Import distributions and settlements

Overview

Distribution or settlement data for entities can be bulk imported to TaxLab using a standard Excel template. This helps reduce manual entry time, and standardises formatting across beneficiaries or shareholders. The completed template is uploaded directly into the relevant workpaper.

There are two methods for importing distributions:  

• Use a blank import template
• Export from the prior year, update and re-import

Import using a blank import template

1. From the entity’s tax year summary, in the navigation bar select Workpapers > Distributions or Settlements (depending on the type you are importing). 
2. On the Distributions or Settlements screen, select the Export button to download a copy of the Excel template. 
3. Open the file and enter the relevant information in the format provided. Make sure each row contains complete and accurate data. Do not change the column headers or file format.
4. Once the file is complete, save the file. 
5. On the Distributions or Settlements screen, select the Import button. 
6. Select the file to import, then select Open.

The imported rows will display in the distributions or settlements workpaper. Review the imported entries to confirm they are correct.

Import from the prior year

Use this method when the beneficiaries, partners or shareholders are the same or similar across tax years, and the prior tax year has been prepared in TaxLab.

1. From the entity’s prior year tax year summary, in the navigation bar select Workpapers > Distributions or Settlements (depending on the type you are importing). 
2. Select Export.
3. Open the Excel file, update the data, and add or remove items as required.
   • In a trust, ‘Tax jurisdiction” must be a two letter country code. These are determined by Inland Revenue (IRD).
   • The rows and columns that are totals do not need to be updated. These will not be imported, and can be left in, or deleted.
4. From the entity's current tax year summary in the navigation bar select Workpapers > Distributions or Settlements.
5. Select Import.
6. Select the file to import, and select Open.

Notes on importing

Recipient IRD numbers

Each trust distribution or settlement line must have an IRD number, a Tax Identification Number (TIN) or a reason no TIN is required. Each partnership or Look-through Company (LTC) distribution must have an IRD number. If you do not have these details for a recipient or they don’t have them available, they cannot be imported. Distributions to these recipients must be entered manually. Where a partner or a shareholder does not have an IRD number, use 000-000-000 instead. This number cannot be used for beneficiaries or settlors.

Round to two decimal places in the import file

Amounts that are distributed must be rounded to two decimal places before importing. If distributions are based on a calculation, make sure to use =ROUND(cell,2) to ensure cells are properly rounded. In Partnerships, the total distributed needs to add to exactly the amount available to distribute (all to two decimal places). Inland Revenue checks this on filing and will reject a tax return if this is not the case.

Distribution percentages

For partnerships, Inland Revenue requires a distribution percentage to be included for each recipient, and that the percentages add up to exactly 100.00%.

Default values

If the following columns are not set, they will default to the settings below for a trust. Therefore it is important to set them correctly. If importing into a partnership they will be ignored.

• Is tax resident – false;
• Is entity paying tax on behalf – false;
• Is minor – false;
• All numbers will default to zero.

Reimporting

• Files can be imported more than once. 
• The software matches the IRD number in imports, to rows with existing records. 
• Any new rows in the import will be added. 
• The software does not delete or update existing rows if they are not included in the import file.

Related articles

Distributions