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Data Entry

Temporary Differences / Book-Tax Basis

In the
DATA ENTRY
 list, you select the
Temp Diffs - Book/Tax Basis
 component to enter federal and jurisdiction data.

General Information

Here are some points to consider before selecting data entry fields:
  • The
    Activity
    ,
    Deferred
    , and
    Balance Sheet Only
     column amounts impact the tax provision differently.
  • Each temporary difference line defaults to being tax effected using the unit rate.
  • You have the ability to enter beginning and ending balances for both book and tax balances. ONESOURCE Tax Provision calculates the tax adjustment by taking the difference between the beginning and ending balances.
  • Tax Basis Temporary Difference pages let you to enter amounts as purely tax balances, with or without book or net of book.
  • To use the same
    Code - Description
     for multiple line entries, you must use a different
    Tag
     letter or
    Class/Subclass
     combination for each line.
  • To use default unit rates, enter U in the rate columns when importing.
The following information is not applicable for the
Interim Forecast
, and
Estimated Payments
 datasets.
  • Two tabs are available:
    DETAIL
    and
    ROLLFORWARD
    . You can add and edit data in both sections.
  • Administrators use Dataset Parameters Reference to control the information in this page. The DEFAULT_TD_TAB controls which tab(s) you see, and RESTRICT_TD_TABS controls who can enter data within the tab(s).
  • The system computes the Tax-Book Difference using the book and tax amounts in the
    DETAIL
     tab. This information flows to the
    ROLLFORWARD
     tab.

Data Entry Fields

The
Temp Diffs - Book/Tax Basis
 component grid includes the following columns.
The following list contains grid options and descriptions for the
Temp Diffs - Book/Tax Basis
 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 Temp Diffs - Book/Tax Basis.
Unit Name
The Unit Name is established by an Administrator for the Temp Diffs - Book/Tax Basis.
Currency Symbol
The Currency Symbol is established by an Administrator for the Temp Diffs - Book/Tax Basis.
Jurisdiction
Jurisdiction lets you select the jurisdiction for the adjustment.
Code - Description
The Codes and description are established by an Administrator for the Temporary Differences.
Adj Type
There are two types of temporary difference balances - Current and Non-Current. Select the type that best relates to the balance sheet account where the deferred tax asset or liability should be represented.
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.
Beginning Balance
The beginning balance rolls over from the prior period and should represent the remaining temporary differences for book and tax that should be allocated. The beginning balance can be overridden manually or with an import.
Enter Activity/Enter Ending
You can choose the entry type in Administration.
Months
The months entered for both book and tax are used to compute the ratable amount applicable to the period.
Override Unit Rates
You can override the unit rates designated under Unit Details for a specific temporary difference line by clicking the Override unit rates check box.
Tag Datasets
  1. In Administration, select
    Manage Temp Diff Postings
     (Tag Only).
  2. For a Code, select
    Use Ending
     and then
    Temp Diff Entry Type
    .
Class Datasets
  1. In Administration, select
    Manage Data Options
     and then
    Classes & Subclasses
    .
  2. Select
    Component Types
    .
  3. For each Class, choose
    Post to Ending Balance
     and the
    Data Entry Rule
    .
Enter Activity/Enter Ending
  • Enter Activity/Ending applies to book and tax balances.
  • Enter Activity/Deferred/Balance Sheet - The system automatically calculates the Ending balance, which is Read-Only.
  • Enter Ending - When
    Use Ending or Post to Ending Balance
     is selected, the system automatically calculates the Activity/Deferred/Balance Sheet, which is Read-Only.
Activity
  • The activity is the appropriate amount of the beginning balance based on the months entered. In a dataset that was not rolled over, you must populate this field.
  • Activity Where to Enter Items in ONESOURCE Tax Provision the current and deferred provision, as well as deferred balances.
  • Positive amounts increase and negative amounts reduce the taxable income. Amounts are entered in local currency. They are translated to the reporting currency using the unit's weighted average FX rate.
Deferred
Deferred Where to Enter Items in ONESOURCE Tax Provision the deferred provision, as well as the deferred balances.
Balance Sheet Only
  • Balance only Where to Enter Items in ONESOURCE Tax Provision deferred balances.
  • Typically this entry type is used for the impact of equity or other comprehensive income items.
  • The Balance Sheet Only (BSO) adjustment on the Tax Provision report removes the BSO Adjustment from the Deferred Provision.
Ending Balance
The ending balance is based on the months entered. You must populate this field if the dataset is not rolled over. Select the class assigned in Deferred Rollforward to post and enter the ending balance.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision