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This article applies to:

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

Reclassify Journal records

Within the
Journal
, you can reclassify these items on a record:
  • Business Location
  • Tax Type
  • Tax Area
  • Exemption Type
  • Exemption Level
When you reclassify any element of a journal record, the original record is kept intact.
When you reclassify the business location, tax type, or tax area of a record, two adjustment records are added. The first adjustment record added is the reversal of the original record. The second adjustment record added is the same as the original record with new assignments for the items reclassified.
When you reclassify the exemption type or exemption level of an exemption, 2 adjustment records are added. The first adjustment record added is the reversal of the original record. The second adjustment record added is the same as the original record with new assignments for the exemption items reclassified.

Reclassify Journal records

  1. In the
    Journal
     window, 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
    Reclass
    .
  3. Complete the reclassification fields and then select
    Reclass
    .

Reclassify exemptions

You can also reclassify only the exemption portion of the record.
  1. Select the record and then
    Total Exemption
    .
  2. Select
    More
    , and then
    Reclass
    .

Working with multiple records

  • You can reverse or reclass records individually or in bulk.
  • You can modify multiple records by selecting multiple records and then Reclass.
  • You can only adjust a single record. It isn't possible to adjust multiple records at once.

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, the system 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.