Regional Tax Losses

The Tax Losses Regional form is used to track Regional Tax Losses. If you are deferring a loss to a future period, enter the data on the Current Provision Regional report. After Consolidation, the deferred amount is moved to the Tax Losses Regional detail schedule.

To defer a loss to a future period:

1. From the Home page, click Tax Provision Regional, then Package Regional.
2. On the Current Provision Regional form, under Total Regional Tax Losses - Carry Forward Automated, in Regional Tax Loss 2 – Carry Forward Automated., in the Adjustment column, enter the value of the deferred loss.

   The Adjustment value for the Tax Losses account moves to the Tax Losses form. There is no movement to the Tax Credits form if the value is entered for the Tax Credits accounts.

3. Click Save.
4. Under Actions, select Consolidate.

5. From the Current Provision Regional report, click the Tax Losses Regional tab.

   On the Tax Losses Regional detailed schedule, the deferred amount is displayed under Opening Carryforward. Any other adjustments made on the Tax Losses form are moved to the Temporary Differences form after Consolidation. See Entering Regional Temporary Differences.

   
   
   
6. Enter regional tax losses for the selected year, as required. For a description of all columns on the Tax Losses Regional form, see the table "Regional Tax Losses and Tax Credits Detailed Schedule" in Regional Detailed Tax Losses and Credits to complete data entry. Some columns are automatically populated using details from the Regional Current Provision form.
7. Click Save.
8. Under Actions, select Consolidation.