NOL Temp Diff Rollforward

A NOL Temp Diff Rollforward occurs when users have a loss before tax book loss or the deductions are more than the income for the year. A NOL can be carried forward to future years to offset income, and thus reduce the tax liability. Enter the NOL for the unit selected in local currency. NOL_SYS automatically generates an NOL when taxable income is negative; it also automatically uses NOLs when income is present.

Note: Administrators can also activate the NOL automation in ONESOURCE Tax Provision by selecting the Enable NOL Automation parameter in Manage Configurations.

2014.1 nol temp diff rollforward

Enter a separate line item for each net operating loss:

1.	Click Add to create a NOL.

2.	Select the Code-Description and then Tag or Class/Sub-Class.

3.	Select the NOL Temp Diff Type as current or non-current.

4.	The carryover balance, if any, automatically appears.

5.	Type the Tax amount for the current activity in local currency.

6.	To edit the Ending Balance, click the Ending Balance Override Unit Rate.

After a NOL is created, users can edit or delete the NOL by clicking the appropriate icon.

To edit the NOL:

1. Click Edit.

2. Select Save after updating the NOL.

To delete the NOL:

1. Click Delete.

2. Select Save after making any changes.

•	Depending on the nature of the NOL, the impact of an NOL on the tax provision can be viewed on the Tax Provision report or the Effective Rate report.

Notes:

•	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 NOL item is required, contact the Corporate Tax Department.