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How to use Xero with Intuit Lacerte Tax

Posted 5 years ago in Advisors by Peter Wen
Posted by Peter Wen

For US-focused tax accountants, the year is already a little more difficult and the time to file taxes a little more compressed. Due to the last minute deliberations of Congress, the Internal Revenue Services (IRS) delayed the opening of tax season by eight days. To most of us, eight days may not sound a lot, but to a tax accountant managing many clients, every hour is golden.

The good news is that Xero is able to get you some of that time back by streamlining the process of getting your data from the cloud into software such as Intuit Lacerte Tax. You can now export your trial balance to Lacerte and easily map your financial data to specific tax lines with only a few clicks.

Xero is all about improving your workflow. From the “Advisor” tab, you can now “Export” a Lacerte friendly trial balance from the “Lacerte Tax” option in the recently reworked Export screen.

Then, in Lacerte, use their Trial Balance Utility to import and their SmartMap technology to map the data to specific tax lines within the return. If you are already a Lacerte user, you can find detailed instructions in their Help menu. Once you map the Trial Balance, Lacerte will memorize the mappings for the following year, making it  quicker and easier in the future.

Import the Trial Balance.

Use the SmartMap tool to drag and drop amounts to specific tax forms.

With the US tax season now in full swing (and 8 days shorter), every little bit helps and working more efficiently is more important than ever. At Xero, we understand how important your time is so keep on the lookout for additional exports to tax programs.

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