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Interim Datasets are another type of dataset used in the Tax Provision application. Interim Datasets calculate the interim tax provision based on the annualized effective tax rate. When you create an Interim dataset two folders appear in the navigator.
| o | Forecast - A "Forecast" dataset calculates the annualized forecasted effective tax rate. |
| o | Actual - An "Actual" dataset applies the forecast effective tax rate to the actual data. |
To Create a New Interim Dataset:
| 1. | In Administration, click Manage Datasets and then Interim Datasets. |
| 4. | Choose the Interim Approach from the drop-down list. You can select YTD Basis or Isolated Basis. |
There are two Interim Approaches available when creating Interim Datasets.
| I. | YTD (Year to Date) Basis creates a copy of the previous quarter and advances the data to the next quarter. The YTD Basis time period is a continuum. When the current dataset is advanced to the next period, (instead of seeing an isolated subset of data) YTD Basis will be built of the Actual data. |
| II. | Isolated Basis - this approach enables the application to advance from Period Type to Period. The Isolated Basis takes the ending balances in the current dataset and populates the beginning balances of the next period Actual dataset. |
| 6. | Click Classes or Tags to apply the reporting functionality for the dataset. |
| a. | If you want Tags applied to the dataset select Tags for the dataset. |
| b. | If you want Classes & Subclasses applied to the dataset select Classes & Subclasses for the dataset. |
| 7. | For Interim Rate Basis, you can choose Overall or Unit by Unit. |
| 8. | If you select Unit by Unit, in the True-Up drop-down list, choose a true-up unit. |
| 9. | In the Fiscal Year drop-down list, select a year. |
| 10. | In the Period Type drop-down list, select a period. You can choose between Quarters, Months and Periods. |
| 11. | In the # of Periods drop-down list, select the number of periods. |
| 12. | Choose one of the following options: Empty dataset, Copy existing dataset or Roll over from existing dataset. |
Three options are available when creating an interim dataset.
| 1) | An empty dataset creates an interim dataset that does not contain any data. |
| 2) | An existing interim dataset can be copied. |
| 3) | An existing provision dataset can be rolled over to a sequential period so that the ending balance and rates in the provision dataset become the beginning balances and rates in the new interim dataset. Before rolling over a provision dataset to an interim dataset, be sure to turn off the VA and NOL Automation. |
| 13. | Select Yes, if the dataset is a Read Only dataset. Otherwise, the default is No and information can be entered into the dataset. |
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