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 course aims to assist the learner with the VAT reconciliation process, that can become quite complicated.

Join us for this insightful and practical course, 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

All Included:

• Video presented course
• Downloadable course material
• Certificate of training
• Assessment (optional)
• SAIT Accredited - 4 Verifiable CPD Points