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Data Entry

Forecast PTBI

In the
DATA ENTRY
 list, you select the
Forecast PTBI
 component to enter federal and jurisdiction data.
You can enter the
Estimated Pre-Tax Book Income
 as an annualized amount and have the system divide the income into quarterly amounts.
  1. Select a unit in the
    UNIT SELECTED
     drop-down list.
  2. Type the annual income in the
    Estimated Pre-Tax Book Income
     field. Enter the Pre-Tax Book Income in local currency.
  3. Select
    Enable Quarterly PTBI
     and the system divides the annual income into four quarters.

General Information

Here are some points to consider for data entry fields:
oPTIONS
enter data in the following fields
Estimated Pre-Tax Book Income or Q1 - Q4
Enter the
Estimated Pre-Tax Book Income
 as an annualized amount or in quarterly amounts.
Enter quarterly amounts by selecting
Enable Quarterly PTBI
.
Estimated Annual Weighted Average FX Rate
Enter the
Estimated Annual Weighted Average FX Rate
 for a unit for the period covered by the dataset. The rate you use is the ratio of what 1 unit of the reporting currency would equal in the local currency. The system uses the Weighted Average Foreign Exchange rate to convert entries for the unit that have an Income Statement provision impact.
Exclude Foreign Losses
Select
Exclude Foreign Losses
 and the system excludes the unit from the interim provision calculations if the Forecast Federal Taxable Income is a negative amount. If the amount is positive, the unit is included in the calculation.
Exclude Unit
Select
Exclude Unit
 and the system excludes the unit from the interim provision calculations.
Statutory Tax Rates
The
Current Tax Rate
 and
Ending Deferred Tax Rate
 for the specified unit are used for all unit specific reports. These rates are also taken into account for Federal Benefit of State (FBOS) calculations when working with state data.
If the
Current Tax Rate
 and the
Ending Deferred Rate
 differ for the unit, the system automatically calculates the necessary impact of the rate difference for Activity entered for temporary differences. The impact of the rate difference can be viewed in the Effective Tax Rate report.
If the
Beginning Deferred Rate
 and
Ending Deferred Rate
 differ for a unit, the system automatically calculates any necessary change in rate adjustment on beginning temporary difference balances. Support for the calculated adjustment appears in a separate column within the Deferred Balances report.
FX Rates (1 RPT equals ?)
Enter the specific Beginning and Ending Spot rates for a unit for the period covered by the dataset in the
Beginning Spot
 and
Ending Spot
 fields. Enter the rate using the ratio of what 1 unit of the reporting currency would equal in the local currency. The Beginning and Ending Spot rate is used to convert entries for the unit that have a Balance Sheet provision impact.
Deferred Provision Only Adjustment
The adjustment to the deferred tax provision expense is a separate line item on the tax provision report. It impacts the Effective Tax rate. The deferred expense amount does not have a related deferred tax asset or liability associated with it.
Be sure to use this field appropriately, because additional support may be required to justify the expense on the provision.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision