Rename, Group and Categorize

How to Rename, Group and Categorize in Tallyfor.

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.

1. Renaming 

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.

2. Grouping 

Tax Group 

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

Select accounts you want to add to a group Click the Large Blue Plus make group button.

The accounts you selected will be nested and automatically summed under an Unnamed Group

Click the pencil Icon to rename the group.

“My Named Group”

3. Tax Categorize

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.

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