Prepayments method setup
Setting up prepayment methods is for returns where a current reporting period prepayment is due on the tax return and the prepayment amount from the previous reporting period is applied on the tax return. States that have prepayment returns where prepayments are based on current transactional data, and those prepayment returns feed into the quarterly or annual return as prepayments applied won't need to be set up in this area.
Selecting prepayment method and estimation rate
Based on the rules set by a state, each return for that state has the methods and estimation rates outlined by the state available as an option. In addition, there is a Manual option with an estimation rate of 1.00000000 and a Not Applicable option. The initial default for each return is the Manual option and 1.00000000 estimation rate.
note
To load tax returns in
Prepayments
, you must select the tax returns for filing in the return register for the entity.