Adjustments outside financial statements

Overview

There are two options for entering adjustments in TaxLab that are not in the trial balance or outside the financial statements. Depending on the option selected, the adjustment will show up under different headings on the Tax Position.

Option 1: Manual permanent difference workpaper  

1. Navigate to Workpapers > Workpapers
2. Select the New workpaper > Permanent difference.
3. Update the Tax narration field and the amount with the adjustment required.
4. The adjustment will show under Permanent differences on the Tax Position. 

Option 2 – Add a financial reporting adjustment

1. Navigate to the trial balance that you loaded in under Accounts. 
2. Add a new row on the Income statement or Balance sheet.
   
3. Once you have added a new row, select the cog wheel on that row and select Financial reporting.
                      
4. The adjustment will show under the Financial reporting section on the Tax Position.