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This article applies to:

  • Product: ONESOURCE New Tax Provision

Temporary Differences - Tax Basis

In the
DATA ENTRY
 list, you select the
Temp Diffs - Tax Basis
 component to enter federal and jurisdiction data.
note
To use the controls in this page see Data Menu Bar, 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 temporary difference line defaults to being tax affected 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 field for both rates. If a field is not populated, it defaults to a zero rate.
  • Each state temporary difference line is also tax affected by the default state rates as defined under the State Details page.
  • Enter temporary differences that are recognized for state, but not federal purposes.
  • Valuation Allowances
     computed on Temporary Differences can be automated.
  • Tax Basis Temporary Difference pages allow 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.
  • You can edit the
    Attachments and Comments
     as well as any field that is not grayed out.
  • To update the State by State Override Deferred Tax rate on all State Temporary Differences, complete the appropriate fields on the #STDR# State Temp Diff Rates sheet in the Import Update Rates template. To generate a State Temporary Difference based on the Federal Temporary Difference, complete the appropriate fields on the #GSTD# Generate State Temp Diff sheet in the Import Update
  • For a list of the required template worksheets see Data Entry Components, #UATTD# U AfterTx TDs-Tax Basis, #SATTD# St AfterTax TD-Tax Bas.
    note
    To use default unit rates type 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
Temp Diffs - Tax Basis
 component grid includes the following columns.
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 Temp Diffs - Tax Basis.
Unit Name
The Unit Name is established by an Administrator for the Temp Diffs - Tax Basis.
Currency Symbol
The Currency Symbol is established by an Administrator for the Temp Diffs - Tax Basis.
Jurisdiction
Jurisdiction lets you select the jurisdiction for an adjustment.
Code - Description
The Codes and description are set up by an administrator for the Temporary Differences.
Type
There are two types of temporary difference balances - Current and Non-Current. Select the type that relates to the balance sheet account where the deferred tax asset or liability is represented.
  • Select the Adj Type drop-down and then select
    C -Current or NC -Non-Current
    .
Class
The class identifies each line entered in the originating source.
  • Transfer Out
     appears in the "Class" column when the balance of a temporary difference is transferred to another "Unit."
  • Transfer In
     appears in the "Class" column when the balance of a temporary difference is transferred to another "Unit." Balances
    Transferred In
     appear in the
    Balance Sheet Only
     column.
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.
  • The default target Unit number appears in "Subclass" when the balance is transferred to another "Unit." If all data is transferred the ending balance will equal zero.
  • Transfer In
note
A Default Type is 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 C -Current or NC -Non-Current.
The Temp Diffs Discrepancy report is available to review the Temporary Differences - Tax Basis that are overridden and deviate from the default type set up by the administrator.
Contact an administrator if you have questions about the Default Type.
Beginning Balance
  • The cumulative temporary difference balance rolls forward from the prior Dataset Types.
  • The beginning balance can be overridden manually or by importing.
  • The beginning balance can be locked by activating the system parameter in Manage Configurations.
note
The administrator can lock the "Beginning Balances" and Read/Write users are not allowed to enter data for the Begin Bal column.
Activity
  • Activity Where to Enter Items in Onesource Tax Provision the current and deferred provision, as well as deferred balances.
  • Positive amounts increase and negative amounts reduce the taxable income. Amounts should be entered in local currency and are translated using the unit's weighted average FX rate to reporting currency.
  • The "Assigned Component Type" is set up making the field available for data entry.
  • Type or Import the balance.
Deferred
  • Deferred Where to Enter Items in Onesource Tax Provision the deferred provision, as well as deferred balances.
  • Typically this entry type is used for the impact of valuation allowances or adjustments to prior year balances.
  • The "Assigned Component Type" is set up making the field available for data entry.
  • Type
     or
    Import
     the balance.
Balance Sheet Only
  • Balance only Where to Enter Items in Onesource Tax Provision deferred balances.
  • Typically this entry type is used for the impact of equity or other comprehensive income items.
  • The Balance Sheet Only (BSO) adjustment on the Tax Provision report removes the BSO Adjustment from the Deferred Provision.
  • The "Assigned Component Type" is set up making the field available for data entry.
  • Type
     or
    Import
     the balance.
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.
Override Unit Rate
You can override the unit rates for a temporary difference line.
  • Click
    Override Unit Rate
    .
Fed Beg Rate
Type the Beg Rate.
Fed End Rate
Type the End Rate.
State Beg Rate
Type the Beg Rate.
State End Rate
Type the End Rate.
Note
You can type notes to supplement the adjustment. You can access a history of the Notes within "Data Source History."