From the final computation to the true-up

Corporate TaxTax Provision

The return filed, the provision trued up, nothing retyped. Each adjustment is coded once in ONESOURCE Corporate Tax; a ONESOURCE Workpaper pulls every coded figure, pushes it into the Tax Provision return dataset and reads it back to check every figure matches; then the true-up posts for every company in one run.

Transcript: the words on screen

1. 0:00Return filed. Provision trued up. Nothing retyped.
2. 0:04Corporate Tax to Tax Provision / From the final computation to the true-up. / File · Push · True-up
3. 0:10How it works / Coded in Corporate Tax. Carried across. Trued up in Tax Provision. / ONESOURCE Corporate Tax: Each adjustment coded · ONESOURCE Workpaper: Map, stage, push, verify · ONESOURCE Tax Provision: Return dataset, true-up posted
4. 0:1301 · The computation / Add the Tax Provision integration sheets to each company or company template.
5. 0:1901 · The computation / Give each adjustment its Tax Provision code.
6. 0:2301 · The computation / Every adjustment split into permanent and temporary, coded.
7. 0:2801 · The computation / Profit to tax, set out in Tax Provision's terms.
8. 0:3301 · The computation / Tax agrees to the computation. Difference nil.
9. 0:3702 · Tax Provision / The return dataset waits for the figures.
10. 0:4103 · The workpaper / Match each Corporate Tax company to its Tax Provision unit, once.
11. 0:4703 · The workpaper / Every coded figure, pulled from Corporate Tax, company by company.
12. 0:5203 · The workpaper / Push the figures to the return dataset.
13. 0:5603 · The workpaper / Sending...
14. 1:0103 · The workpaper / Every figure lands, time stamped.
15. 1:0503 · The workpaper / Read back and checked. Every figure matches. / 12 of 12 matched, every company
16. 1:1004 · The true-up / The return dataset now holds the final computations.
17. 1:1504 · The true-up / Relate the return to last year's provision and to next year.
18. 1:2004 · The true-up / Next year opens from the provision's closing balances.
19. 1:2404 · The true-up / Post the true-up in one run.
20. 1:2904 · The true-up / For a sub-group, one company or the whole dataset.
21. 1:3404 · The true-up / Adjustments generated, with a log.
22. 1:3804 · The true-up / Next year carries the prior year adjustment, company by company.
23. 1:4304 · The true-up / Each adjustment on its own line, classed as prior year.
24. 1:4804 · The true-up / True-up amounts, ready for review.
25. 1:55Why connect them / The return and the provision, reconciled. / Saves time when you are busiest / No rekeying, so less risk of error / Every adjustment coded once, in the computation / Rerun whenever the computation changes / True-up posted for every company in one run
26. 1:57Corporate Tax to Tax Provision / Implemented by Osprey Consulting / Book a 30-minute call on our website / ospreyconsulting.co.uk

Recorded by Osprey Consulting: Thomson Reuters ONESOURCE Certified Implementers, Alphatax partner, Registered Alteryx Solution Provider Partner.