Enter prepayments
The
Beginning Period
list allows you to determine the beginning tax period for entering prepayments in the prepayment worksheet. If January is selected, the tax period column headings will be January of the current year through December of the current year. If July is selected, the tax period column headings will be July of the current year through June of the subsequent year.The
Entity
list allows you to select whether you want to enter prepayments for all entities within a workarea or a single entity.Entering prepayments is one of the options available for populating the prepayment worksheet when the prepayment method selected for a tax return is Manual. It is also an option if you wish to override any prepayment amounts generated from
Retrieve Prior Year
.Retrieve prior year
When one of the prepayment method selected for a tax return is based on historical data the prepayment worksheet can be populated using
Retrieve Prior Year
. The prepayment methods based on historical data are Same Period Prior Year
and Average All Periods Prior Year
.Prepayment properties
When viewing prepayment worksheet entries or prepayments loaded using retrieve prior period, you have the capability to view the detail behind the prepayment amounts for each tax return.
Prepayment properties is viewed by selecting the information icon on the
Actions
column.The prepayment worksheet displays for each tax return:
- Entity Number
- Region
- Tax Return Name
- Location (if applicable)
The prepayment properties displays for each tax period of the tax return:
- Basis amount upon which the prepayment amount is based
- Prepayment rate that is applied to the basis amount
- Calculated prepayment amount