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.

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.