How to Prepare

Tax-Time-Saver (TTS) is a versatile tool that can be used in multiple ways, depending on your workflow needs. Here are the main use cases:

1. Intelligent OCR Tool:

   • TTS can function as a highly advanced Optical Character Recognition (OCR) tool to quickly read and extract data from PDF bank and credit card statements.
   • The extracted data includes transaction descriptions, dates, amounts, and categories (Credit or Debit), providing an accurate digital version of the statement.

2. Pre-Categorization of Bank Transactions:

   • TTS can be used as a pre-categorization tool for bank transactions, helping you organize and categorize data before importing it into accounting software.
   • By pre-categorizing transactions, you can streamline your bookkeeping process and ensure consistency in data presentation.

3. Category Settings:

   • If you prefer not to use pre-categorization, navigate to the "Categories" tab and click "Disable Global Categories".
   • If you want to use pre-categorization but with your own custom categories instead of the default ones, disable the default categories and define your own.
   • In TTS, within the "Bank Transactions" tab, you can also create individual rules for categorizing both bank and credit card transactions.
   • For more information, refer to the article "Categorization".

4. Data Summary for Tax Filings:

   • TTS can generate a summarized dataset of transactions that can be easily copied and pasted directly into tax declarations or financial statements.
   • This feature helps save time during tax season by providing a consolidated view of expenses, payments, and revenues, formatted for direct reporting.

5. Data Export:

   • If you only need to export data to Excel or QBO, prepare your PDF bank and credit card statements in separate folders.
   • It is recommended to name the files in a way that helps identify the company, the account (last 4 digits), and the month.
   • You can save time by uploading multiple files at once for batch processing.