Accounting Advice - SARS Transactions

[daveob]

I have seen a number of accounting savvy members, so here's a few questions.

I have a "home made" accounting program which I have refined over the years to make my capturing extremely efficient ( and fast ), and tailored to my exact needs and way of working.

Wanting to expand, can anyone please tell me which accounts I should be using for the following transactions ( all SARS related ) and also the account types ( liability / expense / accounts payable, etc )

My system uses a simple "DR one account, and CR another", so which of the accounts ( as suggested by you in reply to the above question ) should be posted to for the following :

1. Submission of bi-annual provisional tax forms ( before payment )
2. Payment of above ( before payment I should be able to have an amount owing in "SARS Account Payable" )
3. Penalty charged by SARS for late submission
4. Tax liability as estimated on I&E Statement
5. SARS Assessment of tax payable ( may differ from above - how to process - reverse estimate and process SARS assessed value ? )
6. Refund Received
7. Interest added to SARS Statement of Account for under payment of provisional tax, etc
8. Year end posting to Accumulated Funds account ( which accounts should have their balances cleared and transferred to "Accumulated Funds" at the end of each financial year )

Lastly, would it be advisable to have separate tax account for each financial year ? My thinking here is that there will often be transactions in the year after the assessed year - for example, we get an assessment in June where we have to make a payment of tax for the financial tax year that ended in the February. Would it make sense to keep all those transactions together ?

[CLIVE-TRIANGLE]

1. Submission of bi-annual provisional tax forms ( before payment )
No entry required
2. Payment of above ( before payment I should be able to have an amount owing in "SARS Account Payable" )
Dt Provision for tax Cr Bank
3. Penalty charged by SARS for late submission
Dt Non-deductable expense (penalties sars) Cr Provision for tax
4. Tax liability as estimated on I&E Statement
Dt Tax expense Cr Provison for tax
5. SARS Assessment of tax payable ( may differ from above - how to process - reverse estimate and process SARS assessed value ? )
Dt Tax expense Cr Provision for tax , with the difference between (5) and (4) if more. If less, other way round
6. Refund Received
Dt Bank Cr Provision for tax
7. Interest added to SARS Statement of Account for under payment of provisional tax, etc
Non-deductable expense - Interest Cr Provision for tax
8. Year end posting to Accumulated Funds account ( which accounts should have their balances cleared and transferred to "Accumulated Funds" at the end of each financial year )
The net of all income and expenses

Lastly, would it be advisable to have separate tax account for each financial year ? My thinking here is that there will often be transactions in the year after the assessed year - for example, we get an assessment in June where we have to make a payment of tax for the financial tax year that ended in the February. Would it make sense to keep all those transactions together ?

It will eventually be too cumbersome. Just keep records (assessments mainly)