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This article applies to:

  • Product: ONESOURCE Indirect Tax,ONESOURCE Sales and Use Tax Compliance
  • Subject: Journal entries

Adjust journal records

Within the
Journal
, you can adjust these items on a record:
  • Calculation Code
  • Gross
  • Taxable
  • Tax Collected
  • Tax
When you adjust a record, the original record's kept intact. An additional adjustment record's added with the adjustment amount.

Adjusting Journal records

  1. In the
    Journal
    , select
    Global
    ,
    USA
    , or
    Canada
     to filter your view. If you select USA or Canada, next select a state or province.
  2. Select
    More
     and then
    Adjust
    .
  3. Complete your adjustments and select
    Adjust
    .

Charts

When adding records to the journal using Input, or when you adjust, reclassify, or reverse journal records, you have the option in the
Charts
 section to select a Default Exemption chart and/or Rate Override chart to be used in the compute phase for any adjusting records added.

Default exemption

During the calculation of taxes, when you use a calculation code that calculates taxable and/or gross from tax collected or individual tax amounts, Compliance sometimes needs to calculate an exemption. The system default assigns these calculated exemptions to Other Exemption. Using a Default Exemption chart allows you to assign the calculated exemption to an exemption other than Other Exemption.

Rate override

In cases where jurisdictions provide late notices for rate changes which the system's unable to implement prior to release, or you have an agreement with a state or local authority to collect or pay a negotiated rate that differs from the published rate, using a Rate Override chart lets you process balance data using the rate override entries.