Xero has announced that their latest tax tool feature allowing for the mapping of accounts to tax lines is now available. Accountants and bookkeepers with the Advisor role in Xero now have the ability to map their clients’ chart of accounts to tax lines in Form 1040, Schedules C and E (with one property only). Once the accounts are mapped, balances for each tax line can be reviewed as a report or exported as a CSV file.
Xero remains tax software agnostic, allowing accountants and bookkeepers to import the mapped accounts into the tax software of their choice. This allows professional users to leverage curated solutions that best suit their workflows, clients, and practice.
Source: Xero
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- Efficiently prepare client financial data for tax by mapping their chart of accounts to lines in Form 1040, Schedules C and E (with one property).
- Xero brings all of your client’s financial data together in a simple workflow, reducing the need for manual workarounds and third-party tools when preparing client books for tax.
- Once your mappings are complete, audit your work by viewing a report that breaks down each tax line with the mapped accounts.
- Bridge the gap between Xero and your tax software by exporting a CSV of the completed mappings that can be transferred to any tax software of your choice.
For more details about Xero's 'map accounts to tax lines' feature see this support article intended for accountants and bookkeepers who use Xero