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:

  • Select IFRS to calculate Deferred Tax Not recognized (DTNR), and report on the Consolidated Effective Tax Rate (CETR) in an IFRS format.
  • CbCR (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 enable interim provision to calculate monthly or quarterly tax provision using an annualized estimated effective tax rate (AEETR), plus discrete tax amounts.
  • Weighted Average to enable the weighted average to calculate the average foreign currency translation for the net income before tax for each Base or Parent entity.
  • Ownership Management enables the assignment of ownership percentages and consolidation methods to each Entity parent/child combination for each Scenario, Year, and Period combination.

Note:

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

Watch this overview video about creating an application: Video iconCreating a Tax Reporting Application in Oracle Tax Reporting Cloud.

Complete this tutorial for a hands-on example of creating an application.

Learning Path Creating an Application in EPM Cloud Tax Reporting

To create a new application:

  1. Using the URL provided for the instance, log on to Tax Reporting as a System Administrator.
  2. On the Tax Reporting screen, under Create a new application, select Start.
    Select Start under Finance
  3. On Create Application: General, enter a Name and Description for the new application, and then click Next.
    Create application name and description.
  4. 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:
      • 12 Monthly Priod (P1-P12)
      • Default RTA Period (P13) - Return to Accrual
      • Default Audit Period (P14)

      These values cannot be modified.

    2. Under Start and End Year, select the required range.
    3. Under Currency, select the Main Currency for the application for reporting.
    4. By default, the Multicurrency option is selected. Clear the Yes check box if you do not plan to use multiple currencies.

      Note:

      Multicurrency cannot be changed after the application is created.
    5. Click Next.

    Enter details for the time periods, years and currency for the application.
  5. On Create Application: Features, click Enable for each of the optional features that you want to use with the application:
    • Select theIFRS 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. If you select Consolidated Effective Tax Rate Reconciliation, the following forms are automatically activated in the application:
        • Consolidated ETR IFRS Rate by Entity
        • Consolidated ETR IFRS by Entity showing the Accounts calculated using Entity CETR IFRS rates
    • Select CbCR to enable Country by Country Reporting (CbCR) 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 or Parent entity.
    • Select Ownership Management to enable the assignment of ownership percentages and consolidation methods to each Entity parent/child combination for each Scenario, Year, and Period combination.

      Note:

      Ensure the Data Source dimension is set to "Sparse" if Ownership Management is selected. To verify or modify the performance setting for your application, go to Changing Performance Settings for the Data Source Dimension.

    Select the features that you want to enable for the application.
  6. Click Next.
  7. On Create Application: Review, review all the entries for the application structure and features. Under Features, the mandatory features are displayed. IFRS, CbCR, Interim Provision, Weighted Average and Ownership Management, are only displayed if those options were selected.
    Review the mandatory and selected features
  8. 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 successful application Creation Status message is displayed.

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

  9. Click OK on the completion message.

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