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Thread: Vat Trouble

  1. #1
    New Member
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    Jul 2013
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    Vat Trouble

    Hi there,
    Im not all that VAT savvy (YET), I received money from sars in June, R28652.00. I allocated this income to my tax control account in my cashbook.

    Now doing my VAT the difference between my vat control account and grand total (on my Tax Box report) is R28652.00.
    Do I pay the Grand total which is the input - the output or the Vat Control Account, if I pay the Grand total amount (which is less than the vat control account amount) wont my vat control amount always differ with that 28652.00??

    Thanks for your help

  2. #2
    Bronze Member Elijah's Avatar
    Join Date
    May 2012
    Cape Town
    Thanked 26 Times in 21 Posts

    If you received R28,652 from SARS i.e [Refund], then your Input Vat exceeded your Output Vat, so your Vat Control account had a Debit Balance when you balanced off the Ledger at month end. When you received the "payment" from SARS in your Cash book
    you Dr Bank and Credit the Vat control a/c this leaves your Vat Control account on Zero and consequently your Tax Box report is also zero. Ther may be a timing issue, so allocate the payment to the period in which the Input Vat exceeded the Output Vat. Problem solved

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