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

1. Open the Income Types window.
2. If you are adding a new income type, create a new record. 
3. 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. 
4. 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.
5. 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.
6. Enter or modify the threshold amount.
7. Enter or modify the reporting code for the income type.
8. 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.
9. Save the record.