How to Edit Account Tax Type
Hello! In this guide, you’ll learn how to view, edit, delete, and add Account Tax Types in LeadCenter.ai.
Account tax types play an important role in classifying financial accounts for accurate reporting and tax-qualified tracking.
1. What Are Account Tax Types?
Account Tax Types define whether an account is tax-qualified or non-qualified, and categorize the account accordingly (e.g., IRA, Roth IRA, 401(k), Non-Qualified, etc.).
These classifications help you:
- Track tax implications of accounts more effectively.
- Filter accounts by tax type in reports.
- Maintain consistent data when syncing with external CRMs or custodians.
When you create your LeadCenter account, a default list of tax types is automatically provided, but you can customize this list to fit your business needs.
2. Viewing and Editing Tax Types for an Account
To view or modify the tax type for a specific account:
- Open the Accounts page in LeadCenter.
- Select the account you want to edit.
- Click Edit to open the account edit page.
- In the account details section, you’ll see fields for:
- Tax Qualified: A checkbox to indicate if the account is tax-qualified.
- Tax Account Type: A dropdown menu to assign the account’s tax type (e.g., Traditional IRA, Roth IRA, Non-Qualified).
Make the necessary updates and click Save to apply the changes.
If you select “Tax Qualified,” make sure to choose the appropriate account type to maintain reporting accuracy.
3. Managing Global Account Tax Types
If you want to add, edit, or delete the available tax types in your system, follow these steps:
- Click your name in the upper-right corner of LeadCenter.
- Select Settings from the dropdown menu.
- In the left-hand menu, click on the Contact Management tab.
- Select Account Tax Types.
This opens the Account Tax Types page, where you can view all current tax types configured in your system.
4. Adding a New Account Tax Type
To create a new tax type:
- On the Account Tax Types page, click Add New Tax Type in the upper-right corner.
- Enter a name for the new tax type — for example:
- “SEP IRA”
- “401(k) Rollover”
- “529 College Savings”
- Click Save to add it to your list.
The new tax type will now appear as an option when creating or editing financial accounts.
Best Practice: Use clear, standardized names for tax types so reports and filters remain consistent.
5. Editing or Deleting Existing Tax Types
To modify or remove existing tax types:
- To Edit:
- Click the Edit (pencil icon) next to the tax type name.
- Update the name as needed.
- Click Save to apply the change.
- To Delete:
- Click the Delete (trash icon) next to the tax type you wish to remove.
- Confirm the deletion when prompted.
Important: If a tax type is currently in use by existing accounts, deleting it may affect related records. Consider renaming it instead of deleting it to preserve data integrity.
Summary
| Task | Action | Location |
|---|---|---|
| View or Edit a Tax Type | Open account → Edit → Adjust “Tax Qualified” and “Tax Account Type” | Accounts Page |
| Add a New Tax Type | Click “Add New Tax Type” → Enter name → Save | Settings → Contact Management → Account Tax Types |
| Edit Existing Tax Type | Click edit icon → Update → Save | Account Tax Types Page |
| Delete Tax Type | Click delete icon → Confirm | Account Tax Types Page |
Pro Tips
- Review your tax type list periodically to ensure it aligns with your firm’s account offerings.
- Avoid duplicate or inconsistent naming (e.g., “Roth IRA” vs. “Roth-IRA”).
- For reporting accuracy, make sure all tax-qualified accounts are labeled correctly.
By following these steps, you’ll keep your account tax types organized and accurate, ensuring smoother reporting and compliance within LeadCenter.ai.
Thank you for watching!
