The Journal Entry functionality includes general concepts, Journal Entry Reports and Journal Entry setup.

 

Although, the functionality is similar, the difference between Journal Entry Configuration and Journal Entry Profile is where you set up and maintain your journal entries in the application.

•You can use the JE configuration to set up your journal entries at the Unit level. This is the initial journal entry functionality available in the application.

•You can use the Journal Entry Profile to set up your journal entries at the Dataset level. This is additional journal entry functionality is applicable to multiple units.

 

The Journal Entry (JE) Report options are:

•Use the Simple JE report which is known as the default view.

•Use the Customized JE report for a flexible approach to accounts, calculations, and format. You must activate the JE parameter for this option.

•Use the Configurable JE report to create a "user specified" version of the custom JE Module. To use this option, you must obtain a license and activate an additional parameter.

 

Calculating the Tax Journal Entry

ONESOURCE Tax Provision calculates the components of the Total Tax Provision, Current Provision & Deferred Provision.

•Adjust Tax Accounts on the books to reflect the Provision.

•Use Journal Entries to make Book adjustments by using the Trial Balance.

•Use Deferred Only Adjustments to impact the ending balances and deferred expense.

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Note: ONESOURCE Tax Provision is not account driven for provision calculations.

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