Setup for the Inland Revenue Authority of Singapore (IRAS) requirements in RMS.

Overview

Annual Valuation is the gross amount a property can reasonably expect to receive as accommodation fees for the year.

This value excludes any furnishings, maintenance, repairs, or property tax amounts.

The Inland Revenue Authority of Singapore (IRAS) is the government body responsible for determining the Annual Valuation of properties.

The Annual Valuation amount can be setup on the Category or individual Area, based on the value determined by the IRAS.

The Annual Valuation entered in RMS will affect how applicable taxes are calculated and applied in RMS.

The Annual Valuation setup tab will only appear for properties setup in Singapore.

A Rental Breakdown can be setup with a percentage of the Annual Valuation to apply to the selected Sundry Charge when using Repeat Charges or Long Term Charges.

Please Note! RMS is highly configurable. Some Terminology, User Access & Permissions, Images, Labels, and Functions used in these articles may differ from your setup. CLICK HERE to find out more.

Tip! The Annual Valuation (AV) can be setup on a Category or Area in RMS. Setup on the Category if the AV supplied by IRAS is the same for all Areas in the Category. If the AV supplied by the IRAS varies per Area, the Area setup should be used.

Category Guide

In the side menu of RMS, go to Setup > Category/Area.

1. Select the 'Edit' icon on an existing Category.
2. Navigate to the 'Annual Valuation' tab.
3. Select 'Add'.
4. Optional: Enter an Alternate Description.
5. Select the Effective From Date.
6. Enter the Annual Valuation Amount provided by the IRAS.
7. Select a General Ledger Account Code.
8. Save/Exit.
9. Repeat Steps 2-9 for all Categories.

Setup

In the side menu of RMS, go to Setup > Category/Area.    

Select the 'Edit' icon on an existing Category.    

Navigate to the 'Annual Valuation' tab.   

Select 'Add' to enter a new Annual Valuation.    

Optional: Enter an Alternate Description.    

Select the Effective From Date.    

Enter the Annual Valuation Amount provided by the IRAS.    

Select a General Ledger Account Code.    

Select 'Save/Exit' to store the changes made and leave the setup.    

Repeat Steps 2-9 for all Categories.

The Annual Valuation entered will be used when calculating applicable taxes in RMS.    

Area Guide

In the side menu of RMS, go to Setup > Category/Area.    

1. Select the 'Edit' icon on an existing Category.
2. Navigate to the 'Area' tab.
3. Select an existing Area and choose 'Edit'.
4. Navigate to the 'Annual Valuation' tab.
5. Select 'Add'.
6. Optional: Enter an Alternate Description.
7. Select the Effective From Date.
8. Enter the Annual Valuation Amount provided by the IRAS.
9. Select a General Ledger Account Code.
10. Save/Exit.
11. Repeat Steps 4-11 for all Areas.
12. Repeat Steps 2-11 for all Categories.

Setup

In the side menu of RMS, go to Setup > Category/Area.    

Select the 'Edit' icon on an existing Category.    

Navigate to the 'Area' tab.    

Select an existing Area and choose 'Edit'.    

Navigate to the 'Annual Valuation' tab.    

Select 'Add' to enter a new Annual Valuation.    

Optional: Enter an Alternate Description.    

Select the Effective From Date.    

Enter the Annual Valuation Amount provided by the IRAS.    

Select a General Ledger Account Code.    

Select 'Save/Exit' to store the changes made and leave the setup.    

Repeat Steps 4-11 for all Areas.

Repeat Steps 2-11 for all Categories.

The Annual Valuation entered will be used when calculating applicable taxes in RMS.    

Annual Valuation Calculation Option

The Use Daily, Weekly, Monthly Calculations for Annual Valuation option controls how an Annual Valuation is turned into Repeat Charge amounts. It is set in Setup > Accounting > Accounting Options > Rate & Rent Options.

• When the option is not selected (the default), the Annual Valuation is calculated day by day as the Annual Valuation divided by 365 (366 in a leap year) for each day in the period.
• When the option is selected, a Repeat Charge that posts the full amount uses its period type. Monthly is the Annual Valuation divided by 12, multiplied by the number of periods. Weekly is the Annual Valuation divided by the number of days in the year, multiplied by 7 and by the number of periods. Daily is the Annual Valuation divided by 365.
• A Repeat Charge with Daily Rate selected, and any part-period (pro-rata) posting, always uses the Annual Valuation divided by 365, even when the option is selected.

Please Note! On a database with more than one property, this option is only available at the Default Settings level of Accounting Options. It does not appear when an individual property is selected.

For the other settings on this tab, see Accounting Options - Rate & Rent Options Tab.