Page Comparison

Core Accounting Fields

Country of Tax Code

1342

Specifies the ISO country code of the country in which the entity is located. The system uses the value in the Country of Tax Code field to calculate tax withholding and tax reclaim rates. The system uses the Country of Tax field to determine the applicable tax withholding and reclaim rates in the Global Tax table. The system provides the list of countries and their associated ISO country codes in the COUNTRY CODE code category as part of the installation upgrade process. If you enter a value in the Country of Tax Code field, the system fills in the Country of Tax field with its corresponding value. This option exists solely on the entity record and the value can be edited after the entity is established. The dynamic lookup is based on the COUNTRY CODE code category.

Country of Tax

1193

Specifies the name of the country in which the entity is domiciled. If you enter a value for the Country of Tax field, the system fills in the Country of Tax Code field with the corresponding value. The system uses this option as a working storage field to reconcile the Country of Tax Code field. This field is not stored in the Eagle Accounting database. The dynamic lookup is based on the COUNTRY CODE code category.

Earning Processing Frequency

984

Displays the method the system uses to post earnings. The system supports only the Daily method.

Tax Fields

Taxable Indicator

1143

Indicates whether the entity is taxable. For reference only. Options include No (Default) and Yes.

Accrue Interest Tax Indicator

3911

Indicates whether the system accrues interest for tax withholding and reclaims. Options include:

• No. The system does not accrue interest for tax withholdings and reclaims on a daily basis. Instead, tax withholdings and reclaims are calculated on the coupon payment date.

• Yes. The system accrues interest for tax withholdings and reclaims on a daily basis. If you select Yes, you cannot set the Tax Accounting Method field to Gross Income because the Gross Income method ignores all withholding tax on dividends and coupons.

Tax Accounting Method

3912

Specifies how the system processes tax withholdings and reclaims on dividends and other interest transactions. For more information, see Tax Accounting Method Examples. Options include

• Gross Income Method. Default. The system ignores any withholding tax on dividends or coupon entitlements, even if applicable tax rates are set up in tax tables, and tax reclaim will not process. The gross amount of the dividend or coupon entitlement is posted as a receivable. The receivable is then relieved against the cash receipt on the coupon or dividend pay date. You cannot select this value if you set the Accrue Interest Tax Indicator field (tag 3911) to Yes.

• Gross Liability Method. The system generates both a receivable and a payable amount for the withholding tax. A receivable is created at the

• net amount of the dividend or coupon entitlement less the amount of the reclaim. A separate receivable is created for the reclaim amount, if any. A payable is also created for the unrecoverable tax amount (tax expense). The system relieves both the payable and receivable against the cash receipt on the coupon or dividend pay date.

• Net Method. The system generates a receivable at the net income amount (gross income less withholding tax) and a separate receivable for the reclaim amount, if any. The payable for the tax expense is not created.

Entity Tax Type

3929

Defines the entity's tax status and allows you to group entities for tax accounting purposes. The system uses this value to calculate tax withholding and tax reclaim rates. You can group entities by entity tax type, entity tax qualifier, or both. Options for this field are user defined. The system is installed with a set of values for this field. You can add additional code values for this field using the Codes workspace for the ENTITY TAX TYPE code category.

Note that Eagle Accounting does provide an All option in the Entity Tax Type code value as part of the default script, so that it can be used as a wild card in the Global Tax table. However, you should not use the All option in the entity setup, because it limits your institution's ability to have extremely flexible tax nomenclature or structure.

Entity Tax Qualifier

3930

Defines the entity's tax status and allows you to group entities for tax reporting purposes. The system uses this value field to calculate tax withholding and tax reclaim rates. You can group entities by entity tax type, entity tax qualifier, or by both. Options for this field are user defined. The system is installed with a set of values for this field. You can add additional code values for this field using the Codes workspace for the ETAX QUALIFIER code category.