About Chart of Accounts Cross-Reference Chart
Your federal or entry chart must be cross-referenced to an International Summary Chart in order for amounts to carry to the Sourcing Workpaper.
The
Chart of Accounts Cross Reference
screen establishes the many-to-one relationships between the accounts in your federal and summary charts. These relationships are used to collapse the tax-adjusted amounts in the Working Trial Balance to the summarized display of the Sourcing Workpaper where allocation and apportionment into various international baskets is performed.Your an manually enter federal to international cross-reference or import them.
Cross-reference the Balance Sheet accounts in your entry chart
The international system includes a limited set of account types to represent the balance sheet. To complete Schedule F for Form 5471 and 8858, as well as Schedule L for Form 8865, balance sheets amounts will be transferred from the Working Trial Balance views using the federal chart assigned to the entity.
If you use the asset method for foreign entity interest apportionment, the balance of any federal accounts cross-referenced to the asset accounts in the International Summary Chart will be transferred to the Asset Sourcing Workpaper. If you don't intend to use the Asset Sourcing Workpaper to build interest apportionment bases for your foreign entities, the presentation of your International Summary Chart will be simpler if you restrict it to income statement accounts.
Create an International Chart of Accounts Cross-Reference Chart
- Open an International Chart of Accounts Cross Reference Chart.
- Verify the year.
- Select theFederal Chart of Accountsor entry chart that contains the detail accounts you want to summarize.
- Select the International Summary Chart that contains the accounts to use in the international screens and calculations. If the federal chart's already cross-referenced to an international chart, the International Summary Chart will be selected as the default.
- If there's an existing cross-reference between the selected federal chart and summary chart, the International Summary Chart will appear in blue.
- The Federal Chart of Accounts list displays the accounts in the selected entry chart.
- Select the accounts in theFederal Accountslist.
- Select the corresponding account in theInternational COAlist.
- SelectMap.
- Continue the process until all income statement accounts are mapped to the International Summary Chart. If you intend to use the Asset Sourcing Workpaper to build interest apportionment bases for your foreign entities, cross-reference the asset accounts.
- To easily find accounts that are associated with specific return line numbers, sort theUnassigned Federal Accounts by TRC.noteThe same federal chart can be cross-referenced to multiple International Summary Charts. This typically occurs when different entities require different levels of summarization for international sourcing purposes. Multiple federal charts can be cross-referenced to the same International Summary Chart if entities use different general ledger systems.
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