Content transition guide

Other items

Why is a line item not populating in the financial statement(s)?

You need to check the mapping, as mentioned in the Review map section.

Why are the Investments & Trading Stock workpapers missing?

These need to be manually inserted as they aren't inserted by default in NextGen. If the workpaper can't be found in the Insert Sheet window, follow these steps to insert it:
  1. In {B} Balance sheet, right-click on the row item such as “Investment – current” and select
    Insert
     then
    Sheet
    .
  2. Under
    Analysis Sheets
    , select the relevant sheet to insert.
These steps apply to the following workpapers:
Investments
  • Investments - current
  • Investments - other - non-current
  • Investments - wholly owned subsidiaries - non-current
Trading Stock
  • Trading stock – current
  • Trading stock - current – impairment
  • Trading stock - non-current
  • Trading stock - non-current – impairment

How do I complete my Fixed Assets data against the rolled forward opening balance rows?

Due to the re-design of the fixed assets workpapers, the prior period closing balance will roll forward for your reference only. You will need to re-enter the opening balances will need to or import them into the relevant workpaper in the NextGen calculation.
Follow these steps to re-enter:
  1. Verify opening balances in the roll forward support sheets {RFF} Fixed Assets - accounting values and {RFG} Fixed assets - tax values. Also verify the relevant fixed assets workpapers (with a reference starting with {C}).
  2. In {S2} Calculation setup, tick
    Yes
     to
    Allow fixed assets opening balance adjustment
    . Go to the relevant fixed assets workpaper (with a reference starting with {C}), and re-enter the opening balances.
  3. In the relevant roll forward support sheet, {RFF} and/or {RFG}, set the toggle to
    No
     to avoid duplication of the opening balances in the fixed asset workpaper.
The opening balances can also be imported. Refer to the Fixed Assets Webinar.

I can't find the Leasehold improvements category in the fixed asset workpapers. What do I use?

We've replaced the
Leasehold improvements
 category with a new category
Lease assets – right-of-use assets
.

How do I adjust for the assessable income/other deductible expenses not included in P&L?

The previous {D14} and {D15} workpapers in Classic content are no longer available.
Please insert {D1} Various adjustments – permanent.  This new workpaper combines assessable income and deductible expenses tax adjustments and replaces {D14} Other deductible expenses not included in P&L and {D15} Other assessable income not included in P&L from Classic content.
If required, this workpaper must be inserted manually from the
Ribbon Toolbar
,
Insert
, then
Insert Sheets
, or see the section on
Unique
 optional workpapers.

Why do I have unrecognized DTA and DTL balances after transitioning to the NextGen content?

Due to the transition design and new splits for some workpapers, you need to re-enter any unrecognized amounts brought forward in {T3} Temporary Difference Movement as a one-off exercise.
Enter these unrecognized amounts as current period adjustments in:
  • {T3}, column D “Unrecognized amounts brought forward”
  • {T2X}, column G “Unrecognized – carried forward”
Once entered, the recognized amounts get cleared.
note
This adjustment will create a duplication in {T3} Temporary Difference Movement, making the total “Unrecognised amount brought forward” appear doubled. However, there will be no movement taken into account for deferred tax, and the opening balance only considers the recognized portion for tax accounts. Therefore, this is a one-off appearance issue due to row duplication and won't have any additional impact.

I turned on the “Display DTA and DTL override” configuration option in {T3} in Classic content. Why did my Opening balance DTA/(DTL) indicator change in NextGen content?

In {T3}, we set up the opening and closing balance indicators for Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL) based on their balance signs. This applies to both Classic and NextGen content. A positive balance automatically becomes a DTA, while a negative balance becomes a DTL. If you've already chosen this default setting in Classic content, you won't need to make any changes when moving to NextGen content. This approach simplifies the process and ensures consistency across both content types.
If you previously used the "Display DTA and DTL override" option in {T3} Classic content, you'll need to make a one-time adjustment when moving to NextGen content. This option allows you to manually change how a line item is classified as either a Deferred Tax Asset (DTA) or a Deferred Tax Liability (DTL). The transition process involves reviewing and updating these manual classifications to ensure they carry over correctly to the new system. This step is crucial for maintaining the accuracy of your tax classifications in NextGen content.
When moving to NextGen content, you need to review all Deferred Tax Asset (DTA) and Deferred Tax Liability (DTL) indicators, even if you didn't use manual overrides in Classic content. This is important because:
  1. The manual override option is no longer available in NextGen.
  2. The transition process can't automatically copy your manual selections from Classic to NextGen.
To ensure consistency between Classic and NextGen calculations, follow these steps:
  1. Open your NextGen calculation.
  2. Check each DTA/DTL indicator.
  3. If needed, select the correct option from the dropdown menu next to the indicator.
  4. Continue this process until all Opening balance DTA/DTL indicators in NextGen match the Closing balance DTA/DTL indicators in Classic content.

Is there a more efficient method for verifying opening balances for entities other than opening and checking each balance sheet workpaper?

If you've been using ONESOURCE Corporate Tax only for tax returns and haven't used the tax effect accounting workpapers, you'll need to set aside extra time for an important step. Currently, there's no quick way to review opening balances in each balance sheet workpaper. This means you'll need to:
  1. Go through each balance sheet workpaper individually.
  2. Carefully review all opening balances.
  3. Make any necessary adjustments.
This process might take longer than you're used to, so it's crucial to plan ahead and allocate enough time for this task. By doing so, you'll ensure accuracy in your financial reporting and maintain compliance with tax regulations. Remember, thorough review now can save you time and potential issues later.

This article applies to:

  • Product: ONESOURCE Trusts
  • Subject: Conversions