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Foreign entity returns

Schedule M Chart

The Schedule M Cross Reference Chart and the Schedule M Chart screen are used in combination to populate the Form 5471, Schedule M. Specifically, the Schedule M Cross Reference Chart cross-references federal accounts to the lines on the Schedule M and the
Schedule M Chart
 screen is used to allocate the account balances to the columns of the Schedule M.
You can enter Schedule M sourcing either manually entered or imported.

Setting Up Form 5471, Schedule M Cross-Reference

  1. On the Income Tax menu bar, select
    Charts > International | Form 5471 Schedule M Cross Reference
    .
  1. Select
    International | Form 5471 Schedule M Cross Reference
    .
  2. Select the
    Federal Chart
     from the dropdown. Once you select the Federal Chart of Accounts, the federal accounts appear in the
    Unassigned Federal Charts of Accounts
     pane.
  3. Select the appropriate Federal Account(s) in the
    Accounts
     pane.
  4. Select the Schedule M line to cross-reference.
  5. Click
    Map
    to assign the accounts to the Schedule M line.
  6. Click
    Save
    .

Form 5471 Schedule M Sourcing

Sourcing amounts on the Schedule M can be completed either manually or by importing them.
  1. Manually Sourcing Schedule M Amounts
  2. On the TAS navigation tree, select the
    Foreign Entity
    folder
    | Form 5471 Schedule M Chart
    . The Form 5471 Schedule M Accounts sourcing screen displays (in columns with blue background) the cross-referenced accounts, the Schedule M line description, and the balance from TAS.
  3. Enter amounts for
    Amounts to be Apportioned/Allocated
     in the appropriate columns with white background.
  4. Click
    Save
     or check
    Always
     to save all entries.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Subject: Charts
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