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Use of Amount Only Flags in ARC Guidance
In an effort to provide assistance in the use of the Amount Only option when processing requisitions in
ARC, the below guidance is provided. The use of this
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How to fill out use of amount only
How to fill out use of amount only:
01
Start by clearly identifying the purpose or reason for filling out the use of amount only form.
02
Provide the necessary information about the amount being used, such as the specific currency, the exact numerical value, and any additional details or requirements.
03
Ensure that the form is filled out accurately and completely, double-checking for any errors or missing information.
04
Sign and date the form, if required, and submit it to the relevant authority or recipient as instructed.
Who needs use of amount only:
01
Businesses or individuals who are making financial transactions involving a specific amount and need to document the details of the transaction without disclosing other sensitive information.
02
Financial institutions, such as banks or credit card companies, that require proof or documentation of transactions involving specific amounts.
03
Government agencies or organizations that need to track and record monetary transactions for reporting or auditing purposes.
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What is use of amount only?
Use of amount only is used to report financial transactions that do not involve any physical movement of goods.
Who is required to file use of amount only?
Entities that engage in financial transactions without physical movement of goods are required to file use of amount only.
How to fill out use of amount only?
Use of amount only can be filled out online through the designated electronic portal of the tax authority.
What is the purpose of use of amount only?
The purpose of use of amount only is to monitor financial transactions for tax compliance purposes.
What information must be reported on use of amount only?
Information such as the amount of transaction, parties involved, and nature of the financial transaction must be reported on use of amount only.
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