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Simplifying your tax workflow with charts setup

Are you ready to streamline your accounting management with ONESOURCE Income Tax? Setting up your Charts is like laying down the tracks for a smooth tax process train ride. Let's go through the steps to get your Tax Return Codes (TRCs) and Tax Combination Codes (TCCs) on track.

Understanding TRCs and TCCs:

Before we dive in, let's get our bearings. The relationship between TRCs and TCCs is the cornerstone of your account management within the application. Imagine TRCs as the big buckets where your financial data is collected. TCCs are the sub-buckets, helping you sort that data into more detailed categories. Getting this setup right means your tax workflow will be smooth.

Choosing Your Path: Common vs. Separate Charts

You've got a choice to make – Common Charts or Separate Charts. Think of Common Charts as the one-size-fits-all approach. They work across all entities and make consolidated workpapers dazzle with uniform account numbers and TCC descriptions. It's like having a universal language for your financial data. However, if your entities are as unique as snowflakes, you may need Separate Charts. It means more customization, but also more complexity when consolidating your data. Only TRC level consolidation is possible here, but if you share a common TCC chart, you can consolidate at the TRC or TCC level.

Creating Your Chart of Tax Combination Codes

The Chart of TCCs is your first building block. Here's how you can start:
  1. Define Your TCCs:
     Assign user-defined codes to group accounts within TRCs. These codes will be your BFFs in workpapers, reports, and tax return schedules.
  2. Mind the Limits:
     Keep your descriptions concise. 50 characters for Page 1 and Schedule M-1, 35 for Balance Sheets, and remember the special limits for Schedule M-1 line descriptions.
  3. Data Entry Your Way:
     You can enter your TCCs manually, borrow from an existing chart, or import them. The application offers a default chart for those who prefer a head start.
  4. Play It Smart with Numbers:
     TCC numbers can be up to three digits. Space them out a bit, so you have room to grow.
  5. Change with Care:
     Tweaking a TCC? Remember, it's like pulling a thread on a sweater – everything connected will feel the tug.
  6. Commonality is Key:
     For cross-tie returns in consolidations, you'll need a common TCC Chart. It's like having a master key for all your doors.

Words of wisdom

Once you've assigned a Chart of TCCs to a Chart of Accounts, it's like getting a tattoo – it's pretty permanent until you remove all related accounts. So, choose wisely and plan for the future.
In essence, setting up your Charts in ONESOURCE Income Tax software is about creating a structured, streamlined process that makes tax time less of a headache and more of a breeze. Take these steps to heart, and you'll be the maestro of tax account management in no time.
Remember, if you hit any snags or just want a second pair of eyes on your setup, your client service representative is just a call or email away. They're like the trusty sidekick to your tax superhero – ready to help you establish a common chart of TCCs or navigate any complexities.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Subject: Chart of Accounts
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