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This article applies to:

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

Reclassify Ledger records

Within the Ledger you have the capability of reclassifying these items on a record:
  • Business Location
  • Tax Type
  • Tax Area
  • Exemption Type
  • Exemption Level
When you reclassify any element of a ledger record, the original record's kept intact.
When you reclassify the business location, tax type, or tax area of a record, 2 adjustment records are added to the Journal. 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 to the Journal. 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. Compute's automatically called and the end result's reflected in the Ledger.

Disable compute after tax area ledger reclass

Within the Tax Area Ledger you have the capability of reclassifying, records. When you reclassify a record,
Compute
 is activated for each record as changes are made. Records are added to the Journal which are then computed and brought forward to the ledgers. If you have numerous reclassifications to make in the Tax Area Ledger, especially with an extremely large Journal database, the individual computes can slow down the process. If you're experiencing a noticeably slowness in this process each month, you have the capability to disable Computer after a Tax Area Ledger reclassification with this entity option.
If you do invoke this option, you will need to remember to manually activate
Compute
 after your reclassifications are complete. Otherwise, your changes won't become part of the ledger.

Reclassifying 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
    Reclass
    .
  4. Complete the reclassification, and then select
    Reclass
    .

Working with multiple records

You can reverse or reclass records individually or in bulk.
To modify a single record, select
More
 on the specific record, and then select
Reclass
 or
Reverse
. You can also modify multiple records by selecting more than one.
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.