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To access Journal Entry, select a Provision dataset and click Data Input > Federal > Administration > Journal Entries.
| • | JE Type: Jurisdiction or locality reference for the journal line. Options include Federal, State - All, individual states, and state groups. |
| • | JE Code and Description: Each JE line is determined by a user-defined Code and Description. The Code and Description display on the JE report. |
| • | JE Summary: Custom grouping of Journal Entries. |
| • | Debit GL Account/Credit GL Account: Accounts from the Trial Balance Sub Lines where a debit or credit amount is posted in the general ledger. If the calculated amount is positive, the debit account is used. If the calculated amount is negative, the credit account is used. Available options are Trial Balance Sub Lines when the JE Posting Account box is selected in Trial Balance Sublines within the Administration area. |
| • | Supplemental Information: Each Journal Entry line can have up to 9 user-defined Supplemental Information fields that display on the Journal Entry Report, allowing you to provide data needed for the JE to be entered in the accounting software. |
| o | Sample fields include: Posting GL Account, Posting Sub Account, Organization, Cost Center, Department, Budget Code, Currency Code, Account Name, JE Description, and JE number. Supplemental Information is pushed to the output journal entry database table displays on the JE report. |
Notes:
| • | Although Supplemental Information fields are not used for journal entry calculations, they can be used for grouping like entries together when creating a JE file for the general ledger. |
| • | Use the JE_Supplemental_Label# to create labels for Supplemental Information fields. |
| • | Tax Calculations and GL Sources: Allow the configuration of the Components of journal entry. Data and calculations can be configured to create the debit and credit lines making up the journal entry that is booked for tax. Factors convert the signs to achieve a debit-credit format for the journal entry. A valid journal entry requires that debits and credits equal one another. |
| o | Tax Calculations: Allows you to relate tax calculations or other data in the system to create a line item in the journal entry. Factors are used to adjust the derived calculated number. Federal and State Calculations and other data can be mapped as separate lines or grouped together in one line depending on the level of detail that is in the General Ledger. Amounts displayed in the JE are in Local Currency, not Reporting Currency. |
| ▪ | Current Provision - Profit & Loss |
| ▪ | Current Provision - Equity Offset |
| ▪ | Income Statement – Equity Offset |
| ▪ | Payable Balances (Federal and State) |
| ▪ | Deferred Provision (Total Deferred Expense: activity+deferred) |
| ▪ | Deferred Provision Activity (Activity only) |
| ▪ | Deferred Provision – Other Tax Adjustments (Deferred only) |
| ▪ | Balance Sheet Only Adjustments (Equity Offset) |
| ▪ | Deferred Tax Assets/Liabilities (Ending Balance and Starting Balance) |
| ▪ | Rounding (the difference caused by rounding between the Deferred Provision and the Ending Deferred Balance – Starting Balance – Balance Sheet Only Adjustments) |
| ▪ | Deferred Provision Related (activity, deferred only, expense, rounding) |
| ▪ | Balance Sheet Only Adjustments |
| ▪ | Deferred Tax Assets/Liabilities |
| ▪ | Federal Return Basis Provision |
| o | GL Sources: Allows you to map account balances from Trial Balance data that is populated in the application (typically by the bridge import). You can consider amounts previously booked in tax accounts, for prior quarters, when provision data is on a year-to-date basis. Creates a journal entry for the incremental amount that needs to be booked. |
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