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International Data Entry
Foreign Divisional Consolidations
When you create a foreign divisional consolidation binder, the
International Data Completion Level
indicator (also referred to as the "sourcing level") determines whether ONESOURCE Income Tax looks to the divisional consolidation's data entry screens or its member (division) binders during computes.When you select
Division
for the foreign divisional consolidation's International Data Completion Level
, the international calculations and comprehensive edits use the sourcing workpaper, interest apportionment, and current year tax information in the member (division) binders. The consolidated amounts are reflected in the divisional consolidation binder's screens.When you select
Divisional Consolidation
for the foreign divisional consolidation's International Data Completion Level
, the international calculations and comprehensive edits use the sourcing workpaper, interest apportionment, and current year tax information in the foreign divisional consolidation binder. Any data entry in the member (division) binders is ignored.Beginning with tax year 2011 binders, a new
Intercompany Data Entry and Processing Level
indicator is available on the International
tab of a foreign divisional consolidation's Binder Properties
screen. This indicator defaults to DivisionalConsolidation which instructs ONESOURCE Income Tax to look for intercompany transactions in the foreign divisional consolidation binder's payment and receipt screens. Look Through and Subpart F comprehensive edits and calculations are performed as in earlier tax years.note
The Intercompany Data Entry and Processing Level is limited to Divisional Consolidation when the foreign divisional consolidation sources at the Divisional Consolidation (rather than Division) level.
When you select
Division
for the foreign divisional consolidation's Intercompany Data Entry and Processing Level
, look through calculations and comprehensive edits use the information entered in the intercompany payment and receipts screens of the divisional consolidation's member binders, ignoring any transactions present within the divisional consolidation binder. Subpart F calculations and comprehensive edits refer to the Dividend
tab in the foreign division's Intercompany Receipts screen for purposes of reallocating dividend income; however, all other Subpart F calculations will be performed at the legal entity (foreign divisional consolidation) level.
With nested divisional consolidations, we recommend, but do not require, that lower-tier divisional consolidations use the same sourcing and intercompany data methods as the upper-tier divisional consolidation. If the upper-tier divisional consolidation uses division sourcing and the lower-tier uses divisional consolidation sourcing, the system will include the international information in the lower-tier divisional consolidation's binder in the overall group consolidation.
ONESOURCE Income Tax will not consolidate the lower-tier foreign entity data when the upper-tier divisional consolidation uses divisional consolidation sourcing and the lower-tier divisional consolidation uses division sourcing. The system generates an E&P Warning message if the sourcing methods are inconsistent within a foreign divisional consolidation structure.
Sourcing Workpaper Trial Balance Overrides
If the sourcing level is Divisional Consolidation:
- Trial Balance Overrides in the divisional consolidation's Sourcing Workpaper are retained and override the TAS adjusted amounts consolidated from the member binders.
- Trial Balance Overrides are not allowed in the member binders and are ignored if present.
If the sourcing level is Division:
- Trial Balance Overrides are not allowed in the divisional consolidation's Sourcing Workpaper and are replaced by the TAS consolidation if present.
- Trial Balance Overrides in the member binders are combined to arrive at the divisional consolidation amounts.
This article applies to:
- Product: ONESOURCE Income Tax
- Return type: 1120 Corporation,international
- Subject: Consolidations