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AFR - Merging of T3 Slips etc - I Learned Something Today


#1

I am a little slower to catch on than others, but today I learned that I can selectively or manually merge and import slips using the Taxcycle AFR even if Taxcycle doesn’t automatically offer to “Merge T3 slips” due to different fund names.

Lets say the CRA has 4 individual T3 slips for Royal Bank Mutual Funds, but the client only has 1 consolidated T3 slip, while importing we can choose the same slip name for each of the T3 slips and Taxcycle will add them together as you select them. That way you can pick and choose what CRA T3’s make up the paper T3 slip until you come up with an AFR import that matches the paper slip. You then import that consolidated slip via AFR and it will match up to the paper T3.

I’m not sure how long Taxcycle AFR has been like this… but thanks for this!


#2

I know it is the first year with the T3, T5008 slips etc but the AFR needs to be revamped the current process is not sufficient to efficiently download slips and consolidate them with the slips we have from the client.

I am sure there will be some consultation with preparers of what needs to done from taxcycle


#3

For me, the value of AFR is confirming that we have everything that CRA has (or that we have more than CRA). So I have found that an efficient way to use it when a client has a lot of T5s, T3s, and T5008s is to select do not import on the category and then move to another slip of the same type. Once you move, the totals update (with a line through them) to show the accumulated total. I then compare the totals that TaxCycle has accumulated to the AFR totals for the various boxes.

This has worked well for me so far. The only annoyance is that the AFR screen in TaxCycle is modal so I actually have to write the number down to be able to compare.

Maybe an optional “dashboard” bar that would compare the totals for key boxes between what has already been entered in TaxCycle and AFR totals could be incorporated into the AFR screen in the future.


#4

T3's and T5008's in AFR talks about T3 aggregation in AFR hopefully addresses some of the above concerns. Sounds like something similar for T5008 is a future thought.

@Cameron also mentioned in a comment to the discussion in the link above that making the AFR dialog non-modal is under active consideration. I think it is a great idea and I hope it happens!