This section explains how to create and post a tax journal from CCH Corporation Tax directly to CCH Accounts Production.
Creating and posting a journal
To access the data entry area select Tax journal from the left hand data navigator bar:
To create a journal complete the following steps:
- Click in the Number field.
- On the next window accounting periods will be displayed. Select the appropriate accounting period by highlighting the row
- Click OK
- The Tax Journal detailed information is displayed.
- Journal number - system generated based upon journals created previously if not the first
- Post as audit Journal - check the box to post an adjusting journal within CCH Account Production. Leave the box unchecked to post a standard journal.
- Date - date the journal is/was generated
- Detail - represents the nature of the journal which is Corporation Tax liability
- Additional narrative - add text here for notation and ease of reference
- Amount - system calculated value of corporation tax liability )1st journal created) or increase or decrease required based upon change in corporation tax liability and taking into account amounts already posted.
- Override amount - enter an alternative amount to be posted.
- Debit analysis - the nominal code that the amount is being posted to. This is based upon the chart of accounts being used for the client.
- Credit analysis - the nominal code that the amount is being posted to. This is based upon the chart of accounts being used for the client.
- Click Post to complete the posting of the journal
The journal summary data entry window displays the amount, date and employee that created and posted the journal.
The nominal codes used to create the journal in CCH Accounts Production will automatically be selected dependant on which chart of accounts has been adopted in generating the company's financial statements.