Adjustments outside financial statements

Modified on Wed, 01 May 2024 at 02:43 PM

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. Go to Workpapers > Workpapers
  2. Click the New workpaper button and select Permanent difference.
  3. Update the Tax narration field and the amount with the adjustment required.
  4. The adjustment will be shown under Permanent differences on the Tax Position

Option 2 – Add a financial reporting adjustment

  1. Go 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, click the cog on that row and select Financial reporting.
  4. The adjustment will be shown under the Financial reporting section on the Tax Position.

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