Add and compare versions

The versioning feature allows you to capture a snapshot of an entity’s income tax calculation at a specific point in time. This snapshot includes all tax calculations associated with the entity, not just those for the current tax year. For instance, if you create a version in the 2019 tax year, it will also include calculations from prior years if they exist in the system.

Versions serve a variety of purposes, including analysis, and are necessary if you intend to generate automated prior period adjustments. There's no limit to the number of versions you can create.  

When you access a version, it opens in a new web browser tab. The title consists of the entity’s name and the date the version was added. The panel on the right indicates that you are viewing historical data.

Since a version contains a snapshot of all income tax calculations for the entity, you have the ability to review historical data for prior years.

Even if an income tax calculation is unlocked, opening a version renders the data as read-only. You cannot make any modifications to historical data.

If you want to add a version for a Financial Statements group, please see the specific instructions below, as the process is slightly different.

Add a version

1. Open the entity’s Home page using one of these methods:
   • If you are in the entity’s income tax return, click the entity name in the breadcrumbs trail.
   • On the main Home page, click the entity’s name.
2. Click the Income tax tab.
3. Click Version.
4. Click the Add version button.
5. Type a title for the version.

   The title is for your reference purposes only, so you can easily differentiate between multiple versions. The system uses the ‘created’ date and time to identify versions.
   
   Remember that the version will contain a snapshot of all of the entity’s tax calculations at that point in time. So, if you refer to a tax year in the version title, bear in mind that the version may include other years. For example, if you add a version called ‘Version 1 – 2019’, the version will also include calculations for 2018, 2017 and so on, if they are in the system.

6. Type a description of the version in the Note box.
7. Click Create.

Open a version

There are a couple of ways to open a version.

Option 1:

Use the Workflow bar under the TaxLab menu to open a version. The workflow bar states if you are in the Live data or a version. You can easily switch between them using the drop down arrow.

Option 2:

1. Open the entity’s Home page using one of these methods:
   • If you are in the entity’s income tax return, click the entity name in the breadcrumbs trail.
   • On the main Home page, click the entity’s name.
2. Click the Income tax tab.
3. Click the Version you want to open.
   
4. On the Version window, click Open.

Compare versions

On the Tax Position page, you can compare two versions of an income tax calculation or compare one version with the live data. Because a version includes a snapshot of the tax calculations for all tax years in the system, you can also make comparisons over those different tax years. The system makes the comparison easy for you by displaying the differences between the data.

1. Within the live income tax calculation, click the Tax Position tab.
2. On the Tax Position page, click the Analysis by version tab.
3. Use the Version and Tax year drop-down lists to select the data you want to display and compare.

Add and open a version for a financial statements group

If you have created a group for accounting purposes, you can add versions of the group’s calculations in a similar way to how you add a version for a single entity.

Create a version

Creating a version at group level will also create versions at the member entity level automatically.

1. On the main Home page, click the group entity’s name.
2. On the group entity’s Home page, click the Reports tab.
3. Click Version.
4. Click the Add version button.
5. Type a title and a description.
6. Click Create.

To open a version

1. On the group entity’s Reports tab, click Version.
2. Click the version you want to open.
3. On the Version window, click Open.

The version opens in a new browser tab, on the group’s Tax Position page. To switch between tax years, click the Goto menu in the top right side, then click the required year.