The VAT Reconciliation Course
The process of comparing Business VAT
The VAT Reconciliation Course free download
The process of comparing Business VAT
VAT reconciliation is the process of comparing the VAT that a business has collected from customers against the VAT that the business has paid on its purchases. The purpose of this process is to ensure that the correct amount of VAT has been accounted for and paid to the tax authorities.
In addition, you must also consider transactions that do not appear on your VAT report (for example adjustments and deemed supplies) as well as reconciling your general ledger to the SARS statement of account (SOA).
This session aims to assist the learner with the VAT reconciliation process, that can become quite complicated.
Join us for this insightful and practical session, during which a step-by-step process of VAT reconciliation will be demonstrated, and useful templates will be provided.
Topics Discussed:
Reconcile VAT per month, category allocated by SARS and per financial year
How to prepare your VAT report should SARS select you for audit/verification
How to deal with tax invoices previously disallowed, which has now been corrected
Reconcile the SARS SOA with your general ledger
Identifying transactions in your books of account that should form part of your VAT recon as a reconciling item
The SARS SOA – how does it work and how to record the information in your books of account
How to calculate your VAT effective rate and how to use it in your day-to-day VAT management
Reconciling your VAT201 returns with the AFS / TB
Executing a Year-to-date recon categorically to include transactions posted after a VAT period close off
Fixing errors made on the VAT201 and in the General ledger
In addition to the above, the following adjustments will be demonstrated as well:
Mixed supplies & apportionment
Fringe benefits
Disposal of assets
Exit VAT - cease to be a vendor
Section 18 (4)(b) - pre-registration
Cost recoveries + on/supplies
Change in use
Trade discounts
2nd hand goods
Additional assessments raised
Bad + doubtful debt
Clawback adjustment
