LOCAL ACTUAL PAYABLE

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

 

Enter a separate line item for each local payable entry:

1.Select a transaction from the drop-down list in the upper right.
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 the description for the entry.

 

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.