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TAS Consolidation/Compute and Transfer to Foreign Forms
Tax Accounting System (TAS) Data Entry
TAS data entry includes preliminary (trial) balances, currency translation, as well as book, reclass, and tax adjustments. All trial balance and adjustment information is entered in the divisional consolidation members using the local currency selected for each binder. During TAS consolidation, the translated functional currency amounts in the member binders are accumulated and transferred to the divisional consolidation.
Nested (lower-tier) divisional consolidations are treated the same as legal entity consolidations for TAS purposes.
Working Trial Balance Views
For tax years 2008 and later, all foreign entity binders have Working Trial Balance views aligned to the forms 5471 and 8865 in addition to the standard 1120 view. The default view is determined by the foreign entity selection on the
International
tab on the Binder Properties screen:- Foreign Partnership: Form 8865
- Controlled Foreign Corporation: Form 5471
- 10/50 Company: Form 5471
You can review amounts in Local Currency, Functional Currency, or Translated US Dollars. If a divisional consolidation is a member of another foreign divisional consolidation, the upper-tier (legal entity) divisional consolidation’s Working Trial Balance will include amounts from its members, including the results of any lower-tier consolidations.
note
The Local Currency amounts displayed in a foreign divisional consolidation binder are the result of a simple aggregation (without translation) of the individual local currency amounts in the underlying member binders and should be ignored.
Schedules in the Form 8865 View
- Schedule B: Income Statement
- Schedule K: Partner’s Distributive Share Items
- Schedule L: Balance Sheet
- Schedule M-1: Reconciliation of Income (Loss) per Books with Income (Loss) per Return
- By TRC
- By Account
Schedule in the Form 5471 View
- Schedule C: Income Statement
- Schedule F: Balance Sheet
- Schedule H: Current Earnings and Profits
- By TRC
- By Account
This article applies to:
- Product: ONESOURCE Income Tax, ONESOURCE International Tax
- Return type: 1120 Corporation
- Subject: Tax Accounting System