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Data Entry

Permanent Differences - Book/Tax Basis

In the
DATA ENTRY
 list, you select the
Perm Diffs - Book/Tax Basis
 component to enter federal and jurisdiction data.

General Information

Here are some points to consider before selecting data entry fields:
  • There are two types of Permanent Differences:
    Equity Adjustments
     and
    P&L Adjustments
    . When you
    Add
     and
    Import
     entries, use the appropriate type to achieve the desired provision effect.
  • Permanent Difference - Book/Tax Basis lets you enter different book and tax amortizable basis and amortization periods. The resulting permanent difference between the basis is automatically computed. The remaining balance of the basis and periods rolls over to future datasets when you roll over the dataset.
  • To use the same
    Code - Description
     for multiple line entries, you must use a different
    Tag
     letter or
    Class/Subclass
     combination for each line.
  • The Permanent Difference - Book/Tax Basis component is not available in interim datasets.

Data Entry Fields

The
Perm Diffs - Book/Tax Basis
 component grid includes the following columns.
The following list contains grid options and descriptions for the
Perm Diffs - Book/Tax Basis
 page.
Grid Options
Description
Actions
Actions 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.
Unit Code
The Unit Code is established by an Administrator for the Perm Diffs - Tax Basis.
Unit Name
The Unit Name is established by an Administrator for the Perm Diffs - Tax Basis.
Currency Symbol
The Currency Symbol is established by an Administrator for the Perm Diffs - Tax Basis.
Jurisdiction
Jurisdiction lets you select the jurisdiction for the adjustment.
Code - Description
The Codes and description are established by an Administrator for the Permanent Differences.
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.
Type
Two types are available:
  • P - P&L Adjustment
     results in a current tax provision expense offset in the payable account. The result does impact the overall effective tax rate.
  • E - Equity Adjustment
     results in a current tax provision expense offset in the payable account, as well as an equity contra expense that is offset in an equity account. This does not impact to the overall effective tax rate.
Beginning Balance
Rolls over from the prior period and should represent the remaining Permanent Differences for book and tax that should be allocated.
Amount
The appropriate amount of the activity based on the months entered. In a dataset that was not rolled over, you must populate this field.
Enter the
Amount
 and the system automatically calculates the Ending balance.
Ending Balance
The ending balance based on the months entered. In a dataset that was not rolled over, you must populate this field.
Enter the
Ending
 balance and the system automatically calculates the Amount.
Months
The months entered for both book and tax are used to compute the ratable amount applicable to the period.
Note
You can type notes to supplement the adjustment. You can access a history of the Notes within "Data Source History."

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision