Temporary Differences - Tax Basis

In the Data Entry list, you can select the Temp Diffs - Tax Basis component to enter federal and jurisdiction data. In the Temp Diffs - Tax Basis page, you can refresh, export (informational purposes), print, add, edit, delete, import, export (template), group columns, show/hide columns, and filter your Provision, Interim Actual, Interim Forecast, and Estimated Payment data. There are two tabs available to enter your data: Detail and Rollforward.

 

Note: Tax Basis Temporary Difference screens allow you to enter amounts as purely tax balances, with or without book or net of book.

 

Provision and Interim (Actual section) datasets only

•In the Provision dataset, there are two sections: Detail and Rollforward. By default, the Detail section displays first. All users can enter and modify data in both sections, also by default. Administrators can use the DEFAULT_TD_TAB and RESTRICT_TD_TABS dataset parameters to change the section that displays by default and determine whether or not Read/Write users can enter data in the Details section.

•Data entered in the Detail section is translated using the Deferred Entry Set-up default rules and displays in the Rollforward section.

•For information on the Rollforward section, go to the Rollforward page.

 

All Datasets

•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. The beginning and ending unit rate can be overridden on a line-by-line basis. If only the beginning or ending rate is overridden, you must populate the field for both rates. If a field is not populated, it defaults to a zero rate.

•Valuation Allowances computed on Temporary Differences can be automated.

•To import information to the Temporary Differences - Tax Basis screen, complete the appropriate fields on the #UTD# Unit Temp Diffs-Tax Basis sheet in the Import Numbers template.

•To adjust the same temporary difference more than once, you must make additional entries using different classes or tag letters.

 

Note: To use default unit rates, enter U in the rate columns when importing. For more information on importing, refer to the Importing Templates documentation.

 

Import Template

To import information to the Temporary Differences - Tax Basis page, complete the appropriate fields on the #UTD# and #STD# Unit Temp Diffs-Tax Basis sheet in the Import Numbers template.

See Data Entry Import for more information about the Temp Diffs - Tax Basis data import process.

 

Temp Diffs - Tax Basis

2016 Data Entry Q4 Temp Diffs

 

Data Entry Fields

The grid lets you enter amounts and select options from the drop-down lists. You can use the tab key to move between the fields much like an excel worksheet.

The Temp Diffs - Tax Basis component grid includes the following columns. See Data Table for more information about the grid options.

2016 components list Temporary Tax Basis settings list Q4

 

Actions

Actions allow you to supplement the adjustment with detail. Double click 2016 attachment icon to add an attachment.

 

Data source

Data Source enables you to view the Data Source History. The Transfer Out balance appears in data source history for the Source unit.

 

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 - Tax Basis.

 

Unit Name

The Unit Name is established by an Administrator for the Temp Diffs - Tax Basis.

 

Currency Symbol

The Currency Symbol is established by an Administrator for the Temp Diffs - Tax Basis.

 

Jurisdiction

Jurisdiction lets you select the jurisdiction for an adjustment.

 

Code - Description

The code and description are set up by an administrator for the temporary difference.

 

Type

There are two types of temporary difference balances - Current and Non-Current. Select the type that relates to the balance sheet account where the deferred tax asset or liability is represented.

•Click the Adj Type drop-down and then select C -Current or NC -Non-Current.

 

Tag

The tag letter identifies each line entered in the originating source.

 

Class

The class identifies each line entered in the originating source.

•Transfer Out appears in the "Class" column when the balance of a temporary difference is transferred to another "Unit."

•Transfer In appears in the "Class" column when the balance of a temporary difference is transferred to another "Unit."

oBalances that are "Transferred In" appear in the Balance Sheet Only column.

 

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.

•The default target Unit number appears in "Subclass" when the balance is transferred to another "Unit." If all data is transferred the ending balance will equal zero.

•Transfer In

 

Important:

•A Default Type is set by the system administrator and you may not have the ability to select between C -Current and NC -Non-Current.

•The system administrator may have allowed the ability to deviate from the Default Type and allow you to select C -Current or NC -Non-Current.

•The Temp Diffs Discrepancy report is available to review the Temporary Differences - Tax Basis that are overridden and deviate from the default type set up by the administrator.

•Contact an administrator if you have questions about the Default Type.

 

Beginning Balance

•The cumulative temporary difference balance rolls forward from the prior dataset.

•The beginning balance can be overridden manually or by importing.

•The beginning balance can be locked by activating the system parameter in Manage Configurations.

 

Note: The administrator can lock the "Beginning Balances" and Read/Write users are not allowed to enter data for the Begin Bal column.

 

Activity

•Activity impacts the current and deferred provision, as well as deferred balances.

•Positive amounts increase and negative amounts reduce the taxable income. Amounts should be entered in local currency and are translated using the unit's weighted average FX rate to reporting currency.

•The "Assigned Component Type" is set up making the field available for data entry.

•Type or Import the balance.

 

Deferred

•Deferred impacts the deferred provision, as well as deferred balances.

•Typically this entry type is used for the impact of valuation allowances or adjustments to prior year balances.

•The "Assigned Component Type" is set up making the field available for data entry.

•Type or Import the balance.

 

Balance Sheet Only

•Balance only impacts 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.

•The "Assigned Component Type" is set up making the field available for data entry.

•Type or Import the balance.

 

Ending Balance

•The component is set up by an administrator as an "Assigned Component Type."

•To enter the ending balance only, select the tax adjustment assigned with the "End Bal" class.

•Type or Import the balance.

 

Note

You can type notes to supplement the adjustment. You can access a history of the Notes within "Data Source History."

 

Override Unit Rates

You can override the unit rates for a temporary difference line.

•Click Override Unit Rate.

 

Beginning Rate

Type the Beg Rate.

 

Ending Rate

Type the End Rate.