Not an accountant, are you?Originally Posted by Justloadit
Yes immaterial, but the figures do not balance in trial balances and balance sheets with out an adjustment entry, and if it is owing to SARS you can not get a clearance certificate.
In this example it may be a small amount, how ever take this example over a million items, then it may become significant to the point that it can skew a trial balance
If you have R 999,999.51 in the bank, you are not a millionaire
Not sure how you got from VAT processing to balance sheet being out of balance to owing to SARS?
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