Schedule M-3 set up
Schedule M-3 requires user-defined line codes to activate lines for use, allowing multiple charts of accounts to map to single line codes. Data can be entered manually or imported, with preliminary balance and adjustment amounts entered in the Tax Accounting System.
Follow these steps to set up Schedule M-3:
- Analyzethe organization’s activity to determine the areas of Schedule M-3 that will be populated.
- Setup User Defined M-3 Codes for each linethat you need on Part II and Part III.
- Map all income statement accountsin each Chart of Accounts to the appropriate user-defined Line Codes for Schedule M-3 in the Home Window.
- Enter preliminary balances and adjusting journal entries(JEs) either manually or by importing them. You may need to create some additional JEs to separate Temporary and Permanent amounts.
- Enter detail.
- Review the data in Organizer and Print Preview.
