Generating the Singapore IRAS Audit File
With Singapore Localization, you can generate a text version of the IRAS Audit File (IAF) for your accounts and subsidiaries with a Singapore nexus. IAF is generated from data entries in general ledgers or chart of accounts, core data of customers and suppliers, details of invoices, orders, payments, and adjustments.
To generate an IAF report:
The file you download contains the report generated and an Error.txt file that shows details of errors found in the report. For more information, see Troubleshooting the IAF Report and Singapore IRAS Audit File.
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Go to Reports > Tax > Country Tax Reports.
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From the Subsidiary list, select your subsidiary.
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From the Nexus list, if you have multiple nexuses in your subsidiary, select your Singapore nexus.
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From the Report Name list, select IRAS Audit File (TXT).
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Select the Start Period and End Period dates to include in the report.
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Click Generate.
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On the Report Execution subtab, locate the generated report. The latest generated report appears at the top of the list.
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In the View | Download column, wait for the loading bar to complete and change to a Download link.
Important things to note to ensure that your IAF report is compliant with IRAS requirements:
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Complete the setup requirements for Singapore Localization before generating the report. For more information, see Setting Up Singapore Localization.
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If the functional currency of transactions is not Singapore Dollar (SGD):
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Ensure that the system converts the value of supply and output tax to SGD.
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Ensure that the system converts the SGD value based on prevailing exchange rates.
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Provide values for all the custom fields for Singapore:
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Import Permit Number - Enter the import permit number indicated in your cargo clearance permit. This field appears when a Singapore subsidiary is selected on purchase transaction forms and journals.
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Document Date - Use this field to select a date other than the transaction’s posting date. This field appears when a Singapore subsidiary is selected on purchase transaction and sales forms. Note that the document date is used in generating the IRAS audit file.
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Provide details in the transaction memo field for each transaction.