Creating a New Application

During creation of the new application, you define the start and end year for the application, select the default application currency, and then select the features that you want to enable.

As part of the creation of the application, the following mandatory features are automatically applied:

  • Track Multi-Source Data Input --Supplemental Data and Managed Data
  • Intercompany --Intercompany Data and Track Intercompany Elimination
  • Reporting Standard --Multi-GAAP Reporting

You have the option of enabling the following additional features:

  • IFRS reporting standard for the application. You may select one or both of the following features:
    • Deferred Tax Not Recognized (DTNR) to enter deferred tax not recognized amounts on a tax effected basis as P&L or non P&L amounts.
    • Consolidated Effective Tax Rate Reconciliation to calculate the National and Regional ETR for the total tax provision.
  • CbC (CBC Data Entry Tables, Summary Table and Filing report) to calculate analyses to assess risk as a result of transfer pricing strategies.
  • Interim Provision to calculate monthly or quarterly tax provision using an Annualized Estimated Effective Tax Rate (AEETR), plus discrete tax amounts. You can select one or both options:
    • Total AEETR Select this option to get the value of the Total Tax AEETR from the Consolidated Effective Tax Rate for the Forecast Scenario.
    • Detailed AEETR (Current and Deferred) - Select this option to display Total Tax for the Forecast Scenario by adding Current Tax and Deferred Tax.
  • Weighted Average to enable the weighted average to calculate the average foreign currency translation for the net income before tax for each base entity.

Note:

If you do not select an optional feature when you create the application, you can enable the feature at a later date. See Enabling Application Features. Once enabled, you cannot disable the feature.

Select this link to view a video: Creating a Tax Reporting Application in Oracle Tax Reporting Cloud.

To create a new application:

  1. Using the URL provided for the instance, log on to Oracle Tax Reporting Cloud as a System Administrator.
  2. Under Finance, select Start.
    Select Start under Finance
  3. Under Finance, select Tax Reporting.
    Select Tax Reporting.
  4. Under Finance, click New to create a blank new application.
    Click New to create a new blank application.
  5. On Create Application: General, enter a Name and Description for the new application, and then click Next.
    Create application name and description.
  6. On Create Application: Details, perform the following tasks:
    1. Under Time Periods and Years, review the time periods that will be included in the application. These values cannot be modified.
    2. Under Start and End Year, select the required range.
    3. Under Currency, select the Main Currency for reporting.
    4. By default, the Multicurrency option is selected. Clear the Yes check box if you do not plan to use multiple currencies.
    5. Click Next.

    Enter details for the time periods, years and currency for the application.
  7. On Create Application: Features, click Enable for each of the optional features that you want to use with the application:
    • Select IFRS to calculate Deferred Tax Not recognized (DTNR), and report on the Consolidated Effective Tax Rate (CETR) in an IFRS format. Select one or both of the following features:
      • Deferred Tax Not Recognized (DTNR) to enter deferred tax not recognized amounts on a tax effected basis as P&L or non P&L amounts.

      • Consolidated Effective Tax Rate Reconciliation to calculate the National and Regional ETR for the total tax provision.

    • Select CbCR to enable CbC Reporting to calculate analyses which assess risk as a result of transfer pricing strategies.
    • Select Interim Provision to enable interim provision to calculate monthly or quarterly tax provision using an annualized estimated effective tax rate (AEETR), plus discrete tax amounts.
    • Select Weighted Average to enable the weighted average to calculate the average foreign currency translation for the net income before tax for each base entity.

    Note:

    If you do not select a feature when creating the application, and you change your mind, you can enable the feature after creating the application. Dynamic Calc Jurisdiction can only be enabled on the Enable Features screen. See Enabling Application Features.

    Select the features that you want to enable for the application
  8. Click Next.
  9. On Create Application: Review, review all the entries for the application structure and features. Under Features, the mandatory features are displayed. IFRS, CbC, Interim Provision and Weighted Average, are only displayed if those options were selected.
    Review the mandatory and selected features
  10. If everything is correct, click Create.

    The application creation process is initiated. This will take several minutes, so do not close the browser window until the completion message is displayed.

    The application is created with the standard dimensions and metadata, based on the options selected during creation.

  11. Click OK on the completion message.

    From the Home page, you can begin building your own application.