Importing K-1 Data from a Spreadsheet

You can import K-1 data from a spreadsheet into the return types specified below:

Return Type Entity Data available for import
Partnership Partners associated with the open return K-1 data, ratios, amount allocations,
Schedule K overrides, K-1 footnotes, K-2/K-3 data
S Corporation Shareholders associated with the open return
Fiduciary Beneficiaries associated with the open return K-1 data, K-1 footnotes

Only one K-1 data spreadsheet and one K-2/K-3 data spreadsheet can be imported per return. To evaluate K-1 data in multiple versions of a return, you must repeat the import process for each version of the return you want to evaluate. You can specify which types of K-1 data you want to import.

  • If you select to import K-1 data or ratios,(does not apply to K-2/K-3 data spreadsheet) you can choose to either update any existing data or to delete all the existing data and replace it with the import data.

  • If you select to import only allocations, Schedule K overrides, or K-1 footnotes, any existing K-1 data in the return will be deleted and replaced by the import data.

When data is successfully imported into a return, a notation is added in the return history when you save and close the return. If you discard the imported changes when you close a return, the return history notation is also discarded.

Note: You must have Microsoft® Excel® installed to perform a spreadsheet import or export.

ClosedPreparing for the Import

You must enter the import data into a spreadsheet that is formatted according to Tax specifications. You can either use a template provided by Tax, or you can export from another return of the same type and tax year to create a template.

Tip: For most imports, we recommend entering import data in a template provided by Tax. However, you might want to consider using an exported spreadsheet from a return if both of the following are true:

  • The return you are importing data into already contains K-1 data.
  • You need to retain at least some of the existing K-1 data in the return after the import.

Use a Provided Template

Tax provides templates that meet these specifications. You can find the templates in the following location on the computer where you have installed Tax:

X:\Program Files (x86)\WK\ProSystem fx Suite\Smart Client\SaaS\IXResources\yyyy

Note: In the file path, X is the drive where CCH Axcess is installed and yyyy is the tax year.

The templates provided for K-1 imports are:

  • K1yyyyF.xls (Fiduciary)
  • K1yyyyP.xls (Partnership)
  • K1yyyyS.xls (S Corporation)

The templates are tax year specific, with the yyyy in the template name representing the tax year.

Export from a Return

You also can generate a spreadsheet that meets Tax specifications by exporting the K-1 worksheets from a return. Any data that is in the exported worksheets is also exported. You can add to, revise, or delete the exported data as needed before reimporting the spreadsheet data back into the return. See Exporting K-1 Data to a Spreadsheet for more information

ClosedTips for Entering Data in an Import Spreadsheet

Regardless of whether you use the provided templates or create a template with an export, keep in mind the following when entering import data in a spreadsheet.

  • Do not add blank columns to a spreadsheet. The import processor interprets a blank column as the end of the data to import.
  • If you add rows, do not skip more than a single row. The import processor interprets two consecutive blank rows as the end of the data to import. Also, be sure to use Insert > Row. Selecting this option, rather than simply adding data to unused cells, will ensure that proper cell and print formatting is maintained for new rows. Inserting new rows also prevents potential problems in the return once the data has been imported.

ClosedPerforming the Import

The detail logs are not retained when you exit the wizard. If you need to keep a copy of a log for your reference, click Print to send the log to a printer. You can also click Copy to add the information to the Windows Clipboard, then paste the log information into another document.

  1. Open an S Corporation, Partnership, or Fiduciary return.
  2. Select K-1 Data > K-2/K-3 from Spreadsheet in the Import group on the Import / Export tab.
  3. Click Browse.
  4. Navigate to and select the file to be imported.
  5. Click Open.
  6. Select the data types to import.
  7. Click Next.

    8. Tip: Click at the top of the import window to return to previous windows in the import wizard. The back button is disabled once you click Import.

  8. If you selected K-1 data or Ratios, select one of the following options to determine how the spreadsheet entries are handled. This action also starts the validation process.
    • Import fields with revised data only. Select this option to import only revised data from the spreadsheet. Blank spreadsheet cells are ignored.
    • Import all fields including blank fields. Replace all return data with spreadsheet data, including blank spreadsheet cells.

    9. When validation completes, one of the following will display:

    • Validation completed. All data in the source file can be imported. You can continue to the next step in the import.
    • Validation partially succeeded. Some data in the source file cannot be imported. You can continue with the import without fixing the errors. However, only the data that passed validation will be imported.
    • Validation failed. The data file cannot be imported in its current form.To view information about the problematic data, click Details. You must exit the wizard and fix the errors. Then, you can repeat the import process.
  9. Click Import.

    Important: You cannot cancel an import once it has begun.

  10. When the import completes, click Details to view information about the imported data.

    Note: The detail logs are not retained when you exit the wizard. If you need to keep a copy of a log for your reference, click Print to send the log to a printer. You can also click Copy to add the information to the Windows Clipboard, then paste the log information into another document.

  11. Click Finish.

Imported data displays in blue font with the exception of footnote underlined data, which displays in black font. Data that is changed manually after import displays in black font.