1. Working with Tax Reporting
  2. Working with National Tax Process
  3. Working with National FX Rates
  4. Working with Amount Override and Rate Override for Tax Accounts
  5. Applying Amount or Rate Override to a Tax Account
  6. Working with Forms: FX Rates - Book Override and Tax Override Form
  7. Example: Configuring FX Amount Override for Tax Account

Example: Configuring FX Amount Override for Tax Account

The example below illustrates how to setup a FX Amount Override for PermGS0002 account:

Note:

PermGS0002 is an example account.
  1. Navigate to Dimension library. See Account Dimension in Administering Tax Reporting.
  2. Select PermGS0002 account and click on Edit Edit_icon icon.
  3. Select the Exchange Rate Type as Historical Amount Override and save.

    Select_Historical_Amount_Override

  4. Refresh the database.
  5. Navigate to Library.
  6. Expand Tax Administration folder.
  7. Open TRCS_FX Rates - Tax Override form. The form will automatically shows the PermGS0002 account.
  8. Enter the FX Amount Override value for the POV, submit data. Here in the example, you enter 10000.

    Enter_Amount_Override

  9. Run Consolidate/Translate to notice the amount being applied for the PermGS0002 Account.
  10. Open current provision form to notice the translated data. The screenshots below show PermGS0002/Entity currency for Adjustment has 2000 and USD is 10000.

    Translated_Data

    Entity_Currency_Adjustments

Note:

Amount override only applies on pre-tax input member. Other data source members use calculated FX rate based on the FX override amount provided divided by entity currency value. For example:
  • PermGS002, Entity Currency, Pre Tax Input → 2,000
  • PermGS002, Entity Currency, Tax → 700 (2,000 * .35)

Below are the numbers when translated:

  • PermGS002, USD, Pre Tax Input → 10,000 (Based on the Amount override provided)
  • PermGS002, USD, Tax → 3500 (700 * (10,000 / 2000))