Tallyfor now makes quick work of those challenging multi-property returns! The Multi-Property feature lets you manage multiple properties within a single binder, map them to Form 8825 columns, and generate property-specific reports ready for tax preparation.
Enabling Multi-Property
Once the Multi-Property feature is enabled on your binder, you will see a new icon on the right side of the screen. Clicking this icon opens the Property Manager panel, where you can create and manage all of your properties.
Adding properties
There are two ways to add properties in Tallyfor:
Option 1: Add properties manually
Open the Property Manager panel by clicking the property icon on the right side of your binder.
Enter the property name.
Map the property to the appropriate 8825 column.
Option 2: Import from your accounting system
If your binder is connected to Xero or QuickBooks Online, Tallyfor can automatically pull in your tracking categories or classes and create properties from them. This saves time and ensures your properties match what's already set up in your accounting system.
Categorizing transactions by property
Once your properties are created, any time you categorize a transaction to an 8825 account in the trial balance, you will be presented with a property picker. Select the appropriate property to assign the transaction.
Everything else inside the trial balance works the same as before — the property picker simply adds an extra step when working with 8825-related accounts.
Property report
Tallyfor provides a dedicated Property Report, which is similar to your standard 8825 report but broken out by individual property. The report paginates properly across all of your properties.
Downloading for tax
The Download for Tax file supports multi-property data for the following tax products:
UltraTax
Lacerte
ProConnect (coming soon)
The downloaded file will be prepared and formatted for direct import into these tax products.