Create a chart of adjustments
There are five types of adjustments:
- Book: Adjusts the preliminary book amount. The adjusted book balance is the value after posting book adjustments.
- Reclass: Moves amounts from one account to another without affecting net income per books. You use this type to achieve proper presentation of amounts in a tax return or workpaper.
- Tax: Produces book/tax reconciling differences shown on various forms.
- AMT: AMT adjustments and tax preference items.
- ACE: ACE adjustments and tax preference items.
Each Chart of Adjustment is independent of any entity or tax function. You can have separate adjustment charts for different domestic and international adjusting entries if needed. Typically, fewer adjusting entries are used in international entities.
- Go toCharts,Federal, and thenAccounts and Adjustments.
- Select a year.
- SelectAdjustments.
- Select the type of adjustment chart.
- Select the chart from the dropdown.
- Use the menu to addadjustments, import, export, printor make the chartread-only.
- In theActionscolumn, select theDeletebutton
to delete. If you delete before selecting Save, the delete icon turns into an undo
and you can reverse the change. Select to edit charts or accounts. - Select the Automatic Adjustments icon
to edit the automatic adjustment. - Select the ellipses menu, and thenNew Chart.
- Select the adjustment type and enter the name of the new chart.
- Select a template (optional).
- SelectSave.
