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Foreign divisional consolidations

Assign members to a foreign divisional consolidation

  1. Select a foreign entity.
  2. Select
    Add Binder
    .
  3. Enter the binder name.
  4. On
    Charts
    , select the federal and international charts.
  5. Select the closing and rounding options. Charts can't be changed once assigned to a binder.
  6. Go to
    International
    , select the countries of incorporation and operation as well as the international foreign entity compute options (Sec 954(b)(4) Exception, Interest Apportionment Method, etc.).
  7. Select
    Exchange Rate Information
    .
  8. For the
    International Data Completed at the Divisional Consolidation
     level:
    1. Select Divisional Consolidation, if you're entering international information in the divisional consolidation binder.
    2. If you're entering Sourcing, Interest Apportionment Information and Current Year Taxes Paid/Accrued for member binders, select Division.
  9. For
    Intercompany Data Entry and Processing
     level, select Divisional Consolidation if you're entering intercompany transactions in the divisional consolidation binder.
  10. If you're entering intercompany transactions in member binders, select Division.
  11. On
    Members
    , select an
    Elimination
     entity for the divisional consolidation.
  12. A separate foreign elimination entity must be used for each divisional consolidation. An E&P error will be generated if the same elimination entity's a member of multiple divisional consolidations that are part of the same Top Consolidation binder.
  13. Select
    Add
     to assign members to the divisional consolidation.
  14. Binders with an entity type of Division are always valid divisional consolidation members. However, when entity type's parent, subsidiary, or divisional consolidation, at least 1 binder must have an international entity type of Division of Foreign Entity for the entity to appear to add as a company.
  15. A parent's automatically selected as the first entity listed. If this isn't correct, select the entity and then
    Set as Parent
    .
  16. On
    Return Type
    , don't select the Activate Binder Rollup option.
  17. On
    Related Binders
    , identify and relate the Prior Year Income Tax binder to the Current Year binder to track historical information.
  18. And lastly, select
    Update
    .

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Consolidations

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