Results 1 to 2 of 2

Thread: How to make cents of VAT

  1. #1
    just me duncan drennan's Avatar
    Join Date
    Jun 2006
    Cape Town
    Thanked 94 Times in 77 Posts

    How to make cents of VAT

    So SARS allows Rands only for the submission of your output VAT, but that results in a small difference if you enter your exact input VAT.

    What is the accepted way of handling this? Just including the difference in your input VAT?

    So say you total VAT consideration is R1050.43, then the VAT amount is R129.00, but SARS only allows the rands to be entered, and does an automatic calculation of VAT on eFiling. This would result in R1051 being entered, with a resulting R129.07 VAT amount.

    Is it acceptable to then just adjust the input VAT by 7c?
    [SIGPIC]Engineer Simplicity[/SIGPIC]
    Turn ideas into products | The Art of Engineering blog

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Durban, South Africa
    Thanked 2,676 Times in 2,258 Posts
    Blog Entries
    I put in the exact amount of output VAT due and it calculates and rounds backwards to auto-generate the total sales figure. Keeps the books tidy, although it does tend to produce a small discrepancy when my auditors compare reported turnover via VAT returns filed vs turnover shown per the financial statements. I don't think SARS is going to quibble over R50.00 or thereabouts over the course of a year. And my auditors note it as "not material."

    After all, this way you are paying over exactly what has been shown as VAT per your tax invoices.

Similar Threads

  1. how about this it a scam or what?
    By Candy Bouwer in forum Scam Alert Forum
    Replies: 19
    Last Post: 28-Apr-09, 11:23 AM
  2. [Article] Online Media Optimization (Post 100)
    By Chatmaster in forum Marketing Forum
    Replies: 1
    Last Post: 21-Sep-07, 02:35 PM
  3. Do You realy need Money to make Money?
    By Theuns" in forum MLM Industry Forum
    Replies: 8
    Last Post: 22-Aug-07, 11:57 PM
  4. Protection can make companies lazy
    By Dave A in forum Entrepreneurship and Business Management Forum
    Replies: 9
    Last Post: 25-Feb-07, 08:13 PM
  5. Don't make your wife mad.
    By Dave A in forum General Chat Forum
    Replies: 1
    Last Post: 14-Aug-06, 03:22 PM

Tags for this Thread

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts