Completing the national interim tax process
Completing the national interim tax processTax Provision allows you to calculate an interim provision based on an estimated annual effective income tax rate, which is then multiplied by the year-to-date pre-tax book income. Tax Provision standard functionality provides the ability to prepare a full provision based on year to date numbers and an interim provision based on an interim approach. As...
Updating asset depreciation
Updating asset depreciation This section applies to Canadian entities and explains the input apps required to process depreciable assets for the tax year. You cannot deduct the cost for depreciable assets in the year of purchase; the deductions are claimed as the asset depreciates over time. Tax Provision includes several input apps and reports to facilitate in calculating Capital Cost Allowanc...
Updating forecasted temporary differences
Updating forecasted temporary differencesThe forecasted national temporary differences are the sum of the ending actual temporary difference balance and the ending interim gross temporary difference balance.For entities that use deferred tax scheduling, there is an additional step required in the gross temporary difference rollforward. You must schedule the end of period gross temporary differe...
Reviewing the deferred tax rollforward national forecast reports
Reviewing the deferred tax rollforward national forecast reportsTax Provision calculates a detailed forecasted deferred tax and forecasted interim deferred tax provision. The forecasted national deferred tax is the sum of the deferred tax for the Actual time period and the Interim time period (remainder of the year).Deferred Tax Rollforward Forecast report (NF0401 / NF0401R)This report contains...
Updating the interim effective tax rate and inputting discrete items
Updating the interim effective tax rate and inputting discrete itemsYou can adjust values to the interim current and deferred effective tax rates and enter current and deferred discrete items.ETR and Discrete Items Interim input app (NF0803)This input app allows you to adjust values to the interim current and deferred effective tax rates and enter current and deferred discrete items.Tax Provisi...
Reviewing the consolidated interim effective tax rate
Reviewing the consolidated interim effective tax rateIf your company has created custom sub-consolidation or consolidation hierarchies, you can use the following reports to review the interim effective tax rate for these entities:
Consolidated Current Effective Rate Interim report (NF0805)
Consolidated Deferred Effective Rate Interim report (NF0806)
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Reviewing discrete items and total provision national actual reports
Reviewing discrete items and total provision national actual reportsThese reports allow you to review adjusted values to the interim current and deferred effective tax rates and enter current and deferred discrete items.Forecast Tax Expense report (NF0802)This report is the summary of the interim ETR before discrete items. It contains the same account symbols as the “Statutory Effective Tax Rat...