Chart of account guidelines

Use these guidelines in creating and maintaining your chart of accounts.
  • All accounts must have a valid TRC-TCC (tax return code - tax combination code) code combination.
  • Maximum number of characters allowed:
    • Account number = 45
    • Account description = 65
    • Adjustment number = 10
    • Adjustment description = 65
  • Once a chart of accounts is assigned to a binder, it can't be un-assigned.
  • A separate chart of adjustments is created for each type of adjustments (book, reclass, and tax).
  • Every chart of accounts must have a chart of book adjustments assigned to it so the system can close the books and book adjustments.
  • Tax adjustments are entered in a journal entry format, with 1 side of the entry belonging to a profit and loss (P&L) account and the other side to a balance sheet account. This approach helps you maintain a tax basis balance sheet.
  • The Transfer from Provision checkbox is applicable to ONESOURCE Tax Provision users only. With this feature you can designate 1 default income statement and balance sheet account for each tax adjustment. These selections are used as the target accounts during the provision transfer process.
  • These types of tax adjustments don't give you the option to select default accounts:
    • System-generated tax adjustments (A001, A002, A003, and A004).
    • K-1 transfer tax adjustment
    • 8865 K-1 transfer tax adjustment
    • International transfer tax adjustment
    • Tax adjustments that have 'auto' settings applied to each account within the adjustment

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