The VAT Reconciliation Course

🧾 The VAT Reconciliation Course by Bizfacility (Pty) Ltd

🚀 Course Headline: Master the process of comparing Business VAT with this comprehensive course!

📑 About the Course: VAT reconciliation is an essential financial management task for businesses. It ensures that the VAT collected from customers and the VAT paid on purchases are in harmony, aligning with the tax laws set by the tax authorities. This course is designed to simplify and demystify the VAT reconciliation process for you!

🔍 Course Description: The VAT Reconciliation Course meticulously guides you through each step of the process. You'll learn how to accurately compare your business's VAT collections with its VAT expenses, and we'll reveal the intricacies involved in dealing with transactions that don't appear on your standard VAT report.

Our expert instructors will walk you through a comprehensive, step-by-step process of VAT reconciliation. You'll learn how to prepare for an audit or verification by SARS and handle tax invoices that have been disallowed but later corrected. We'll show you how to reconcile the SARS Statement of Account (SOA) with your general ledger and identify transactions in your books that should be included in your VAT reconciliation.

📊 What You Will Learn:

• 📅 Reconcile VAT per month, category allocated by SARS, and for the full financial year.
• 📈 How to prepare your VAT report if selected by SARS for audit/verification.
• ✍️ Deal with tax invoices that were previously disallowed but are now reinstated.
• ✅ Reconcile the SARS SOA with your general ledger.
• 🔍 Identify transactions in your books of account that need to be included as reconciling items.
• 🤔 Understand the SARS SOA's mechanics and how to record information accurately.
• 📋 Calculate your VAT effective rate for better VAT management.
• ➡️ Reconcile your VAT201 returns with the Annual Financial Statements (AFS) & Tax in Balance Sheet (TB).
• 🔄 Execute a Year-to-date recon, including transactions posted after a VAT period ends.
• ✍️ Fix errors made on the VAT201 and in your general ledger.

Adjustments Demonstrated: In addition to the above, we'll demonstrate complex adjustments such as:

• 🛍️ Mixed supplies & apportionment.
• 📊 Fringe benefits.
• 🏘️ Disposal of assets.
• ✈️ Exit VAT - cease to be a vendor.
• 💰 Pre-registration adjustments under section 18(4)(b).
• 🛠️ Cost recoveries, on/supplies, and change in use.
• 🤫 Trade discounts, second-hand goods, and additional assessments raised by SARS.
• 🧲 Bad/doubtful debts & clawback adjustments.

Join us for this insightful and practical session where you will not only understand VAT reconciliation but also gain the tools to manage it effectively. With our detailed templates and real-world examples, you'll be confident in handling your business's VAT obligations with ease! 🎓💰

Sign up today and take control of your VAT management!