Working With Tax Account Rollforward

As a Tax Administrator, you may want to organize and define the target structures for tax accounts. The structures support both ACCOUNTS and ELEMENTS dimension and while configured during implementation may require ongoing maintenance. Longview Tax allows for symbols to be added, modified, and configured.

Adding tax account rollforward account

You can add target accounts to your Tax provision system using the Tax Account Rollforward editor. These accounts are used as part of the target combinations in the Tax Account Rollforward Data Transfer editor.

To add a tax account rollforward account:

1. In the Tax Provision navigation pane, click Administration.
2. Expand Accounts.
3. Click Tax Account Rollforward. The Tax Account Rollforward editor opens with the Accounts page in view.
4. Select the appropriate parent for the account, and then click Account. A new row appears.
5. Complete the following fields:
   1. Account Name: Type a name for the account. Account names can be up to 31 alphanumeric characters and can contain underscores ( _ ) and periods ( . ).
   2. Description: Type a description for the account. Account descriptions can be up to 100 characters.
   3. Sort Order: Specify a numeric value from 1 and up representing the order of the symbol with respect to its parent. By default, the sort order for added symbols is 10 higher than the last child of the same parent symbol. If you specify a value of 0, the symbol appears at the bottom of the list.

   4. Parent: Select a parent symbol for the account. Type the name of an account, use the drop-down list, or use the symbol selector to select the parent symbol.

      Note: If you select a leaf symbol, that leaf will become a parent and, consequently, its data and settings are lost.

6. Click OK. The tax account rollforward account appears in the hierarchy.
7. When you are finished, click Save.

Adding tax account rollforward element

You can add elements to your Tax provision system using the Tax Account Rollforward editor. These elements are used as part of the automated combinations in the Tax Account Rollforward Data Transfer editor.

To add a tax account rollforward element:

1. In the Tax Provision navigation pane, click Administration.
2. Expand Accounts.
3. Click Tax Account Rollforward. The Tax Account Rollforward editor opens with the Accounts page in view.
4. Click the appropriate element tab:
   • ASC: Elements — ASC tax account rollforward elements are on this tab.
   • IAS:
     1. Element – Income Tax: IAS tax account rollforward elements found under the RFwd_IncTax_IAS – Income Tax parent
     2. Element – Total Tax: IAS tax account rollforward elements found under the RFwd_TotTax_IAS – Total Tax parent. This structure can be seen in the CC1601 – Tax Account Rollfoward (TARF) report.
5. Select the appropriate parent for the element, and then click Element. A new row appears.
6. Complete the following fields:
   1. Element Name: Type a name for the element. Element names can be up to 31 alphanumeric characters and can contain underscores ( _ ) and periods ( . ).
   2. Description: Type a description for the element. Element descriptions can be up to 100 characters.
   3. Sort Order: Specify a numeric value from 1 and up representing the order of the symbol with respect to its parent. By default, the sort order for added symbols is 10 higher than the last child of the same parent symbol. If you specify a value of 0, the symbol appears at the bottom of the list.
   4. Automate: Select this option to allow the symbol to be an element for the tax account rollforward data transfer automation.
   5. CTA Target: Select one of the CTA target elements if desired. An element is included in the list if previously identified as a CTA element (attribute setting: Tax CTA Element is listed as TRUE). Translation Adjustments when translating will be totaled and displayed on the selected CTA element.
   6. Reporting Currency Transfer: This setting applies only to Trial Balance elements. Select this option when the Automate field is checked to transfer both functional and reporting currency values rather than translating the element using the appropriate system rate.

   7. Parent: Select a parent symbol for the account. Type the name of an account, use the drop-down list, or use the symbol selector to select the parent symbol.

      Caution: If you select a leaf symbol, that leaf will become a parent and, consequently, its data and settings are lost.

7. Click OK. The tax account rollforward element appears in the hierarchy.
8. When you are finished, click Save.

Clearing a tax account rollforward target intersection

While configuring the tax account rollforward data transfer, you may want to clear a target intersection.

To clear a target intersection:

1. In the Tax Provision navigation pane, click Administration.
2. Expand Accounts.
3. Click Tax Account Rollforward. The Tax Account Rollforward editor opens.
4. Click Clear Data. The Tax Account Rollforward — Clear Data dialog is displayed.

   Note: Only non-automated elements will appear in this list.

5. Select the target elements to clear and click OK. A confirmation dialog opens.

   Note: Once data is cleared, it cannot be retrieved. Use with caution.

6. Click Clear Data. All data in the target intersection is immediately cleared.
7. When you are finished, click Save.
8. If you want to run calculations based on the changes you have made, click Run Calculations.

Exporting tax account rollforward settings to Microsoft Excel

You can use the Tax Account Rollforward editor to export the tax account rollforward structure and settings to Microsoft Excel.

To export tax account rollforward settings to Microsoft Excel:

1. In the Tax Provision navigation pane, click Administration.
2. Expand Accounts.
3. Click Tax Account Rollforward. The Tax Account Rollforward editor opens with the Accounts page in view.
4. Click the appropriate tab.
5. Click Export to Excel. The Save As dialog opens.
6. Navigate to the location where you want the file to be saved.
7. Type the name of the file you want the tax account rollforward structure to be exported to.
8. Click Save. The file opens in Microsoft Excel.