This flowchart defines the steps used for the income tax, sales tax, use tax, insurance renewal, insurance maintenance and contract processes.
Steps in the income tax process includes preparing the: estimated effective tax rate workbook, income tax forecast, tax accrual template, and period-end income tax journal entry (JE) based on the tax accrual template.
This document can be used as a general guide to understand and review the program authorization process. Organizations should continuously update and monitor the processes included in this document to ensure that they accurately reflect business operations. Furthermore, this proposal sheet requires approval from the sales department, executive team and finance department prior to project commencement.