Tax code assignments for general ledger accounts

The tax code assignments that you make for specific general ledger accounts enable your tax application (UltraTax CS) to transfer account balances to the right lines on the tax forms.

Tax code assignment overview

  • Options available in the
    Tax code
    dropdown in the Chart of Accounts screen are based on the client's entity type.
  • The application includes new tax codes from time to time in response to federal tax form changes.
  • The application transfers forward tax codes the 1st time you move into a new fiscal year. After that, the tax codes for different years are independent of each other.
    • If you move forward to a new year in which the tax codes haven’t yet been released (for example, 20xy), the application uses tax codes for the latest year available to generate assignments in the database.
    • If you move back to the prior year (for example, 20xx), change an assignment, and then move forward again (to 20xy), the application won’t transfer assignments made in the prior year (20xx) because they’ve already been assigned in new year.

PDF guide for tax code assignments

The following PDF can help you transfer client account balances to UltraTax CS.