We issued a client a pro forma invoice for advance payment. The client has paid the deposit, but we have not supplied the service as yet.
Do we need to declare the output vat? Is a taxable supply identified the earlier of payment received or invoice issued? Or do we declare the output vat when we issue the tax invoice.
Also the pro forma invoice was issued in USD. In terms of SA Law does the pro forma invoice need to show the exchange rate and rand value as well on the invoice?