| • | Payable functionality can track payments, refunds, and other adjustments in the taxes payable account. Automatic posting of current tax expense can be activated on a dataset-by-dataset basis. |
| • | The payable report can be configured with setup items in the payable section of the Administration section. |
| • | An Administrative User can add a Dataset Parameter, which allows the provision to post automatically to the Payable section. |
Current Provision Posting
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Fiscal Year
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Payable Txn
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Payable
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Code
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Description
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Cash Activity:
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Current Tax Provision excluding Tax Adjs with NC_ code
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Dataset Year
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CPROV
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Calculated Provision
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Non Cash Activity:
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NC_RTP
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Dataset Year minus 1
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RTP
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Calculated True-Up
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NC_RTP_YEAR_NAME
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Year entered after NC_RTP_
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RTP
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Calculated True-Up
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NC_ATR
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Dataset Year minus 1
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ATR
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Audit Settlement
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NC_ATR_YEAR_NAME
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Year entered after NC_ATR_
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ATR
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Audit Settlement
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All other NC_ codes
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Dataset Year
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OTHER
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Audit Settlement
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| • | The Federal amount is posted in the Federal Payable Entry. Each State is posted in that State’s Payable Entry. |
| • | To return to manual entry, an Administrative User can turn off the automatic posting to the Payable module by deleting the dataset parameter or by changing the key value from Y to N. |
Exchange Rates
| • | All amounts entered in the Payable should be in local currency. |
| • | The Payable Entry page allows for the weighted average FX rate to be entered on a transaction-by-transaction basis. |
| • | Automatic Postings are pre-populated with the unit’s weighted average FX rate, but this can be changed. |
| • | The CTA is computed on a transaction-by-transaction basis using the transaction's weighted average FX rate and the unit’s Ending Spot Rate. |
| • | CTA amounts display on the Payable Detail report. |
| • | The Payable Detail report can be viewed in both Local Currency and Reporting Currency. |
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