UK Partnership

Enter trade return information with the Income statement

Use the Income Statement for complex trade calculations by inserting sections, entering business amounts, classifying items, and linking adjustments for detailed analysis and reconciliation.
For more complex calculations, you can use the
Income statement
 to analyse the income and expenses to reconcile them back to the partnership accounts.
  1. In the calculation, select
    Insert
    Income statement
    .
    note
    • The
      Income Statement
       is divided into 3 sections, mirroring a typical set of accounts.
    • You can insert additional rows into each section as needed.
  2. Enter amounts for the businesses (trade, property, or investment) that you added to the calculation. If there isn't a column for amounts, you'll need to go back and add the businesses to the calculation.
    note
    You can add or remove businesses at any time.
  3. Enter a
    Description
    ,
    Amount
    , and
    Disallowable/non-taxable amount
    , using the sign convention indicated on the screen.
  4. Select the classification of each item from the list. The list will change based on the business types you added.
    note
    You'll need to select a classification for every row or you'll get an error indicating nothing has been selected.
  5. If you select the
    Depreciation and loss/(profit)
     category, select a sub-category from the
    Analyse as
     dropdown. Insert the required analysis sheet, and the adjustment will link back to the
    Income statement
     automatically.
  6. If you want to add a breakdown of a category, enter a description and accounts amount on the row, then select
    Insert
    Trade expense and income analysis
     and complete the sheet.

This article applies to:

  • Product: ONESOURCE Corporate Tax