Users can enter amounts as purely tax balances, with or without book or net of book in the Temporary Diffs page.

Users can enter temporary differences that will reverse in the future in the Temporary Differences page. Some examples of temporary differences include; temporary disallowed expenses, accruals, and reserves which will be deducted in later years, as well as book income not subject to current taxation under the statutory laws of the country. In order to view this page, the page must be selected in Manage User Permissions.

 

Enter a separate line item for each 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.

6.Click Add New to create the temporary difference.

 

After a 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 temporary difference item on this page. If users have supporting documents, click the paper clip icon next to the item.

•Users can add and update notes for a line item.

•The impact of individual temporary differences on the tax provision can be viewed in the Local Tax Provision report.

•Global Access users can enter information in the current activity, deferred only, and balance sheet only fields using the income statement approach.

 

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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.

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