An accounting Chart of Accounts is often not conveniently structured to present the information on a tax return. Tallyfor gives you three tools to rollup and group the accounting data in the tax appropriate manner.

Rename - (used to be called Tax Label (rename a single account) from Tallyfor on Vimeo.)

Rename your COA Account with a Tax Account Name that will be displayed on the Tax Return. You can think of its as the Tax Return alternate name for that COA. (We don’t actually change your COA name, so the original name always match your accounting system.)

For example, maybe your COA is named. “John's Salary” and you want it to show as “Officer’s Compensation” on the tax return. Just rename it.

Renaming is intended to for an individual COA Account. If you want to group and rename several accounts use the Tax Group feature.

The label icon indicates that you can Rename.

Rename

Once a Tax Label is created, the name will show next to the original COA Account Name.

You can remove a Tax Label by simply deleting all the text of the Tax Label.

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📌 Tip: TB Account Names that are beyond a certain length won't be shown in full due to space constraints. If you rollover the account name with your cursor, a tooltip will appear that shows the full account. name.

Rollover Account Name and Tooltip will Show Full Account Name

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A Tax Group allows you to roll up several Accounts. Grouped Accounts will show in the tax return with only the Tax Group name and the sum total of the Grouped Accounts.

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Select account(s) you want to add to a group. At the bottom of the screen click on "Add to Group"

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You can Add the Accounts to an Existing Group. The added accounts will automatically be categorized as the same tax category as the existing group.

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OR Add the Accounts to a New Group. When Adding to a New Group, it is required to Create a Group Name AND pick a Tax Category.

Click the pencil Icon to rename the group.

“My Named Group”

You also can use Drag and Drop to move individual accounts into Groups. You can only DnD individual accounts. To move multiple accounts into a group, please use the "Add to Group" button.

How to Drag and Drop

To un-group, you can also drag an account out of the group and under its respective tax line to break it out individually. Here is a video showing how to ungroup by

Groups can be deleted altogether using the trash can to the right of the tax category drop down. You might need to slide the bar between the TB and JE panels to the right to reveal it.

For the account or group you wish to put on the return, select in the dropdown on the right for the tax category you want that account to go to.

If you need to change a tax category, you can simply choose another.

Tip: You can categorize many at once, by selecting them first with the checkbox.