What's New in FasTrac 109? Last month, we released version 2.4 of FasTrac 109. This version includes a number of new features that are sure to improve provision accuracy as well as the user’s experience and efficiency. First off, version 2.4 is the first of our product line to incorporate full support for Windows Vista (32 bit). It’s also the first to feature the implementation of Microsoft’s AJAX technology, which has yielded significant performance improvements for large data sets in our multi-user version. From a functionality perspective, the first new FAS 109 feature in version 2.4 is state provision group support of worldwide unitary requirements. This means that now you can assign foreign entities to state provision groups and create more accurate provisions for worldwide unitary states like California and North Dakota. The next enhancement was an important one for our user base. We called it “Add/Remove.” This feature enables you to add and remove the assignments of entities to provision groups at any time. This powerful new capability presented some interesting reporting challenges for provision group data, so be sure to review the “What’s New in FasTrac 109” on-line help topic so you can understand how the movement of entities is represented in FasTrac 109 reports. If your organization has a lot of add/remove activity, it quickly becomes difficult to remember the path of each entity from period to period. That’s why we’ve also included a new Setup section called Provision Group Membership. These windows provide at-a-glance membership information for your entities and provision groups for every reporting period in your system.
The other major enhancement in version 2.4 is the expansion of FasTrac 109’s FIN 48 capabilities. The UTP - Potential Adjustment window has been added to help determine potential adjustments for uncertain tax positions. You can enter a range of adjustment scenarios with their own percentages of probability. FasTrac 109 then calculates a cumulative probability and determines which scenario meets the “more-likely-than-not” standard. You can also use FasTrac 109 to record notes about the reasoning that supports your potential adjustment.
We’re very pleased with FasTrac 109 version 2.4. We hope that it will augment your provision process and enrich your experience with our software. As always, we thank you for choosing Thomson and FasTrac 109.
FasForward, Vol. 1, No. 1 |
