Define Income Type
Explanation
This activity is used to define and maintain income types.
Income types are used to report income on the company/customer level and to
categorize payments to suppliers for tax reporting and/or withholding purposes.
Prerequisites
There are no prerequisites.
System Effects
There are no system effects as a result of this
activity.
Window
Income Types
Related Window Descriptions
Income Types
Procedure
- Open the Income Types window.
- If you are adding a new income type, create a new record.
- If you are adding a new record, use the List of
Values and select the code for the country to which
the income type applies. If you are modifying an existing record, you cannot
modify the country code.
- Enter the ID for the income type and a description
for the ID. If you are modifying an existing record, you can change only the
description.
- If you are adding a new record, specify the threshold currency code by selecting
one from the List of Values. If you are modifying an existing record, you
cannot change the threshold currency code.
- Enter or modify the threshold amount.
- Enter or modify the reporting code for the income type.
- Enter or modify the tax withholding code for the income type. The option
you specify will determine whether it is mandatory or optional to
connect a tax code to the income type.
- Save the record.