Feb. 18 2025

Arcari web v2.20.2, Argentari v2.1

Features

"Ignored" Tax Code Status

Users can now select "Ignored" for accounts like Net Income, 0 balance accounts, the Tax adjustment account, or any other line items they don't want to map to Tax codes for Tax Trial Balances.

Tax Code Mapping Example

Tax Journal Entries - ID: MSN6

Users can now make Tax Journal Entries(JEs) to effect the Tax Trial Balance. You'll make these in the Journal entries tab by selecting "Tax" as the JE Type. This will then allow for users to select the Tax adjustment account to offset any tax adjustments they need to make to other existing accounts. Tax adjustments will directly effect Net Income to help calculate the Taxable income at the bottom of the Tax Trial Balance screen. The Tax adjustment account balance will be shown under the Expense section of the Trial Balance page. Note: We wanted to ensure users approved of how our tax adjustment account effects net income before we retroactively apply this to all existing projects. That means two things. 1. Don't test the taxable adjustments on pre-existing projects until we roll this out against all projects. 2. Please give us any feedback on issues or concerns you have when using the tax adjustment account on a new project.

Tax JE Example

Net Income is now Displayed at the bottom of the Tax Trial Balance Page

We now display Net Income with the Book Balance (Adj balance), Tax adjustments, and Adjusted tax balance (taxable income) at the bottom of every Tax Trial balance for ease of reference.

Example of how the TJE passes through the Tax Trial Balance to Net Income

Bugs

Removed default tax mapping of ignored

We had set the default tax mapping to Ignored for net income, 0 balance accounts, and the adjusted income account. This caused some issues with our testing where accounts that where set to ignored by default would be stuck in "Needs Matches" state, so we decided to remove this for now and address it in a later release.

Fixed Adjustment calculations

Previously our difference calculation in our Trial balance was based off of the Prelim balance and the Workpaper (W/P). Now we calculate difference based off of the Adj balance and supporting W/P.