Tax & Accounting Blog

Roll over estimated payments in ONESOURCE Income Tax

US Income Tax Compliance November 17, 2011

By default, ONESOURCE Income Tax prepares next year’s estimated payment vouchers for each entity based on the current year tax liability. These amounts will, in turn, rollover to the next year as tax payments.  If you would prefer to enter your tax payments in the current year, rather than roll them from the prior binder, be sure to change this setting in the Estimated Payments Options screen prior to rolling over your binder.

Under StatesCommon StateTax Estimate Options, change the drop down to option 8 (Estimate equal to specified amount).  Since the amounts in option 8 are left blank, ONESOURCE Income Tax will therefore not roll over any amounts.  Note that this can be handled in a top consolidation and then transferred to all its members by pushing the ‘Transfer to ALL’ button.