NET OPERATING LOSSes (NOLS)

Enter the Net Operating Loss (NOL) for the unit selected in local currency. NOL_SYS automatically generates a 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.

2014.0 net operating losses

 

Enter a separate line item for each net operating loss:

1.Select the Code-Description and then Tag or Class/Sub-Class.
2.Select C for current or NC for non-current to indicate whether the NOL item is classified as current or non-current.
3.The carryover balance, if any, automatically appears.
4.Enter the Current Activity Amount in local currency.
5.Enter the Deferred Only adjustment.
6.Enter the Balance Sheet Only adjustment.
7.Enter the Year Generated.
8.Enter the Year Expires.
9.Click Add New to create the NOL.

 

•Users can attach files to an individual NOL item on this page. If users have supporting documents, click the paper clip or filing cabinet next to the item.
•Users can add and update notes for a line item.

 

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.