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This article applies to:

  • Product: ONESOURCE New Tax Provision

NOL Temporary Differences - Tax Basis

In the
DATA ENTRY
 list, you select the
NOL Temp Diffs - Tax Basis
 component to enter federal and jurisdiction data.
note
To use the controls in this page see, Common Actions, Grid Options, and Modifying Data Entries.

General Information

Here are some points to consider before selecting data entry fields:
The
Activity
,
Deferred
, and
Balance Sheet Only
 column amounts impact the tax provision differently.
  • Each NOL temporary difference line defaults to being tax effected using the unit rate. The beginning and ending unit rate can be overridden on a line-by-line basis. If only the beginning or ending rate is overridden, you must populate the fields. If a field is not populated, it defaults to a zero rate.
  • The NOL temporary difference can be automated to take the Automation Policies net operating loss impact.
  • Tax Basis Temporary Difference pages let you to enter amounts as purely tax balances, with or without book or net of book.
  • To use the same
    Code - Description
     for multiple line entries, you must use a different
    Class/Subclass
     combination for each line.
  • For a list of the required template worksheets see Data Entry Components, #UNOLTD# Unit NOL TDs-Tax Basis. To use default unit rates, enter U in the rate columns when importing
  • Two tabs are available:
    DETAIL
    and
    ROLLFORWARD
    . You can add and edit data in both sections.
  • Administrators use Dataset Parameters Reference to control the information in this page. The DEFAULT_TD_TAB controls which tab(s) you see, and RESTRICT_TD_TABS controls who can enter data within the tab(s).
  • The system computes the Tax-Book Difference using the book and tax amounts in the
    DETAIL
    tab. This information flows to the
    ROLLFORWARD
     tab.
The following list contains grid options and descriptions for the
NOL Temp Diffs - 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 NOL Temporary Differences - Tax Basis.
Unit Name
The Unit Name is established by an Administrator for the NOL Temporary Differences - Tax Basis.
Currency Symbol
The Currency Symbol is established by an Administrator for the NOL Temporary Differences - Tax Basis.
Jurisdiction
Jurisdiction lets you select the jurisdiction for the adjustment.
Code - Descriptio
  • The Codes and description are established by an Administrator for the NOL Temporary Differences.
  • Automated NOL amounts are posted to a code that begins with NOL_SYS.
Type
There are two types of temporary differences balances - Current and Non-Current. Select the type that best relates to the balance sheet account where the deferred tax asset or liability should be represented.
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.
Beginning Balance
The cumulative after tax temporary difference balance rolls forward from the prior Dataset Types. The beginning balance can be overridden manually or with an import.
note
The administrator has the ability to lock beginning balances and the Beginning Bal column does not allow data entry for Read/Write Users.
Generated
Tracks the year the NOL was generated.
Expires
Tracks the year the NOL is expected to expire. The expiration year is a place holder. The application does not automatically delete NOLs from reports in the expiration year. You must manually remove the NOL from the application.
Beginning Balance
The cumulative temporary difference balance rolls forward from the prior dataset. You can replace the beginning balance with a manual entry or by importing. The administrator has the ability to lock beginning balances preventing "Read/Write" users from entering data into the Begin Bal column.
Activity
  • Activity impacts the current and deferred provision, as well as deferred balances.
  • Positive amounts increase and negative amounts reduce the taxable income.
  • Amounts are entered in local currency and translated to the reporting currency using the unit's weighted average FX rate.
Deferred
  • Deferred impacts the deferred provision, as well as deferred balances.
  • The entry is used for the impact of valuation allowances or adjustments to prior year balances.
Balance Sheet Only
  • Balance only impacts deferred balances.
  • Typically this entry type is used for the impact of equity or other comprehensive income items.
  • The Balance Sheet Only (BSO) adjustment in the Tax Provision Report report removes the BSO Adjustment from the Deferred Provision.
Ending Balance
  • The component is set up by an administrator as an "Assigned Component Type."
  • To enter the ending balance only, select the tax adjustment assigned with the "End Bal" class.
  • Type
     or
    Import
     the balance.
note
  • A Default Type can be set by the System Administrator and you may not have the ability to select between
    C -Current
     and
    NC -Non-Current
    .
  • The System Administrator may have allowed the ability to deviate from the Default Type and allow you to select between
    C -Current
     and
    NC -Non-Current
    .
  • The Temp Diffs Discrepancy report will be available to review the Temporary Differences - Tax Basis that have been overridden and deviate from the default type set up by the administrator.
  • Contact your administrator if you have questions about the default type set up.
Note
You can type notes to supplement the adjustment. You can access a history of the Notes within "Data Source History."
Override Unit Rates
You can override the unit rates designated under Unit Details for a specific temporary difference line by clicking the Override unit rates check box.
Beg Rate
Unit rate designated in Unit Details for a specific temporary difference.
End Rate
Unit rate designated in Unit Details for a specific temporary difference.
note
  • The Default Type is
    NC-Non-Current
    .
  • The Default Type is set by an administrator and the ability to select
    C -Current
     and
    NC -Non-Current
     may not be an option.
  • The administrator can deviate from the Default Type and allow you to select between
    C -Current
     and
    NC -Non-Current
    .
  • The Temp Diffs Discrepancy report will be available to review the Temporary Differences - Tax Basis that have been overridden and deviate from the default type set up by the administrator.
  • Contact your Administrator if you have questions about the Default Type set up.