Use the Tax Basis/Return Mapping lines to map book/tax differences to the Tax Basis Balance Sheet, the Tax Basis Income Statement, and the tax return compliance software. Set up your accounts in Manage Trial Balance to create a Tax Basis Balance Sheet. Then, modify existing Tax Basis/Return mappings as needed.

 

In My Datasets > More > Tax Basis Mapping, use Tax Basis/Return Mapping to perform dataset-level mapping. You define the mapping for the Tax Basis Balance Sheet in a Provision dataset. The temporary differences are layered onto the Trial Balance Sublines. The Difference drop-down list shows the Permanent and Temporary Differences in Administration. The Debit and Credit columns show the Trial Balance Sublines created in Manage Trial Balance.

 

Important: At the Dataset level, you are required to designate two sub-line accounts vs. one at the Administration area. Therefore, you must complete the following conversion if the mappings were set up in administration for Manage Trial Balance Mappings.

1.Complete the appropriate fields on the #MBAL# Map Balance Sheet and #MINC# Map Income Statement sheet in the Import Return Maps template.

2.Export the dataset.

3.Copy the data from the #MBAL# Map Balance Sheet sheet to the #TBM# Tax Basis Mapping sheet in the Import Numbers template.

4.Add the required data to the #TBM# Tax Basis Mapping sheet.

5.Save and import the #TBM# Tax Basis Mapping sheet.

 

Income  Sheet

•Map the Tax Return Income Statement by associating a Book Income Statement (Trial Balance SubLines) with the Book Tax Adjustment (activity) (Permanent and Temporary Difference) and the Page 1, Sch M-1 and Sch M-3 tax compliance software codes.

•Map the Tax Return Balance Sheet by associating a Book Balance Sheet (Trial Balance SubLines) with the Book Tax Adjustment (balances) (Temporary Difference) and the Sch L tax compliance software code.

 

Period Type Override

Type a value for the selected mapping line.

 

Balance Statement

Map the Tax Basis Balance Sheet by associating a Book Balance Sheet (Trial Balance SubLines) with the Book Tax Adjustment (balances) (Temporary Difference).

 

Factors

Type factors (usually 1 and -1) for the P&L, Balance Sheet, and Retained Earnings accounts to adjust the signs of the numbers coming from the system.