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Search Tax Provision (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Tax Provision

Unit Journal Entries Details

In
MANAGE UNITS
, you can add
Journal Entries
 for Provision and Interim datasets.
The unit journal entries configuration page is located in the
MANAGE UNITS > MORE
drop-down list.
note
When a unit is assigned to a
Journal Entry Profile
, the Journal Entry page no longer appears in
MANAGE UNITS
. You will receive a message that there is already a Journal Entry Profile associated with this unit.
Before you add journal entries, review the following:
  • The balances calculated on the journal entry page appear on the Journal Entry reports.
  • Journal entries are created on a unit-by-unit basis.
  • You can create Journal Entries in one unit and then copy them for other units using the import spreadsheet.
  • Each unit can have either
    Unit Journal Entry
     configurations or
    Journal Entries Profiles
    , not both.
  • To import journal entries, copy the data to the
    #JES# Journal Entries
     and
    #JETAX# JE Tax Calcs
     worksheets for the Import Numbers template.
  • Tax effected balances based on journal entry configurations appear in the Journal Entry reports.
To add Journal Entries in MANAGE UNITS:
  1. Select the
    JE Type
     and then
    JE Code
    .
  2. Select the
    JE Summary
     and type the
    Description
    .
To create Journal Entries at the unit level:
  1. Select
    My Datasets
    .
  2. For a dataset, select the
    Units
     button and the Manage Units page opens.
  3. In Manage Units, select the
    More
     drop-down list.
  4. Select
    Journal Entry Profiles
    .
  5. Select
    Add
    .
  6. Select the
    JE Type
    .
    • This field is required.
    • Define Jurisdiction (Federal, State, or both) type applicable to new Journal Entry.
  7. Select the
    JE Code
    .
    note
    Each journal entry line is required to have a unique JE Code.
  8. Select the
    JE Summary
    .
    • This field is optional.
    • User defined value at Journal Entry Summary page from the System folder within Administration area.
    • Based on the JE Summary value and groups multiple journal entries together for reports.
  9. Type the
    Name
    .
  10. Type the
    Description
    .
  11. Select the
    Debit GL Account
     and then the
    Credit GL Account
    .
    • The accounts will appear on the journal entry reports.
    If the
    Debit GL Account
     and
    Credit GL Account
     are not listed then:
    1. Select
      Administration > Manage Trial Balances > Trial Balances Sublines
      .
    2. Select the account
      Code
       listed in the JE Post column.
    3. Select
      Save
      .
  12. Type
    Supplemental Information
    .
  13. To rename the
    Flex Field Labels
    :
    1. Select
      Administration > System > Manage Configurations > Advanced Functionality > Journal Entries
      .
    2. Type the label name in the "Journal Entry Supplemental Field Name #1-9."
    3. The entries are immediately saved.
important
Journal Entry configurations previously set up at the "unit level" within the Federal and State folders will be permanently removed.

Tax Calculations

To set up the Tax Calculations (These steps configure the Tax journal entries):
  1. Select
    Add
    .
  2. Select
    Tax Calc Filter
     to filter the list of tax calculations.
  3. Select
    Tax Calculation
     to select the tax calculation.
  4. Select
    Component
     to separately state a code with a tax calculation in the Difference column.
  5. Type the
    Factor
    .
  6. Select the
    plus sign
     to add the calculation.
To delete a Tax Calculation:
  1. Select a
    Tax Calculation
    .
  2. Select
    X
    .

GL Sources

To set up the General Ledger Sources (These steps configure the Book journal entries):
  1. Select
    Add
    .
  2. Select the
    JE Type
     Federal or State.
    • The list is the same for both Debits and Credits.
  3. Type the
    JE Code
    . The code entered is associated with the journal entry.
  4. Select the
    JE Summary
    .
  5. Type the
    Description
    .
  6. Select the
    GL Sources
     tab.
  7. Select the
    GL Account
    .
    • The GL Account to select the General Ledger account.
  8. Type the
    Factor
    .
    • Enter a negative Factor to create a difference between the Book and Tax values (most common) in the Journal Entry report.
To delete the General Ledger Sources:
  1. Select the
    GL Account
    .
  2. Select
    X
    .
  3. Select
    Delete All
     to delete all of the Tax Calculations from the list.
To delete Journal Entries:
  1. Select the Journal Entry
    Code Name
    .
  2. Select
    Delete
    .
To delete all of the Journal Entries, you must activate the
Delete All
 option in
Administration > System > Manage Configurations > Advanced Functionality > Journal Entries
.
  • Click
    Delete All
     to delete all journal entries.
note
To complete the setup for the Journal Entry lines, select the
Tax Calculation
 tab to configure Tax entries and the
GL Sources
 tab to configure the Book entries.

Taxes Per Book

Taxes Per Book are entered on the Taxes Per book page. The balances entered are used for Journal entry reports and compare the balances entered to the provision calculations.
To enter in taxes per book for a Provision dataset:
  1. Select
    My Datasets
    .
  2. For a dataset, select the
    Units
     button and the Manage Units page opens.
  3. In Manage Units, select the
    More
     drop-down list and then click
    Other
    .
  4. Select the
    Taxes Per Book
    .
  5. Type the balances.
To import taxes per book complete the appropriate fields on the
#U# Unit
worksheet in the  Importing.