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To access this screen select Edit, Posting from the Business Tax main screen or by using an appropriate Edit button on the CT600 Data entry screens.
The Posting option is used to make adjustments to the Corporation Tax computation. How the posting adjusts the computation depends on the posting type and whether it is specific to a trade.
Postings can be linked to account balances in Accounts Production, so if a late journal is made in the financial statements the corporation tax computation will automatically update.
Make a posting for this period:
Bring forward postings from the previous period
Find out about the different types of posting
Find out about postings and periods with multiple CTAPs
For all posting types except the Disallowed expense accounts and Directors' remuneration there will be a + against the posting type. Click on the + to display the three different ways you can make postings. To make a posting either:
Double click on the posting method; or
Highlight the posting method and click Insert.
In long periods the date filed will be used to allocate the posting to a CTAP. If no date is entered the posting will be time apportioned between the trading CTAPs.
As part of the multiple trades feature, trade specific entries may be made for the following posting types:
Disallowed Expense Accounts
Trade Income Disallowed
Trade Expenses Disallowed
Trade Expenses Allowable
This option allows you to select a specific account from the trial balance. Using this option means that if the account balance changes in Accounts Production the corporation tax computation will automatically update.
After selecting the option enter an account number and select OK. If you do not know the account number you can use the magnifying glass to display a list.
If long period tick box for posting date.
When you have made the posting the screen returns to the Posting screen from where you can make further postings or exit the Posting option.
This option allows you to specify a particular posting to be disallowed. The posting narrative entered in Accounts Production is used as the description on the computation in Business Tax.
After selecting the option enter an account number and select OK. If you do not know the account number you can use the magnifying glass to display a list.
A panel displays all the postings made to that account number. Select the one you want to use.
When you have made the posting the screen returns to the Posting screen from which you can make further postings or exit the Posting option.
If long period asks if want to use posting date.
This option allows you to enter freeform amounts.
The panel allows you to enter the narrative and amount and date.
Once the screen is complete select OK to return to the Posting menu from which you can make more postings or exit the option.
Due to changes to online filing and tax computation reporting requirements, appropriate iXBRL tags must be selected from the list of available options from the drop down list when making a posting to certain posting categories. The following screens have been updated and require users to select the appropriate 'Income' or 'Expense' types;
Disallowed expense accounts (select applicable 'expense' types)
Trade income disallowed (select applicable 'income' types)
Trade expenses disallowed (select applicable 'expense' categories)
Trading expenses allowable (select applicable 'expense' categories)
An appropriate tag must be selected when a posting is made to one of these screens. The other options, for example 'Loan Relationships' can be automatically tagged in the tax computation as all postings made here relate to one iXBRL tag.
All account total postings will be brought forward from the previous period when the Edit, Bring Forward option is used. Specific postings and links to postings in Accounts Production are not brought forward.
Click on the link below for more information regarding each posting type and the effect it has on the corporation tax computation.
For some types of income or expense IRIS Business Tax will time-apportion the value between the trading CTAPs.
Values derived from Accounts Production via the Business Tax Accounts option will be time apportioned between trading CTAPs
All Business Tax Postings will be time apportioned between trading CTAPs unless the user indicated that the posting date should be used to allocated the value to a specific CTAP (except for Charges and Interest received net postings).
If a posting should not be time apportioned between CTAPs indicating that the posting date should be used will ensure that the posting is allocated into the CTAP that includes the posting date.
This facility is rarely required by users. It allows you to delete a posting entry or to set up further posting entries.
When you delete an entry all the postings you have made for that year will be deleted but the information within the other Business Tax options, such as the capital allowances, will be retained.
You may need to set up a new entry if:
you have used the delete facility outlined above; or
you wish to have two posting files to examine the effect of two different sets of postings on the tax charge.
If you have more than one Business Tax posting entry you will be asked to select the entry you wish to use before running any reports, etc.
This button allows you to change the description of the Business Tax posting entry.