CCH has integrated its ProSystem fx Tax software with its Web-based Global Integrator system.
The integration aims to automate global tax data collection and processing.
Global Integrator helps multinational organizations automate tax provisioning and compliance processes. The Web-based system was acquired by CCH from Ernst & Young, and advances CCH’s capability in serving global corporate customers. Professionals who already use ProSystem fx Tax can now take advantage of the Global Integrator service as well.
Global Integrator provides automated loading of trial balance and fixed assets data, standardization and automation of tax adjustments and loading of late accounting adjustments, automated currency conversion and consolidation, and a tax-basis balance sheet.
Global Integrator also automates and standardizes tax calculations and reporting to processes for risk management purposes. This includes enabling multinational organizations to calculate the current and deferred taxes of entities in compliance with local tax rules and International Financial Reporting Standards.
The system also provides organizations with a reconciliation from reporting Generally Accepted Accounting Principles to local GAAP, to local basis, and allows companies to calculate U.S. taxes at a federal and state level, including appointment calculations.
Global Integrator also helps organizations meet their FAS109 requirements by helping identify permanent and temporary differences; calculate current income tax expense and deferred income taxes; calculate deferred tax assets and liabilities; determine the need for a valuation allowance; record the calculations on financial statements; and prepare financial statement footnotes.
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