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Data Entry

Intercompany Transaction

In the
DATA ENTRY
 list, you select the
InterCo Txn Entry
 component to enter federal and jurisdiction data. Here you select the
RECEIVING
 or
PAYING
 options to create a permanent difference in a unit.

General Information

Here are some points to consider before selecting data entry fields:
  • Set up transactions among units to account for the movement of tax amounts and the impact of the associated withholding tax treatment on transactions. You add entries in either the
    RECEIVING
     or
    PAYING
     unit and the system posts them as a permanent difference in the units.

Data Entry Fields

The
InterCo Txn Entry
 component grid includes the following columns.
The following list contains grid options and descriptions for the
InterCo Txn Entry
 page.
Grid Options
Description
Attmnts
Attmnts allow you to supplement the adjustment with detail. Select the paper clip icon to add an attachment.
Data Source
Data Source enables you to view the Data Source History.
Dataset
The Dataset selected in the Base Dataset drop-down list.
Source Unit Code
The Unit Code is established by an Administrator for the InterCompany Transaction.
Source Unit Name
The Unit Name is established by an Administrator for the InterCompany Transaction.
Jurisdiction
Jurisdiction lets you select the jurisdiction for the adjustment.
Receiving Unit Code
The Unit Code is established by an Administrator for the InterCompany Transaction.
Receiving Unit Name
The Unit Name is established by an Administrator for the InterCompany Transaction.
Paying/Receiving Unit
There can be intercompany transactions between any two Units.
Type
The options that display are established by an Administrator for Intercompany Transactions.
Code
The transaction code is user-defined.
Tag
The Tag Letters letter identifies each line entered in the originating source.
Class
The class identifies each line entered in the originating source.
Subclass
The subclass identifies each line description entered in the originating source. You can select Next Value as the subclass and the application generates the next "Code" number for the selected Code, Type and Class.
Date
The date of the transaction.
Amount
The transaction amount for the intercompany transaction.
FX Rate (Paying Unit to Receiving Unit)
The weighted average rate that the paying unit uses to pay the receiving unit.
Withholding Tax Receiving Unit
Percentage of the transaction amount that is withheld for the receiving unit.
Taxable at Receiving Unit
Designate if the transaction amount is taxable by the receiving unit. It is posted as a permanent difference.
Deductible at Paying Unit
Designate if the transaction amount is deductible by the paying unit. It is posted as an offset permanent difference. Withholding Tax Treatment: Designate if the withholding is D for Deductible, C for Creditable, or N for Neither.
Treatment
Select if the transaction amount is Deductible or Creditable.
Note
You can type notes to supplement the adjustment. You can view the Notes history by selecting the Data Source field.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision