Set automatic adjustments in TAS
- SelectTax Accounting System, and thenAdjustments.
- Expand the adjustments.
- Select an adjusting entry and selectEdit.
- SelectAccount radioand 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.
