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    Annual Valuation

    Setup the Annual Valuation of a Category or Area in RMS.

    Decision Tree

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

    • Information
    • Setup
    • Add Button

    Information

    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 Areas 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 and Area are default System Labels that can be customised.

    Users will require Security Profile access to use this feature.


    • Setup
    • Add Button

    Setup

    Annual Valuation can be setup on a Category or Area in RMS.

    Setup the Annual Valuation on a 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 and Area are default System Labels that can be customised.


    Select an option below to view the required setup.

    • Category
    • Area
    • Add Button

    Category Setup

    Have your System Administrator complete the following.

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


    • Guide
    • Add Button

    Guide

    Go to Setup > Category/Area in RMS.

    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 Setup

    Have your System Administrator complete the following.

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

    Guide

    Go to Setup > Category/Area in RMS.

    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.

    Setup

    Annual Valuation can be setup on a Category or Area in RMS.

    Setup the Annual Valuation on a 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 and Area are default System Labels that can be customised.


    Select an option below to view the required setup.

    • Category
    • Area
    • Add Button

    Category Setup

    Have your System Administrator complete the following.

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

    Guide

    Go to Setup > Category/Area in RMS.

    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 Setup

    Have your System Administrator complete the following.

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

    Guide

    Go to Setup > Category/Area in RMS.

    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.


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