The Tax Scenarios Worksheet form allows you to compare up to four different scenarios based on the actual financial situation of a corporation as shown in scenario #1.
Scenario #1 shows the results of the active return: this data will be retained when saving the client file.
To facilitate the evaluation of scenarios, we propose the following methodology when using the Tax Scenarios Worksheet:
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Preparing the return for evaluation of scenarios
To prepare the return for evaluation of scenarios, copy the results of the initial return shown in scenario #1 in one of the columns 2 to 5 of the worksheet’s columns making sure the description of the copied scenario is meaningful (for example, column 5: initial T2). This way, the results of the initial return will be retained.
To copy data from scenario #1 to another scenario, proceed as follows:
- Display the Tax Scenarios Worksheet (Jump Code: SCENARIOS) of the corporation’s return for which you want to evaluate scenarios.
- In the Edit
menu, click Create a New Scenario.
You can also press Ctrl + F10. - Select the scenario to which you want to copy the current scenario.
- Click OK.
Tip: If you are evaluating scenarios in the return of a corporation member of a related or associated corporate group for which the T2 Data Connection is used, you can evaluate the impact of a scenario on the corporations in the group with the links created between the different client files.
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Evaluating scenarios
To evaluate a scenario, modify the data for which you want to evaluate the impacts in the corporation’s return, and copy scenario #1 to another scenario.
To document the changes made in the copied scenario, use an attached note from the “Scenario’s description” cell indicating the schedules or forms and the amounts you modified.
To know more about the amounts displayed on the lines "Other", consult the help topic Corporate Taxpayer Summary.
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Applying the selected scenario to the return
Once you have chosen the appropriate scenario, you must enter the data used for the selected scenario in the return. At this stage, the previously created attached note can help you carry over data to be changed to the schedules or concerned forms.
The results of the different scenarios will be retained when saving the client file. However, they will not be retained next time the client file is rolled forward.
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Delete a scenario
To reset data of a scenario transferred to a column, press the Delete button at the top of the column.
See also