Open Book Field

Use this field on the Book Defaults tab to specify whether you want to use the book listed at the top of the column.

You can open and close individual books at any time. Closing a book does not affect data already entered, but you cannot access the data until you reopen the book. Also, the system does not enter default information in closed books.

If a corporation is exempt from AMT (under the rules prescribed by the Taxpayer Relief Act of 1997), it should close the AMT book, as well as the ACE book, for the first year beginning after December 31, 1997.

Note: At least one financial statement book is required to be open before you can define and run the FASB 109 Projection Report and the Corporate AMT Report. The financial statement book can be the Internal book or a user-defined book. For more information, see Corporate Alternative Minimum Tax Worksheet and FASB 109 Projection Report.