Can I export my data to TurboTax?

Many sellers use TurboTax to file their taxes, so it's natural to ask whether Seller Ledger can send your numbers straight into it. Seller Ledger doesn't offer a direct export to TurboTax. This article explains why and shows you how to get your Seller Ledger numbers into TurboTax.

Why doesn't Seller Ledger export a .txf file?

You may have seen other software mention a .txf (Tax Exchange Format) file. TXF is an older format made for desktop tax software, the kind you install on your computer. It wasn't built for today's online tax tools. For this reason, Seller Ledger doesn't create .txf files.

Why can't TurboTax Online import from Seller Ledger?

TurboTax Online can import directly from QuickBooks (an Intuit product, like TurboTax). It doesn't offer that kind of connection for other accounting software, including Seller Ledger. Because TurboTax doesn't make that option available, we can't build a direct connection.

The good news: your numbers are already organized by tax line

Seller Ledger is built around the Schedule C tax form. Every category rolls up to a specific Schedule C line, so the Tax report works like a cheat sheet for filling out TurboTax. For most sellers, entering the totals by hand only takes a few minutes.

How to enter your Seller Ledger numbers into TurboTax

1. Clean up your books first. Make sure you've categorized all of your bank and credit card transactions. Look for the yellow "Uncategorized" buttons on your dashboard. See Is there a way to quickly categorize many bank transactions?
2. Open your annual Tax report. Go to the Taxes tab and choose the tax year you're filing for.
3. Check what's in each line (optional). Click the description of any line to see which categories roll up to it. See Which categories go where on my taxes?
4. Save a copy as a PDF. Print the Tax report to PDF so you have it handy while working in TurboTax. You'll also have a record for your files. See How do I print reports and other pages?

5. Open the Schedule C section in TurboTax. In TurboTax, go to the self-employment or business income section where you report Schedule C income and expenses.

   Enter each total, line by line. Copy each amount from the Seller Ledger Tax report into the matching Schedule C line in TurboTax. For example:

   • Line 1: Gross receipts or sales
   • Line 4: Cost of goods sold
   • Line 10: Commissions and fees
   • Line 18: Office expense
6. Enter your cost of goods sold details, if needed. If you track inventory, TurboTax may ask for the Part III details. These are your beginning inventory, purchases, and ending inventory. You can find these numbers under Inventory → Balances in Seller Ledger.