Add and compare versions

Overview

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. Versions serve a variety of purposes, including to create a read-only version of a return before it is e-filed.  Versions are necessary if you intend to generate automated prior period adjustments. There's no limit to the number of versions you can create.  

Create a version

1. From the Taxlab home screen select the entity’s name.
2. Select the Income tax tab.
3. Select Version. 
4. Select Add version.
5. In the Title field, add a name for the version. 
6. Optional: in the Note field, add a description of the version.
7. Select Create.

Access a previous version

There are two methods to open a version.

Option 1:

From within any tax year, the side panel displays the version dropdown menu. This will show whether you are looking at live data or a version. The drop down arrow allows you to switch between versions.

Option 2:

1. From the Taxlab home screen select the entity’s name.
2. Select the Income tax tab.
3. Select Version. 
4. Select the name of the required version, > Open.

When a version is opened, it opens in a new web browser tab. The notification bar at the top of the page indicates that you are viewing historical data, and when that version was created. The entity name is listed along with the time the version was created, and the side panel displays the version name in the Version section.

The data contained in a version is read-only. This acts as an ability to 'lock' an income tax return, by taking a version at the point in time you wish to maintain that data.

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 software displays all variances between the data versions.

1. Within a live version, select the Tax Position tab.
2. On the Tax Position page, select 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.

Create and open a version for a financial statements group

If you have created a financial statements group, you can add versions of the group’s calculations in a similar way to how you add a version for a single entity. Creating a version at a group level will also automatically create versions at the member entity levels.

Create a version

1. From the Taxlab home page, select the group entity’s name.
2. On the group entity’s Home page, select the Reports tab.
3. Select Version.
4. Select Add version. 
5. In the Title field, add a name for the version. 
6. Optional: in the Note field, add a description of the version.
7. Select Create.

Open a version

1. From the Taxlab home page, select the group entity’s name.
2. On the group entity’s Home page, select the Reports tab.
3. Select Version.
4. Select the name of the required version, > Open.

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