Content transition guide

Verify opening balances

Complete the steps in this section topic for each calculation in the NextGen dataset.
  1. In the current period NextGen calculation, review the opening balances in the balance sheet workpapers.
  2. Verify that they represent the rolled forward closing balances from the balance sheet workpapers in the prior period Classic calculation.
  3. In the 1st period/year of using NextGen content, the balance sheet workpapers will have the opening balances in 1 row and the closing balances in another row.  While it is acknowledged that this isn't ideal for presentation purposes, this won't happen when rolling forward the calculations into future years.  It's a one-off occurrence as part of the transition to NextGen content.
  4. You need to re-enter the opening balances for all Fixed Assets workpapers as a one-off.  Please see Fixed assets opening balances.
Not all workpapers in Classic content have a one-to-one equivalent with NextGen content. Some Classic workpapers are split into multiple workpapers in NextGen. The example shows {B26} Provisions in Classic.
Verify Opening Balances at the Consolidated Group Level
After making sure the opening balances for all member entities and the head entity, review the opening balances for the consolidated group calculations.
For each group calculation:
  • In
    {S1} Preliminary information
    , the
    Entity type (consolidations)
     will default to
    Group
     post transition. Select the group type so it matches with the prior selection in Classic group calculations. Repeat for each group.
  • In {A1} Group losses – all, make sure that the losses brought forward match with losses carried forward in the prior period Classic group calculations.
  • Some of the Tax Effect Accounting (TEA) values may need to be re-entered due to design changes. If applicable, the unrecognized amounts brought forward in {T3} Temporary difference movement may need to be re-entered. To facilitate this, the column will be manual.

Import Trial Balance

Once you have completed all transition steps, you can import the trial balance and start working on the calculations in the NextGen dataset following your usual tax provision/tax return process in ONESOURCE Corporate Tax.
When importing the balance, do you see more than one “Trial balance” option in the
Import Type
 dropdown menu?  This may occur if you have New Zealand calculations (which use Classic content) as well as Australian calculations (which are now on NextGen content).
  • “Trial Balance” (uppercase B) is for the
    Classic
     content imports. Use this option for New Zealand entities.
  • “Trial balance” (lowercase b) is for the
    Nextgen
     content imports. Use this option for Australian entities adopting Nextgen.

This article applies to:

  • Product: ONESOURCE Trusts
  • Subject: Conversions