LOCAL AFTER TAX TEMPORARY DIFFERENCES

In the Local After Tax Temporary Differences page, users can enter after tax adjustments that are temporary in nature. An example of a local after tax temporary difference is a tax credit with a carry-forward amount.

2014.0 local after tax temporary differences

 

Enter a separate line item for each local after tax temporary difference:

1.Select the Code-Description and then Tag or Class/Sub-Class.
2.Indicate whether the item is classified as current or non-current.
3.The carryover balance, if any, is automatically pre-populated.
4.Enter the current activity amount in local currency.
5.There are fields for entering deferred adjustments and balance sheet only adjustments. Enter the appropriate amounts, if applicable.
6.Click Add New to create the local after tax temporary difference.

Note:

•Refer to the Where to Enter Items in ONESOURCE Tax Provision section for more information on the different types of adjustments; for example, current activity, deferred only, and balance sheet only.
•If a new local after tax temporary difference item is required, contact the Corporate Tax Department.

 

After a local after tax temporary difference item is created, users can edit or delete the item by clicking the appropriate icon.

1.Click the pencil icon to edit the entry.
2.Select Save Changes after making any changes.

 

•Users can attach files to an individual local after tax temporary difference item 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.
•The impact of individual local after tax temporary differences on the tax provision can be viewed on the Local Tax Provision report.