What are the Necessary Activities to Start a New Tax Provision Year - "Forecast"
Attached is a Word document that highlights the steps necessary to start a new tax provision year for a Forecast scenario. Many of these steps will most likely be executed by the Admin. In the actual scenario, the admin will need to select the forecast scenario where the Interim Run rate will come from and once the Interim Run Rate has been calculated enter the Interim Run Rate. For each forecast scenario where a tax provision is calculated, the administrator will most likely be responsible for initializing the scenario with data from actuals for a set number of periods and then facilitating data copies within the forecast periods. Within the XFW_TXP_GLTaxAdmin workflow, there are dashboards to do the following: Forecast scenario – Prep tasks Forecast scenario – Initialize & Data copy tasks Forecast scenario – Data copy tasks (forecast periods) TXP_Actual scenario – Initialize tasks This is a summary of the detailed information that you can find in the "Instruction Guide" that comes with the Tax Provision Blueprint application.Data Flow Flowchart - Actual and Forecast
The following has been taken from the Tax Provision Blueprint "Instruction Guide" starting at page 277. See KB article: "Tax Provision Blueprint Instruction Guide - PV7.3.0 SV100" Attached are 2 PDF files that shows the Actual and Forecast Data Flow Overview. They are high level flowcharts that shows the flow of data from schedule to schedule while splitting up the functions between Data Collection / Workpapers / Calculations and Reporting. Data Flow Overview We define Tax Provision Blueprint in four sections: Data Collection, Workpapers, Calculations and Reporting. A data point is entered once and then flows through the tax provision calculation as defined. The main data input is achieved through the Schedules (Forms) 01 – 06 as shown in the blue boxes below. Data Collection – Schedules 01 – 04 Workpapers / Calculations – Schedules 05 – 18 The data collected and calculated in Schedules 01 – 06 are then used to populate Schedule 07 – 18 (Tax Account Reconciliation, Statutory ETR, and Consolidated ETR, Interim Reporting ETR, Applied Interim Reporting ETR). These forms are view only, except for the ability to reclassify income statement or balance sheet data in the Tax Account Reconciliation.What are the Necessary Activities to Start a New Tax Provision Year - "Actual"
Attached is a Word document that highlights the steps necessary to start a new tax provision year or a new tax provision for a period other than the first period in the year. Many of these steps will most likely be executed by the Admin. These are the following classifications of tasks: Global (applies to all entities) Executed only in the first period of the year. Executed once at the start of a tax provision period. Individual entity Executed only in the first period of the year. Executed once at the start of a tax provision period. This is a summary of the detailed information that you can find in the "Instruction Guide" that comes with the Tax Provision Blueprint application.