Work With GIFI Codes
Fiscal information can include general ledger accounts, reports, income statements, balance sheets, and statements of retained earnings. Fiscal information is classified using codes. The use of codes helps the government to process information, prepare for electronic filing, and validate tax information electronically. The use of codes also helps statistical organizations to work more efficiently, as financial information is more readily available. For more information, see the Canada Revenue Agency website.
The Canada Revenue Agency uses General Index of Financial Information (GIFI) codes to collect, validate, and process financial and tax information electronically. It is a best practice to assign GIFI codes only to posting accounts, so that all totaling is done by your tax preparation software.
When an account is associated with a GIFI code, it is reported to the revenue agency under that code. Multiple accounts can all have the same GIFI code, but each account can have only one GIFI code.
You can export balance information by GIFI code and save the exported file in Excel, which is useful for transferring information to your tax preparation software.
To set up GIFI codes
In Business Central, you must set up GIFI codes for general ledger accounts, reports, balance sheets, income sheets, and statements of retained earnings.
- Choose the icon, enter GIFI Codes, and then choose the related link.
- On the GIFI Codes page, choose the New action.
- Set up GIFI codes by filling the fields. Hover over a field to read a short description.
To associate GIFI codes with G/L accounts
To report financial information by GIFI code, each GIFI code must be associated with the appropriate accounts in the chart of accounts.
- Choose the icon, enter Chart of Accounts, and then choose the related link.
- Select a relevant general ledger account, and then choose the Edit action.
- On the Cost Accounting FastTab, in the GIFI Code field, select an appropriate GIFI code.
To view account balances using the GIFI code report
You can review your account balances by GIFI code by using the Account Balances by GIFI Code report.
- Choose the icon, enter Account Balances by GIFI Code, and then choose the related link.
- Specify what to include in the report by filling the fields. Hover over a field to read a short description.
- Choose the Print or the Preview button.
To export balance information using GIFI codes
You can export balance information using GIFI codes and save the exported file in Excel. You can modify, save, or delete the file. You can use the file to transfer information to your tax preparation software.
- Choose the icon, enter Export GIFI Info. to Excel, and then choose the related link.
- Specify what to export to Excel by filling the fields. Hover over a field to read a short description.
- Choose the OK button.
The Excel file has the following characteristics:
- The balance is rounded to the nearest percentage, but the cell value maintains the same percentage as it does in the general ledger.
- Negative numbers are represented as positive number in brackets. Accordingly, -123 is represented as (123).