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: Creating a Tax Reporting Application in Oracle Tax Reporting Cloud.
To create a new application:
- Using the URL provided for the instance, log on to Tax Reporting as a System Administrator.
- On the Tax Reporting screen, under Create a new application, select Start.
- On Create Application: General, enter a Name and Description for the new application, and then click Next.
- On Create Application: Details, perform the following tasks:
- 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.
- Under Start and End Year, select the required range.
- Under Currency, select the Main Currency for the application for reporting.
- By default, the Multicurrency option is selected.
Clear the Yes check box if you do not plan to use multiple
Note:Multicurrency cannot be changed after the application is created.
- Click Next.
- Under Time Periods and Years, review the time periods that will be included in the application:
- On Create Application: Features, click Enable for each of the optional features that you want to use with the application. See: Enabling Application Features
- Click Next.
- 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, Ownership Management, and others are only displayed if those options were selected.
- 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.
Note:You can also create custom dimensions based on your application needs only during creating a new application. See Adding Custom Dimensions (Hybrid mode only)
- Click OK on the completion message.
From the Home page, you can begin building your own application.