Reclassifying Balance Sheet Amounts

You can use the TAR Automation screen to reclass the net amounts (positive or negative) between Payable, Receivable, Prepaid accounts, and so on.

When creating a Netting Group for Balance Sheet Reclassification, the source and destination Data Categories should be the same, and the Data Categories used should be unique to that group. If multiple Data Categories are specified for the Source, at least one of them must be specified as the Destination Category.

  To reclassify Balance Sheet amounts:

  1. From the Tax Provision menu, select Settings, and then select Tax Automation, or select it from the Application Tasks list.

  2. In the Balance Sheet Reclass section, for Source, enter the account or accounts for Payables or Receivables.

    For Source, you can enter multiple accounts.

  3. For Destination, enter the account for Payables or Receivables.

    For Destination, you can enter only one account.

  4. For Entities, enter the applicable entity or entities.

    If you do not specify an entity, the mapping applies to all.

  5. Click Save Settings.

  6. Click Refresh to see the changes.