Add a subvention payment

Overview

Subvention payments in TaxLab function similarly to tax losses. Transactions can be added to one entity and linked directly to the receiving or distributing entity.

Add a subvention payment

1. From the entity's tax year summary select Workpapers > Tax Losses. 
2. Select New.
3. Enter the Date the transaction occurred.
4. Select the Loss year.
5. Select the Transaction type. There are options to select Subvention payment made or Subvention payment received. Once you have selected either of these, the Linked entity (optional) drop-down list will become enabled, and you can select the entity making or receiving the subvention payment, if it has a record in the software.
6. Enter the amount of the payment. For payments made enter as a negative amount (credit) and for payments received enter as a positive amount (debit).
7. Optional: Add a Note explaining why you added the transaction.
8. Select Save.

The payment will display in the lower half of your Tax Losses workpaper. The system will automatically calculate the effect of payments made or received and the impact they have on taxable income or losses.

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