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This article applies to:

  • Product: ONESOURCE Indirect Tax,ONESOURCE Sales and Use Tax Compliance

Adjust Ledger records

Within the Ledger you can adjust these items on a record:
  • Calculation Code
  • Gross
  • Taxable
  • Tax Collected
  • Tax
When you adjust a record, the original record gets kept intact. An additional adjustment record's added with the adjustment amount to the Journal. Compute's automatically called and the end result is reflected in the Ledger.

Adjusting Ledger records

  1. From the
    Ledger
     window, select
    Tax Area Ledger
     or
    At-Level Ledger
    .
  2. Select
    Global
    ,
    USA
    , or
    Canada
     to filter your view. If you select USA or Canada, next select a state or province from the list.
  3. Select
    More
    , and then
    Adjust
    .
  4. Complete the adjustments and then 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, 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.