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Revenue Management

//Product /Colvir Treasury System /
Revenue Management module is designed for taxes and other budget income collection and distribution on the basis of information received from agent banks. Treasury can provide tax collection directly by participating in payment systems if allowed by legislation.

Revenues are recorded in accordance with budget classification codes. The receipt amounts of revenues are posted to a special account, and in user defined time the revenue distribution task is performed. Distribution of receipt amounts can be provided for many times during the working day if undistributed balance is available.

Revenue distribution is provided on the basis of authorized revenue sharing ratios. If existing legislation does not allow unambiguous automatic revenue distribution manual distribution facilities are available in the system.

It is possible to generate and send to agent banks the payment orders on revenue shares transfer to higher or subordinate budgets.

If the information on revenue receipt is available in Treasury after the distribution is over the system will record such revenues for further distribution.

Redistribution of revenues for user-defined periods including past periods in case of revenue sharing ratios change is available in this module.

There are special tasks in this module for return of overpaid taxes to taxpayers and transfer erroneously paid taxes from one budget classification code to another or from one administration to another. Return and set-off of the taxes can be provided on the basis of tax authorities' checks, reports, orders and other documents.

There is number of reports in the module: on revenue receipt for specified period, on revenue distribution, on tax return and set-off, on revenue budget performance.

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