Period End Journals Support in Tax Reporting Framework
Tax Reporting Framework supports Period End Journal entries. You can choose which general ledger entries to use when submitting a tax audit file. This support is extended to both accounts with and without SuiteTax. For more information about period end journals, see Period End Journal Entries.
You can customize your reporting preferences when generating tax audit files. See Setting Up Country Tax Reporting Preferences.
The period end journal settings and preferences are validated through your subsidiary settings. The options available for you in changing your preferences will differ depending on your subsidiary settings:
Subsidiary Setting |
Country Tax Report Preference Options |
||||
---|---|---|---|---|---|
Enable Period End Journal Entries |
Create Balance Sheet Closing |
Create Income Summary Journal |
Balance Sheet Closing Entries |
Balance Sheet Opening Entries |
Income Statement Closing Entries |
Cleared |
Not Selected |
Not Selected |
Not Available |
Not Available |
Not Available |
Enabled |
Selected |
Not Selected |
Available |
Available |
Not Available |
Enabled |
Not Selected |
Selected |
Not Available |
Not Available |
Available |
Enabled |
Selected |
Selected |
Available |
Available |
Available |
Aside from validating the Period End Journal setting in your subsidiary, Tax Reporting Framework also validates if the selected tax audit file is compatible with reporting Period End Journal entries. Refer to the country specific help topic of your tax audit file if the report provided is already compatible with Period End Journal entry reporting.
For more information on period end journal settings in your subsidiary, see Defining Subsidiary Settings for the Period End Journal Entries Feature.