T2 and T5013 GIFI Import From Xero

Link TaxCycle with Xero to seamlessly import General Index of Financial Information (GIFI) information into T2 corporate and T5013 partnership returns. To use this feature, you must have a current subscription to Xero.

Map Your Accounts in Xero

The most critical step to making the import work smoothly is to configure the correct tax mappings in Xero.  

GIFI codes are not the same as the code you set for each account in Xero. Mapping allows you to pair one or more account codes to the standard list of GIFI codes the CRA requires for reporting financial statement information from T2 and T5013 returns. See General Index of Financial Information (GIFI) for information from the CRA on GIFI codes and a guide with a complete listing of GIFI codes.

To map tax codes, you must be a Xero partner with the Advisor or Standard user role.

1. Log in to Xero and open the organization where you want to map the codes.
2. In the Accounting menu, select Advanced, then click Chart of Accounts.
   
3. Click Export GIFI Codes.
   
4. At the top right, select T2 as the tax form. This allows you to map accounts to the GIFI line number appear on each of these forms.

   

5. A message at the top of the page shows you all the accounts that need mapping.
6. Use the filter to show only unmapped accounts.
   
7. To map a code, check the box next to an account in the Chart of accounts column on the left.
8. Search for a code by line number or keyword in the GIFI codes column on the right.
9. Click the Map button to assign the code to the account.
   
10. Work through your accounts and map each of them to your codes until the message at the top left shows zero accounts to map. Please map all accounts before importing the data to TaxCycle. A few tips:
    • You can map more than one account to the same code. To map several codes at once, check the box next to the account names, then search for the code.
    • To change the mapping for an account, check the account on the left and search for a new code on the right.
11. At the top right, click Review mappings to preview a list of your mapped accounts.
12. Once you’re happy with the mappings, you can Download the mappings to import into another organization, providing that organization has the same codes and accounts in their chart of accounts.
    

Import Xero GIFI Data

1. Open the TaxCycle T2 or T5013 file.
2. Go to the Data menu, click Import GIFI, then Import Xero GIFI Data.
   
3. TaxCycle will launch a browser to connect with Xero. If prompted, log in to your Xero account.
4. The first time you connect from TaxCycle, Xero will ask you to confirm that you wish to allow TaxCycle access to the data in organizations linked to your Xero account. 
5. Select the organizations you need from the drop-down menu.
6. Click Allow access to grant permission.
   
7. Once you see a message in your browser confirming that TaxCycle has successfully connected to Xero, you can close your browser window.
8. TaxCycle attempts to match the file with an organization in Xero by looking at the details already in the return. If it cannot find a match, you can select the correct organization from the list.
9. If you have access to more than one business through your Xero account, you can search for the organization by name.
10. Click the name of the Xero organization that you wish to import.
11. If required, you can change the accounting basis from this import to either Accrual or Cash. (Set the default in TaxCycle options. See Connection Options, below.)
12. Click Import GIFI Data to download and import financial information into the GIFI forms.
    
13. When importing, TaxCycle checks for unmapped accounts in Xero and will display a warning at the top of the form prompting you to review the GIFI mappings in Xero. If this happens, follow the steps in Map Your Accounts in Xero, above, and try the import again.
    

Connection Options

Each time you attempt to download from Xero, TaxCycle will check for a connection. You can also connect or disconnect from Options without importing data. Under the TaxCycle section, expand Service Providers and click on the Xero page.