Input & Output VAT

[DaisyGirl]

Greg... thanks, but I don't see Wages there anywhere. The 05 code had me thinking that maybe Wages falls under something other than 00?

[DaisyGirl]

Thanks tons, that's clear. Much appreciated.

[greghsa]

I'd put it slightly differently - and I think this is a closer starting point:

The point of view for your input and output VAT accounts is your liability to SARS i.r.o. VAT - not the client or supplier.

For example, with a supplier you've incurred a liability of R50.00 for goods or services purchased and R7.00 for the VAT. You need to claim that VAT back from SARS, hence it's an asset.

The exact reverse applies when you're talking about invoices to clients. The VAT you collect from the client is owed to SARS, hence it's a liability.

LAYMENS Terms Thanks Dave.

[Dave A]

LAYMENS Terms Thanks Dave.

One of the advantages of not being formally trained in these things

[dellatjie]

Actually, Milk, bread, vegetables etc should go against 02 (Zero rated) and interest and for example residential rental income against 03 (exempt income).

Another thing I like to do to make sure my turnover balances with my f/statements, is I create a seperate VAT type for debit and credit retuns..

[vieome]

Actually, Milk, bread, vegetables etc should go against 02 (Zero rated)

white bread has VAT on it, me thinks.

If using pastel the best thing to do, is to export 9500 VAT account for the period to excel sheet, in Excel sort sheet using column B - sales together/ Purchases Together/ Journals/sales credits etc together.




Output Vat: Items

Sales
Sales Credits -
Customer JNLS
Adjustment to previous periods -



Input Vat : Items

Capital Goods -

Other Goods & Services
Purchases
Purchase returns -
Supplier JNLS

Cashbook Payments 1
Cashbook Receipts 1
Cashbook Payments 2
Cashbook Receipts 2
Supplier Jnls
General JNL
Adj to previous periods


Nett vat (Payable)/Refundable (Diff between input and output VAT)

[Cherylv]

I agree Dellatjie, but if the supplier is not registered for VAT, then we would use 00?

[vanrooyenbonita@gmail.com]

Good Afternoon,
Is there a way that I can see all the previous (updated) general journals that was passed in pastel. My vat control account does not balance with vat return, I have reconciled all other possibilities and my last check would be if there has been journals passed directly into the vat control account.

[Accountant]

Just a quick qsn. Help me understand why both cashbook receipts and payments are part of vat input

[Andromeda]

Receipts are to the extent that they are adjustments of expenses that have not been accounted for in some other way, like supplier credit notes. Off the top of my head refunds from insurers.....

All Outputs should stem from turnover, which is not accounted for via the cash book.

Occasional sale of fixed assets? Suffice to say that a debtor and vat is raised and then the payment received is allocated to an accounts receivable.