VATSolve’s New software Version 59 features

VATSolve  have released out latest Version 59 this week, please see a summary below of all modifications, enhancements and new features included in this version

Individual companies:

VAT201 – Check 15% on lines 1 & 4 and 1A &4A:
We have added in checks and pop up screens to highlight NOT 15% with VAT category codes mapped to line 1 and 4

VAT201 – Digitally signoff: – We have added three new signoffs on the bottom of our VAT201

View Report – Close Period:
We have added in checks that the period was closed properly and in summary screens a warning will pop up if any issues

VAT Closed – View Report – Range of periods – VAT201 – Export by Period:
This is a nice new feature of ours where you can export the VAT201 and it will split in to the months selected

  • Great for balancing VAT201 yearly to Financial Statements and IT14SD recon

View Report / VAT201 and VAT Closed – Cost / Profit Centres:
If you do have one SAP company and cost / profit centres you can now view the report and VAT201 separately be centre(s)
On both view report and VAT201 you can Include / Exclude – add a specific centres or a range – and drill down to trans and the SAP prime doc

Set indicators on Company Control:
We suggest all users start using our Month End Checklist feature as it has numerous benefits and controls for Preparers, Reviewers and Approvers to keep track of processes and comments and anu issues
The GLRecon should also be reconciled in VATSolve every month to SAP GL VAT accs and manual reconciling items as this assists in making sure you are paying the correct VAT and all trans are included
Date based (CFB) – If you investigate and always manually include Future dated trans, you can set the indicator to now automatically do this Include for you – saves time (and you can reset to original if necessary on all or specific trans)
Date based (CFB)  – Also if you defer Next Period Output every month – you can set the indicator to now automatically do this Defer for you – saves time (and you can reset to original if necessary on all or specific trans)

Company Control default: – Allow periods greater than last period 12 to be imported
Any additional periods may be imported in to period 12 (if still open) and they will be treated in last period


Consolidation:

Log in – Consolidation Checks:
On Entry of the program we have added in check that the correct data in Current Open Period – if any issues these will have to be actioned before continuing
The use that runs Consolidation must make sure there are NO warnings or errors before continuing

  1. Check that all companies in the consolidation are in the same period.
  2. Check that the GL Balances for each of the companies is entered and not 0. ( if this is flagged as an option on the company’s control)
  3. Check that the Month End Checklist has been setup and that the options required for the period to be closed are flagged. (if this is flagged as an option on the company’s control)
  4. Check that the snapshot VATAMT in consolidation matches the total VATAMT on each of the company’s snapshot summaries for the current open period. You may go in to VAT Closed Reports in first column – if you are viewing historical data and users are busy with current month

Added a Month End Checklist

VAT Closed Reports – Range of periods – VAT201 – Export by Period:
This is a nice new feature of ours where you can export the consolidated VAT201 and it will spit in to the months selected

  • Great for balancing consolidation of  VAT201’s yearly to FS

We have started creating VAT Process flows for users to make sure they have done all their steps and the VAT is correct and compliant:

Login

Preparer to login with username and password

VAT Transactions
Balance VATSolve Output and Input Gross and VAT by VAT category code to SAP S_ALR_87012357 report
Select period of current Return
Check all totals to the SAP report – if not in balance contact Business
This is to make sure all SAP trans with a VAT category code have been imported correctly

View Report – Future dated trans
Check on screen for all Output and Input Future dated trans and Override and Manually include if necessary

View Report – GLRecon
Balance SAP GL VAT accs to trans imported – add SAP GL VAT accs accumulative balances in first box
If the Balance (Should be Nil) at bottom of screen is not NIL – add manual entries –
And add manual reconciling items in bottom box under GLDesc and In/Out Tax

Manual Entries
Add new Output and Input manual entries – of all trans posted to SAP GL VAT accs with NO VAT cat codes
UPDATE batch after entering all entries

View Report – GLRecon
The balance should now be NIL – if not check all the above
Only continue if this balance is NIL

View Report – VAT201
Run through and check all looks okay
If all okay ready to do checks and tests to make sure the VAT is correct

View Report – VAT201 – Compliance checks and Risk tests
Check on screen line 1 and 4 (and if used 1A and 4A) are 15% trans only
A warning will pop up if they are not
If not – clock on line 1 and select Rate Exception – select VAT Rate of 15 and Not 15% – Get Data
All trans NOT 15% will be displayed
These need to be either Overide or Transferred (from View Report) – go back in to VAT201 until is all 15%

View Report – 14% trans
These trans are easily seen as they have 14% in the VAT cat code descriptions
For both Output and Input – double click and drill down and investigate
Check Doc dates should be before end March 2018
These can be Deffered if need be and fixed in SAP and then Manually included next period

View Report – CAPEX
These trans are easily seen as they have Capex or Capital in the VAT cat code descriptions
Double click and drill down and investigate by GL code or Description using online search or predefined Pivot tables
These can be Deffered if need be and fixed in SAP and then Manually included next period
These can be Transferred to correct VAT cat code in VATSolve or Deffered if need be and fixed in SAP and then Manually included next period

View Report – Overclaiming
These will be all Inputs – select either Total Input or individual VAT cat codes
Double click and drill down and investigate by GL code or Description or Vendor / Description using online search or predefined Pivot tables (eg: Entertainment)
These can be Deffered if need be and fixed in SAP and then Manually included next period

View Report – Underclaiming
These will be all Inputs below the VAT line that have been Excluded for VAT201 – select either Total Input or individual VAT cat codes
Double click and drill down and investigate by GL code or Description or Vendor / Description using online search or predefined Pivot tables
These can be Deffered if need be and fixed in SAP and then Manually included next period

View Report – Input claims where Vendor has NO VAT Reg No (comparison of value)
These will be all Inputs – select either Total Input or individual VAT cat codes
Double click and drill down and select Exception Report – VAT Registration Numbers
Select missing VAT Number tab – all Vendors with NO VAT Reg nos will be displayed – export or Pivot
These can be Deffered if need be and fixed in SAP and then Manually included next period when master data has be imported

Month End Checklist
Preparer to update all sequences (with comments if necessary) that are applicable
This can be done in between steps above or now at end

View Report – VAT201
Run through and check all looks okay
Digitally sign off and at the bottom of VAT201

Let Reviewer know that all preparation of VAT201 has been completed and ready for Review

Login

Reviewer to login with username and password

Month End Checklist
Select and review all Preparers ticks and comments

View Report
Go in to View report and check summary screen and all manual entries, defers, transfers etc
if necessary, let Preparer know of queries and wait for response

View Report – VAT201
Run through and review and check all look okay

View Report – VAT201 – Compliance checks and Risk tests
Run through all Preparers checks and tests and do review if necessary

Month End Checklist
Reviewer to update all sequences (with comments if necessary if VAT Review tab) that are applicable
if necessary, let Preparer know of queries and wait for response
This can be done in between steps above or now at end

View Report – VAT201
Digitally sign off and at the bottom of VAT201

Let Approver know that all reviews of VAT201 has been completed and ready for Approval

Login

Approver to login with username and password

Month End Checklist
Select and review all Preparers and Reviewers ticks and comments

View Report
Go in to View report and check summary screen and all manual entries, defers, transfers etc
if necessary, let Reviewer know of queries and wait for response

View Report – VAT201
Run through and review and check all look okay

View Report – VAT201 – Compliance checks and Risk tests
Run through all Preparers and Reviewers checks and tests and do review if necessary

Month End Checklist
Approver to update all sequences that are applicable
if necessary, let Reviewer know of queries and wait for response
This can be done in between steps above or now at end

View Report – VAT201
Digitally sign off and at the bottom of VAT201
PRINT and mail PDF copy to Head Office

Let Head Office know that all reviews of VAT201 has been completed and Approved

Head Office to run Consolidation and check individual VAT201s
After SARS returns have been submitted Head Office to mail Approver, Reviewer and Preparer that the VAT for the period can closed

Login

Preparer to login with username and password

View Report – VAT201
Check that everything is the same as what was approved

EXIT
On View report – select – Close Period – select OK – wait for complete to pop up and then EXIT

Ready for next VAT run

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