ACTUAL PAYABLE

In the Actual Payable page, users can enter items that impact the current tax payable account. This information is used for two purposes: 1) to collect the cash taxes paid, and cash refunds received, for the given period for each unit and 2) to complete the rollforward of the tax payable account, starting with the prior year’s ending balance. The sum of the beginning balance of the payable account, any entries entered in the Payable section, and the current provision amount is equal the ending balance amount.

Enter a separate line item for each Payable entry:

1.Select the transaction from the drop-down list in the upper right-hand side.
2.Select a Type, Tag or Class/Sub-Class, Fiscal Year, and Bucket, along with the amount of the entry in local currency, the date of the entry, the FX rate, and description for that entry.

 

•Users can attach files to individual payable items on this page. If users have supporting documents, click the paper clip or filing cabinet next to the item.
•Users have the ability to add and update notes to a line item. Users may click on the notes icon then add notes, as needed.
•The impact of tax payments, refunds, adjustments, and current tax provision adjustments on the ending tax payable can be viewed on the Payable Rollforward and Payable Rollforward by Transaction reports.

 

Note: The format of the date entered must be exactly as indicated on the page.