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This article applies to:

  • Product: ONESOURCE Trust Tax

Coding Assets as Non-Portfolio Assets

For 1042-S reporting purposes, interest income is considered portfolio income by default. To treat interest income as non-portfolio income, the asset associated with the income must be coded as a non-portfolio asset. Before an asset can be coded as a non-portfolio asset, create a custom register to code assets as non-portfolio assets.

Creating a Custom Register to Code Assets as Non-Portfolio Assets

To create a custom register to code assets as non-portfolio assets:
  1. From the Register Listing page, move to the
    Comprehensive Asset List
     base register.
  2. Select Modify Register Properties for the register.
  3. Open the
    Information
     collapsible section.
  4. Change the name in the
    Register Name
     field to the name for your custom register. You can change the information in any of the other fields listed under the
    Information
     collapsible section.
  5. Select the register scope from the
    Scope
     drop-down list.
  6. Select
    Save As
    . The Register Properties page for your custom register displays.
  7. In the first grid under the
    Detail Columns
     collapsible section, add the
    Non-portfolio interest income
     column. This column is in the
    Asset Master Information
     category. To add the column, select the check box to the left of the
    Category
     column then select
    Add
     above the grid.
  8. The column is moved to the last row in the second grid under the
    Detail Columns
     collapsible section.
  9. In the third grid under the
    Detail Columns
     collapsible section, you can move the
    Non-portfolio interest income
     column so that it is not the last column in the register. To move the column, select and hold the column heading, then drag and drop it where you want to move it to. The following graphic shows the column as it is moved from the last column to its new location as the first column:
  10. Select
    Save
    .
  11. Select
    REGISTERS
     to return to the Register Listing page.

Coding an Asset as a Non-Portfolio Asset

To code an asset as a non-portfolio asset:
  1. From the Register Listing page, select Run for the custom asset register you created for coding assets as non-portfolio assets.
  2. For each asset you want to code as a non-portfolio asset, select
    Yes
     from the
    Non-Portfolio Int
     column.
  3. Select
    Save
    .