The G/L Direct Setup window allows you to activate G/L Direct processing for returns. Setting up a return for G/L Direct is a one-time procedure. After a return is activated, setup data and G/L Direct data are transferred to the next year when returns are rolled forward. The G/L Direct data that is rolled forward includes:
Charts of accounts
Tax codes
Entity information
Journal entries
Most of the commands on the G/L Direct tab are not available until a return is activated for G/L Direct. G/L Bridge commands on the Import/Export tab are not available if an open return has been activated for G/L Direct. This avoids possible conflicts between data transferred from G/L Direct and data imported by G/L Bridge.
Activating G/L Direct Processing
To set up a return for G/L Direct processing, do the following:
Open or create a new tax return.
Select Activate G/L in the Setup group on the G/L Direct tab of the ribbon.
Select your chart of accounts options. The available options depend on whether custom charts of accounts exist. Not all options are available in all circumstances.
Component
Description
I want to change my chart of accounts
Note: This option is only available after G/L Direct processing has been activated and if one or more custom charts of accounts have been created.
Allows you to select from a list of available custom charts of accounts.
From imported data or data entry
Supplies chart of accounts data from an import or from data entry. This selection does not create any chart of accounts information during activation. This option is only available when G/L Direct processing is first being activated and no chart of accounts exists in the return.
Custom chart
Allows you to select from a list of available custom charts of accounts. This option is only available after you have created one or more custom charts of accounts for the tax type and tax year of the open return. See Managing Custom Chart of Accounts for more information.
Custom chart list
Select a custom chart from the list. The system copies data from the selected custom chart of accounts to the return's chart of accounts. Copying a custom chart of accounts in a return is comparable to importing trial balance data; the process requires a tax codes set. If user-defined tax codes assigned to accounts in a custom chart of accounts are not defined in a return's tax codes set, the system adds them. This process can also cause the system to add Entity/Property Numbers to the tax codes set.
Select your tax codes options. The available options depend on whether custom tax codes sets exist.
Component
Description
I want to change my tax codes set
Note: This option is only available after G/L Direct processing has been activated.
Allows you to select a standard or custom tax codes set.
Standard
Creates the return's tax codes set from the standard tax codes set for the applicable tax year and tax product. System-defined tax codes are copied to the return's Tax Codes form.
Custom tax codes set
Allows you to select from a list of available custom tax codes sets. This option is only available when custom tax codes sets exist for the tax type and tax year of the open return. See Managing Custom Tax Codes Sets for more information.
Custom tax codes list
Select a custom tax codes set from the list. The system copies data from the selected custom tax codes set to the return's Tax Codes form.
Enter a report date to display in the header of G/L Direct reports. The report date generally represents the date that a report is presented to a client.
chart of accounts options. The available options depend on whether custom charts of accounts exist. Not all options are available in all circumstances.