in the return of a corporation even if the T2 Data Connection is not enabled.
  • In the case where the group only consists of two corporations, you can use this functionality to import data from the first corporation into the return of the second corporation or create a link to the first corporation from the second copy of Schedule 9 workchart.
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