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Data Entry

Tax Adjustments

In the
DATA ENTRY
 list, you select the
Tax Adjs
 component to enter federal and jurisdiction data.

General Information

Here are some points to consider before selecting data entry fields:
  • There are two types of Tax Adjustments, depending on the code,
    Cash
     and
    Non-Cash
    . Non-Cash Tax Adjustments have a code that begins with NC_. The cash provision is the amount of current tax liability that is expected to be represented on the tax return. The non-cash provision is any current taxes that should be accrued for prior years or for amounts that are not represented on the tax return. The Cash and Non-Cash are segregated on separate lines of the Tax Provision report.
  • To use the same
    Code - Description
     for multiple line entries, you must use a different
    Tag
     letter or
    Class/Subclass
     combination for each line.

Data Entry Fields

The
Tax Adjs
 component grid includes the following columns.
The following list contains grid options and descriptions for the
Tax Adjs
 page.
Grid Options
Description
Actions
Actions allow you to supplement the adjustment with detail. Select the paper clip icon to add an attachment.
Data Source
Data Source enables you to view the Data Source History.
Dataset
The Dataset selected in the Base Dataset drop-down list.
Unit Code
The Unit Code is established by an Administrator for the Tax Adjustments.
Unit Name
The Unit Name is established by an Administrator for the Tax Adjustments.
Currency Symbol
The Currency Symbol is established by an Administrator for the Tax Adjustments.
Jurisdiction
Jurisdiction lets you select the jurisdiction for an entry.
Code - Description
The Codes - Description is established in Administration within the Tax Adjustments section. Codes beginning with NC_ designate the tax adjustment as a non-cash tax adjustment.
Tag
The Tag Letters letter identifies each line entered in the originating source.
Class
The class identifies each line entered in the originating source.
Subclass
The subclass identifies each line description entered in the originating source. You can select Next Value as the subclass and the application generates the next "Code" number for the selected Code, Type and Class.
Type
Two types are available:
  • P - P&L Adjustment
     results in a current tax provision expense offset in the payable account. The result does impact the overall effective tax rate.
  • E - Equity Adjustment
     results in a current tax provision expense offset in the payable account, as well as an equity contra expense that is offset in an equity account. This does not impact to the overall effective tax rate.
Adjustment
Positive amounts increase and negative amounts reduce taxable income. Amounts should be entered in local currency. They are translated using the weighted average FX rate to reporting currency.
Note
You can type notes to supplement the adjustment. You can access a history of the Notes within "Data Source History."

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision