How to Key in Grant from IRAS

How to Key in Grant from IRAS

Scenario

How can I Receive in the Grant from IRAS in to the OCi Accounting System Version 10

Solution

You can do it by creating a Income Account for doing this go and verify the Chart of Account first, if can not find then create a Income Account.
Next go to Sales Activity and Create a Non-Trade Receipt to Receive the income from the IRAS.

Steps 1

  1. Verify you Accounting System already have a Income Account in Chart of Account named "IRAS Credit",If exist goto Step 2 otherwise Continue.
  2. To create a Chart of Account Click SETUP -> ACCOUNT -> CLICK CHART OF ACCOUNTS MODULE
  3. As you see from the following screen shot Key in the Account Code with Prefix "INC" followed by the numbers based on availability from your system.
  4. Account Category choose Income and Revenue.
  5. Type the Description as "Credit IRAS".
  6. Click Add button.


Steps 2

  1. Verify you Accounting System already have a Income Account in Chart of Account named "IRAS Credit".
  2. Click SALES -> RECEIPT -> CLICK NEW BUTTON
  3. As you see from the following screen shot Tick the Non-Trade option box at Payer Type.
  4. Type "Inland Revenue Authority of Singapore" in the Payee text Box.
  5. Type the Amount you get from the Bank.
  6. Type your Reference the Cheque Number.
  7. Select the INC account from drop down on Details Account Column.
  8. Type your detailed narration on Description Column at Details as you wish.
  9. Click Add Button.
  10. Done.



Completed.

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