Fixed Assets - EBS (MOSC)

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Changes to Tax Book assets after tax year end

edited Sep 17, 2012 6:23AM in Fixed Assets - EBS (MOSC) 4 commentsAnswered

Once a tax book is copied and tax year/period closed you cannot go back and make last year adjustments to method or life.    A practice corporate strategy group does post year end as they try to optimize their tax expenses.  Per support I understand I can make 'Tax Reserve Adjustments' to closed FYs in TAX books to adjust tax expense for audit/reporting.
The method/life adjustment would just be made in the current open period of the TAX book, and could be amortized from a prior-period date, if required.

Per support another option (less desirable but a valid workaround) is to create a new TAX book for the required FY and make the necessary adjustments prior to closing the last period.

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