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Tax Accounts Summary

The Tax Accounts Summary Report gives you the impact of the Trial Balance and the breakout of all the different tax accounts. You can review the different tax accounts for the Balance Sheet and the Income Statement on one page. This report enables you to check the payable and ensure the movements in deferred items went to the right place. This report also helps to validate the Journal Entries. You can easily track changes for all of your tax accounts maintained in Tax Provision with the Tax Account Rollforward report.

Report Views

The report defaults to the
Summary view
. Select
Rollforward view
 to see the detail of the change between the beginning and ending balances for the tax accounts. This view also includes a journal entry proof.

Balance Sheet

The report will show all of the impact to the balance sheet items for deferred and the current and non current breakdown. The breakdown includes the Balance Sheet for your Expense, Beginning, and Ending Balance for Current and Non-Current Deferred Income Tax for Federal, State, and Foreign.
There are line items for
Total Current Deferred
,
Total Non-Current Deferred
, and
Total Deferred
.

Payable

The payable will need additional mappings set up to be complete. You have the ability to map specific payable transaction types for various accounts. This allows you to give different presentations of your data and easily verify other items that you may track separately such as Franchise Tax.
You may want to map the following items for the payable:
  • Accrued Income Tax, Federal, State, and Local
  • Current UTB
  • Current UTB - Interest and Penalties
  • Non-Current UTB
  • Non-Current UTB - Interest and Penalties

All Other Payable Entries

If the mapping has not been configured then all items will go to the
All Other Payable Entries
.

Income Tax

The report shows the Income Statement impact of the changes in balances. The difference creates the deferred expense. The breakdown includes the Income Tax for your Expense, Beginning, and Ending Balance for Current and Non-Current Income Tax for Federal, State, and Foreign.
There will be line items for
Total Current Income Tax
,
Total Deferred Income Tax Current Temps
,
Total Income Tax Non-Current Temps
, and
Total Income Tax Expense
.
To the extent that there are Balance Sheet Only items going to Equity, that data is available to review, as well.

Total Current Equity Adjustment

This line item will show the impact of the current for equity.

Total Deferred Equity Offset

This line item will show the impact of the deferred for equity.
Data is available from three separate reports, Tax Provision, Payable, and Deferred Balances in one report.
Tax Account Summary - Rollforward report

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision