PERMANENT DIFFs

In the Permanent Diffs page, users can enter permanent differences that will not reverse in the future. Some examples of permanent differences include; permanent disallowed expenses, certain types of goodwill amortization and tax-exempt interest. Administrators must select this page in Manage User Permissions for users to view the page.

2014.0 permanent differences

 

Enter a separate line item for each permanent difference:

1.Select the Code-Description and then Tag or Class/Sub-Class.
2.Select the Type of the permanent difference item. It will usually be a P&L adjustment. However, if users are entering an item that does not have any impact on the total tax expense; for example, stock option expense, select E - Equity adjustment.
3.Enter the Amount of the permanent difference in local currency.
4.Click Add New to create the permanent difference.

 

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

1. Click the pencil icon to edit the permanent difference.

2. Select Save Changes after updating the permanent difference.

•Users can attach files to a permanent difference on this page. If users have supporting documents, click the paper clip or filing cabinet next to the permanent difference.
•Users can add and update notes for a permanent difference.
•The impact of individual permanent differences on the tax provision can be viewed on the Tax Provision report and 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 permanent difference items.
•If a new permanent difference is required, contact the Corporate Tax Department.