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Federal charts

Set automatic adjustments in TAS

  1. Select
    Tax Accounting System
    , and then
    Adjustments
    .
  2. Expand the adjustments.
  3. Select an adjusting entry and select
    Edit
    .
  4. Select
    Account radio
     and make the following selections:
    • Accounts - the target journal entry account.
    • Source Account - the balance for the target account used in the journal entry comes from this source account.
    • Balance Type - select the balance type of the source account (for example, preliminary, book, reclassification, or tax).
    • Percentage - allows you to indicate a percent of an account to be adjusted and thus create custom calculations.
    • Reversing and Balance Options - You must select Ending, Beginning, or Difference first, and then Negate, if applicable.
    • Beginning/Ending - applies the automatic adjustment to the beginning or ending account balance. Commonly used for tax exempt income.
    • Difference - takes the difference in target and source account balances to calculate the adjustment. This is commonly used for reserve liability accounts.
    • Negate - reverses the amount in the selected target account. This is commonly used to reverse the FIT general ledger account.
note
An individual account can be used in only 1 account type automatic adjustment per chart type (book, reclass, tax, and so on). The offsetting account must be marked as Balance Entry.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Subject: Tax Accounting System

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