Value Added Tax (VAT) Accounting SOP
|
|
- Rudolf Murphy
- 6 years ago
- Views:
Transcription
1 Value Added Tax (VAT) Accounting SOP Sasini VAT Standard Operating Procedure
2 TABLE OF CONTENTS 1.0 EXECUTIVE SUMMARY PROCEDURE INPUT VAT Input VAT Invoice Posting Input VAT Summary Report Administrative Expenses VAT (VAT for Imported Services) OUTPUT VAT Output VAT Invoice Posting Output VAT Summary Report VAT Reconciliation Filing APPENDICES REVISION HISTORY Sasini VAT Standard Operating Procedure Page 1
3 1.0 EXECUTIVE SUMMARY Document ID Title Print Date SASINI VALUE ADDED TAX ACCOUNTING SOP Revision Prepared By Date Prepared VINCENT ONYANGO Effective Date: Reviewed By Date Reviewed Approved By Date Approved Applicable Standard: PURPOSE: To ensure policy pertaining to filing of VAT returns are adhered to and are executed as per the law. SCOPE: This SOP covers Sasini own coffees, retail, coffee mill, Mweiga, Kipkebe and Keritor. DEFINITION OF TERMS The following terms are used herein; Value Added Tax; It is tax levied on consumption of taxable goods and services supplied or imported into Kenya and is collected by registered persons at designated points who then remit it to the Commissioner. VAT 3 Form; This is a form used for filing returns. VAT 3b: This is a form used for launching a claim from KRA. VAT 28 Form; This is a form for filing returns for imported services. DUTIES AND RESPONSIBILITIES Finance Manager; He reviews and approves VAT payment. Senior Account AP/AR; Responsible for filing VAT returns. Purchasing Department; Responsible for making an order. Sasini VAT Standard Operating Procedure Page 2
4 INTRODUCTION Value Added Tax is charged on supply of taxable goods or services made or provided in Kenya and on importation of taxable goods or services into Kenya. VAT returns are due on 20 th of every month. Sasini has adopted the policy of filing its VAT returns on 18 th of every month. Taxable goods and services are contained in the various schedules of the VAT Act. All goods and services are taxable except those excluded through the second and third schedules respectively. The VAT Act constitutes the following schedules: - i. 1 st Schedule -Part1-Specifies the general rate of tax which is 16% -Part 11-Taxable goods at the rate of 12%. ii. 2 nd Schedule EXEMPT GOODS- (Non-Taxable Goods) Goods that are not taxable. All other goods outside this schedule are taxable at 0%, 12% or 16%. iii. 3 rd Schedule -Lists the EXEMPT SERVICES. (Non-taxable Services) Services outside this list are taxable at either 0% or 16 % iv. 4 th Schedule Repealed by Finance Act 2007 v. 5 th Schedule -Part A--Zero-rated Supplies. These are supplies which attract VAT at 0% Part B--Zero-Rated goods. These are specific goods which attract VAT at 0% Part C- Additional Zero rated goods. Sasini VAT Standard Operating Procedure Page 3
5 2.0 PROCEDURE VAT is usually classified into two namely; input and output. 3.0 INPUT VAT 3.1 It all begins with the purchasing department at the point they make an order. On delivery, quantity and VAT is confirmed to ensure that it is as per the supplier s invoice. 3.2 Processing of the invoices are done at estate levels that is, for Kipkebe and Mweiga. Mweiga CAPEX and Mugumo house building are posted at HO while Sameer Management invoice is posted at HO in the case of Kipkebe. However, in the case of Sasini most of the invoices are posted at HO. 3.3 Invoice items include; Net amount, VAT and total invoice value. The ledger entries as follows; Dr. Expense a/c. e.g. (Stationery Sasini a/c.) Dr. VAT Control a/c Cr. Supplier 3.4 Aggregate all the input VAT summary of HO and cash purchases from Sasini Retail and coffee sales. In the case of Kipkebe, the VAT is from warehouse Mombasa, HO in the case of management invoices, cash purchases and estate invoices. Sasini HO charges VAT for Sameer Management fee and Sameer Investment while Mweiga s invoices are from cash purchases. 3.4 Compute the invoice amount as shown below: Invoice Amount=VAT element *100 VAT Rate 3.5 Verify the accuracy of VAT by cross examining the dates, invoice no, pin no, suppliers no, invoice description. Based on the description, certain items are treated as disallowed VAT e.g. sugar for office use, staff vehicles repair. 3.6 Disallowed VAT is expensed and the entries passed are; Dr. Expense a/c. Cr. VAT control a/c (This is at the point of reconciliation) Sasini VAT Standard Operating Procedure Page 4
6 Note: At the end of the month a VAT summary for both estates and HO is extracted from the system and exported in excel format, cash purchases is added (for all estates) 3.7 The VAT is now ready for filing this point. 4.0 Input VAT Invoice Posting 4.1 The procedure in the system is as follows; Bills Management (BMS) Transaction Payables Step I Click add Select category, supplier Punch invoice no. Write narration Step II Select the a/c. to debit Punch the amount (Net) Specify the cost centre-coffee 5.0 Input VAT Summary Report 5.1 This is generated as follows; Step III In the case of VAT Click on additional charge Select 16% then click OK. Click save and close Bills Management (BMS) Reports Tax Report VAT Summary Export to excel to aggregate with cash purchase from Sasini Retail Preview VAT input summary Choose the location and adjust the dates for the entire month (ensure it is input) Sasini VAT Standard Operating Procedure Page 5
7 6.0 Administrative Expenses VAT (VAT for Imported Services) 6.1 This is normally used for securing foreign services. It is only applicable to Kipkebe Ltd. 6.2 W.P. H Kenya Tea Ltd submits quarterly invoices charged at USD 20,000 which is equivalent to 80%. To compute VAT net at 100% this is equivalent to USD. 25,000 then VAT is charged 16% then converted to prevailing exchange rate which is then paid to Commission of VAT 6.3 The filing of administrative expense VAT is done in VAT 28 Form Note: This VAT is posted in the VAT control a/c. and claimed together with other input VAT. 7.0 OUTPUT VAT 7.1 Output VAT can take the form of vatable or Zero rated (Kipkebe, Sasini Ltd) and exempt (in the case of Mweiga). Keritor also has a vatable VAT. 7.2 Sales for that particular month are what are declared as output VAT for instance, in the case of Kipkebe the tea sales. 7.3 In Kipkebe what is declared as an output is the tea sales at the auction and what is exported that is in the case of zero rated, vatable are other income from Sotik e.g. Factory door sales, scrap sales and warehouse charges and handling income from Mombasa. In the case of Sasini what is vatable is the retail sales, zero rated include; the coffee sold at the auction through coffee mill. In Mweiga vatable sales include yoghurt, cash sales while exempt in Mweiga include livestock and horticulture, Zero rated include; milk, other products and coffee. Under Wahenya, what is zero rated is the coffee sales, small cash sales, inter estate sales e.g. renting of tractor. Keritor raises a lease invoice to Kipkebe every month and this amount is constant hence the VAT. This varies depending on whether there is an input for that particular month for example in the case of auditing which reduces the amount payable. In case there is no input VAT the amount remains the same Ksh. 65,692 which is paid to Commission of VAT every month. Keritor is normally in a paying position to Commission of VAT. Sasini VAT Standard Operating Procedure Page 6
8 8.0 Output VAT Invoice Posting 8.1 The procedure in the system is as follows; Bills Management (BMS) Transaction Receivables Step I Click add Select category, debtor Punch invoice no. Write narration Step II Select the a/c. to credit Punch the amount (Net) Specify the cost centre-coffee Step III In the case of VAT Click on additional charge Select 16% then click OK. Click save and close 9.0 Output VAT Summary Report 9.1 The report is generated as shown below; Bills Management (BMS) Reports Tax Report VAT Summary Export to excel Preview VAT output summary Choose the location e.g. retail and adjust the dates for the entire month (ensure it is output) Note. In case of sales returns select input then preview and export to excel then tick the sales returns. Note. If input is more than the output then claim if otherwise you pay 10.0 VAT Reconciliation 10.1 This involves comparing what is in VAT in monthly returns and the monthly figures in the control a/c. This should be the same however; due to disallowed items at the point of filing returns the figures might vary hence the need for reconciliation. Sasini VAT Standard Operating Procedure Page 7
9 11.0 Filing 11.1 Manual filing is done by filling in VAT 3 form Get the difference between output and input then less the credit balance from the previous year Note Claimable VAT items change as per the central government regulation (See appendices) APPENDICES 12.1 A sample of VAT 3 Form 12.2 A sample of VAT 3b Form 12.3 A sample of VAT 28 Form 12.4 A sample of claimable VAT Items Sasini VAT Standard Operating Procedure Page 8
10 [This page intentionally left blank] Sasini VAT Standard Operating Procedure Page 9
11 13.0 REVISION HISTORY Revision Date Description of changes Requested By Initial Release Sasini VAT Standard Operating Procedure Page 10
USER MANUAL. Munsoft v1 VAT RECON
USER MANUAL Munsoft 7.0.12 v1 VAT RECON 1 CONTENTS VAT increase guidelines as per SARS... 4 Rate specific rules... 4 How will the VAT increase be handled within Munsoft?... 5 Consumer billing... 5 Cash
More informationLow interest benefit tax and the fringe benefits tax
QUESTION ONE (a) Low interest benefit tax and the fringe benefits tax Low interest benefit results from the charging of a low rate of interest on an employment benefit as compared to the commissioner s
More informationFOUNDATION EXAMINATION
FOUNDATION EXAMINATION (SYLLABUS 2008) SUGGESTED ANSWERS TO QUESTIONS JUNE 2012 Paper-2 : ACCOUNTING Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right side indicate full marks.
More informationReturn of Trading Details
Return of Trading Details In previous versions of Sage 50 Accounts, the VAT Detailed report was the best report that could be used to get the necessary figures to fill in the Return of Trading Details
More informationBUILDSMART DEBTORS. SmartAct. Authorized Training Manual
BUILDSMART DEBTORS SmartAct Authorized Training Manual - 1 - - 2 - SmartAct Authorized Training Manual Notice This document and the Buildsmart software may be used only in accordance with the accompanying
More informationSeminar on Indirect taxes, Transfer Pricing and Emerging Issues Value Added Tax
Seminar on Indirect taxes, Transfer Pricing and Emerging Issues Value Added Tax 29 th April 2016 CPA Starlings Muchiri Mobile: 0722 33 27 29 Email: info@taxeac.com Scope of presentation Intro to VAT principles;
More information10.0 GST Overview Default GST Options Claim I.T.C Charge G.S.T.
10.0 GST 10.1 Overview As you enter your day to day information, Payperwork calculates the amount of GST that you need to pay and the Input Tax Credits that you can claim and gives you a report that you
More informationMTP_Intermediate_Syl2016_June2018_Set 2 Paper 8- Cost Accounting
Paper 8- Cost Accounting DoS, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Cost Accounting Full Marks: 100 Time allowed: 3 hours Section- A Answer the following
More informationMTP_Intermediate_Syllabus 2016_June2019_Set1 Paper 5- Financial Accounting
Paper 5- Financial Accounting Dos, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks : 100 Time allowed: 3 hours Section
More informationHansa Financials HansaWorld
Hansa Financials HansaWorld Integrated Accounting, CRM and ERP System for Macintosh, Windows, Linux, PocketPC 2002 and AIX Volume 4: General Modules Assets, Cash Book, Consolidation, Expenses and Quotations
More informationThe values within the DMS can be held as consolidated totals if required, as any individual items can be extracted from the Service Plan System.
VERSION 3.1.1 The principle idea of the accounting system is to mirror the balance sheet values held within the edynamix Service Plan system with those held on the Dealer Management System (DMS) balance
More informationStart Here. PRO Package Installation and Set Up Guide
Start Here PRO Package Installation and Set Up Guide Contents Installation Set Up Discussion Points 04 Accounts and Funds Report Sections 05 Creating Your Chart of Accounts Starter Template Account Code
More informationCommissioner. The VAT legislation stipulates following ways in which you should account for the tax:
ACCOUNTING FOR VAT After charging VAT, you are required to account for it to the Commissioner. The VAT legislation stipulates following ways in which you should account for the tax: a) Issuing a Tax Invoice
More informationPrepared and solved by Cyberian www,vuaskari.com
Franchise rights, goodwill and patents are the examples of: Liquid assets Tangible assets Intangible assets Current assets Any expense that gives benefit for a period of less than twelve months is called.
More informationCertification, Reporting, Accounting and Reconciliation of Turnover & Determination of Turnover of Sales and Purchases- WIRC ICAI Cuffeparade
1 Certification, Reporting, Accounting and Reconciliation of Turnover & Determination of Turnover of Sales and Purchases- WIRC ICAI Cuffeparade CA Deepali Mehta 11/16/2016 2 Matters to be covered Liability
More informationTHE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd
More informationGST Report User Guide
GST Report User Guide Created in version 2009.4.0.117 1/9 Table of Contents GST Processing... 2 GST Reports... 4 Balance the GST... 6 Combined Cash GST/Accrual Accounting... 6 Debtors Invoice Report...
More informationPaper Reference. Paper Reference(s) 4305/01 London Examinations IGCSE. Friday 2 November 2007 Afternoon Time: 2 hours 30 minutes
Centre No. Paper Reference Surname Initial(s) Candidate No. 4 3 0 5 0 1 Signature Paper Reference(s) 4305/01 London Examinations IGCSE Accounting Paper 1 Friday 2 November 2007 Afternoon Time: 2 hours
More informationScript Reference. Complete the monthly REC1 Description & Objectives
Title Complete the monthly REC1 Description & Objectives Script Reference FMS REC1 Schools are required to complete the monthly REC1 to reconcile bank statements and FMS. Script Name Date Comments Created
More informationIndependence- Freedom- Happiness No. 89/2002/TT-BTC Hanoi, 9 October 2002 CIRCULAR
MINISTRY OF FINANCE Socialist Republic of Vietnam Independence- Freedom- Happiness ------------------------- ----------------------------- No. 89/2002/TT-BTC Hanoi, 9 October 2002 CIRCULAR GUIDELINES ON
More informationACS YEAR-END FREQUENTLY ASKED QUESTIONS. General Ledger
ACS YEAR-END FREQUENTLY ASKED QUESTIONS This document includes answers to frequently asked questions about the following ACS modules: General Ledger Payroll Accounts Payable Accounts Receivable General
More informationLevel 2 Accounting, 2013
91176 911760 2SUPERVISOR S Level 2 Accounting, 2013 91176 Prepare financial information for an entity that operates accounting subsystems 9.30 am Friday 29 November 2013 Credits: Five Achievement Achievement
More informationFAC1502 Revision material
FAC1502 Revision material PROGRAM Examination issues General problem areas Q & A IMPORTANCE of module This module - foundation of all your studies in accounting Ensure that you understand and know everything
More informationNew VAT Return for Orissa Form 201
New VAT Return for Orissa Form 201 The information contained in this document represents the current view of Tally Solutions Pvt. Ltd., ( Tally in short) on the topics discussed as of the date of publication.
More informationPRO Package Procedures Guide
PRO Package Procedures Guide Procedures This is what Guide you dofor PRO Users Welcome to Paxton Charities Accounting. Please follow the steps below to ensure a smooth implementation of The following
More informationCreditor Payments User Guide
Creditor Payments User Guide Table of Contents Payment Execution... 2 Invoice Details... 2 Execute Payments... 3 Reverse or Clear Transactions... 4 Printing Cheques and Remittance Advices... 5 Sample Reports...
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved Index No No. of Pages - 12 No of Questions - 08 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP A)
More informationMIDTERM EXAMINATION MGT101- Financial Accounting (Session - 5) Time: 60 min Marks: 50
MIDTERM EXAMINATION MGT101- Financial Accounting (Session - 5) Time: 60 min Marks: 50 Question No: 1 ( Marks: 1 ) - Please choose one An accounting system is used by a business to: Analyze transactions
More informationLate payment of tax will attract the following penalties
QUESTION ONE (a) (i) The partners have the responsibility of filing the partnership business returns by the end of the 4 th month after the end of the calendar year i.e. 30 th April. The returns will form
More informationPearson Edexcel International GCSE Accounting Paper 1 Time: 2 hours 30 minutes 4AC0/01 You do not need any other materials.
Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Tuesday 23 January 2018 - Morning Time: 2 hours 30 minutes You do not need
More informationAnswer to MTP_Foundation_Syllabus 2012_Jun2017_Set 1 Paper 2- Fundamentals of Accounting
Paper 2- Fundamentals of Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 2- Fundamentals of Accounting Full Marks :
More informationPANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
More informationChapter 17. Investment Reports
Chapter 17 Investment Reports This Page Left Blank Intentionally CTAS User Manual 17-1 Investment Reports: Introduction There are six reports that you can create and print from the Investment Reports section.
More informationFINANCIAL ACCOUNTING I
Syllabus: Computerized accounting meaning, features, introduction to tally, creation and alteration of company, groups and ledger accounts, generation of trial balance and financial statements. Meaning
More informationLivestock Office Native Accounting
Livestock Office Native Accounting 12/04/2017 Contents Native Accounting... 2 General Ledger... 3 G/L Codes... 3 G/L Code Budgets... 4 G/L Tree... 5 G/L Journals... 6 Bank Accounts... 7 Bank Statements...
More informationExact Globe Next Cash Flow. User Guide
Exact Globe Next Cash Flow User Guide Exact Globe Next Cash Flow Despite the continued efforts of Exact to ensure that the information in this document is as complete and up-to-date as possible, Exact
More informationTally's multi-currency feature is very powerful and able to easily handle all facets of multi-currency transactions.
TALLY TUTORIAL Tally's multi-currency feature is very powerful and able to easily handle all facets of multi-currency transactions. Your books are maintained in Base Currency - the currency specified for
More informationVAT INCREASE 14% to 15% on 1 April TurboCASH5
VAT INCREASE 14% to 15% on 1 April 2018 TurboCASH5 Date : 6 May 2018 2018 Philip Copeman This document contains proprietary information that is protected by copyright law. All rights are reserved. No part
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 12 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP B) END SEMESTER
More informationGetting Started Manual For GST
Getting Started Manual For GST Last Update: Sept 05 Managed by Agile Matrix Solutions Sdn Bhd Email: support@treezsoft.com Page 5 For information about customer support, please visit our homepage at http://www.treezsoft.com
More informationQUESTION ONE MR. KIOGORA TOTAL TAXABLE AND TAX PAYABLE YEAR Sh.p.a. Sh.
QUESTION ONE (a) Self MR. KIOGORA TOTAL TAXABLE AND TAX PAYABLE YEAR 21 Sh.p.a. Sh. Employment income Earnings (Sh.16, x 12 months) End year bonus Road licence and insurance (private expenses) Maintenance
More informationJune 2014 Examination Question Paper
June 2014 Examination Question Paper 208 Exam ID 2050 Exam ID Question Paper for the following Qualifications: 200: Level 2 Certificate in Bookkeeping QCF: 50090537 210: Level 2 Award in Manual Bookkeeping
More informationICPAK Tax Principles Workshop. 22 February 2016
ICPAK Tax Principles Workshop 22 February 2016 TOPIC: Value Added Tax PRESENTER: John Gikima Value Added Tax - Content Introduction General VAT provisions Summary of penalties and key obligations Trends
More informationACCOUNTING ACC1 Unit 1 Financial Accounting: The Accounting Information System You will need no other materials. Instructions all Information ACC1
Surname Other Names For Examiner s Use Centre Number Candidate Number Candidate Signature General Certifi cate of Education June 2008 Advanced Subsidiary Examination ACCOUNTING ACC1 Unit 1 Financial Accounting:
More informationTally.ERP 9 Series A Release 1.5 Stat.900 Version 89. Release Notes
Tally.ERP 9 Series A Release 1.5 Stat.900 Version 89 Release Notes August 15, 2009 The information contained in this document is current as of the date of publication and subject to change. Because Tally
More informationProcessing bookkeeping transactions. Webinar notes
Processing bookkeeping transactions Webinar notes Principles of double-entry For every debit entry there must be an equal credit entry or entries Information is summarised in books of prime entry Totals
More informationOsborne Books Tutor Zone. Indirect Tax. Finance Act Chapter activities
Osborne Books Tutor Zone Indirect Tax Finance Act 2014 Chapter activities Osborne Books Limited, 2014 2 i n d i r e c t t a x ( F i n a n c e A c t 2 0 1 4 ) t u t o r z o n e 1 Introduction to Value Added
More informationMGT101 All Solved Past Papers of Mid Term Exam in one file By
MGT101 All Solved Past Papers of Mid Term Exam in one file By http://vustudents.ning.com MIDTERM EXAMINATION 7 th Dec 2009 MGT101- Financial Accounting Question No: 1 Income of the business includes: Cash
More informationTuesday 15 June 2004 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time
NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 15 June 2004 (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading time
More informationTOPIC: Value Added Tax. PRESENTER: John Gikima
TOPIC: Value Added Tax PRESENTER: John Gikima Value Added Tax - Content Introduction General VAT provision Provisions of the Tax Procedures Act 2015 in relation to VAT VAT Regulations as per 2017 Finance
More informationSYMBIOSIS CENTRE FOR DISTANCE LEARNING (SCDL) Subject: Management Accounting
Sample Questions: Section I: Subjective Questions 1. How does Subsidiary Book help in accounting process? Which subsidiary books are used very frequently? 2. Differentiate between the liabilities and assets.
More information1. The following cash book relates to Baraka enterprises. Date Details Cash Bank Date Details Cash Bank 2004 Jan 1 Jan 10 Jan 15 12,000 3,000.
25. CASH BOOK The topic entails: - Explaining meaning of cash book and the types of transactions recorded in the cash book. - Discussing the purpose of a cash book - Types of cash book when used and format
More informationPaper Reference. Paper Reference(s) 4305/01 London Examinations IGCSE. Friday 3 November 2006 Afternoon Time: 2 hours 30 minutes
Centre No. Candidate No. Paper Reference(s) 4305/01 London Examinations IGCSE Accounting Paper 1 Friday 3 November 2006 Afternoon Time: 2 hours 30 minutes Materials required for examination Nil Paper Reference
More informationGeneral Certificate of Education June 2007 Advanced Subsidiary Examination. Unit 1 Financial Accounting: The Accounting Information System
Surname Centre Number Other Names Candidate Number For Examiner s Use Candidate Signature General Certificate of Education June 2007 Advanced Subsidiary Examination ACCOUNTING Unit 1 Financial Accounting:
More informationGOODS & SERVICES TAX
GOODS & SERVICES TAX IMPORTANT FACTS ABOUT GST FAQ covers all the commonly asked questions, raised by business owners about the Procedures, challenges of implementation in companies, Preparations of GST.
More informationDebtors Account Validity Help
Debtors Account Validity Help An Account Validity is run prior to sending out the monthly accounts. This ensures that the correct billing is sent to the Families, if there are any errors they must be corrected
More informationPayBiz Direct Debits
PayBiz Direct Debits 3/08/2017 Contents Direct Debits... 2 Debtor Setup... 2 Company Setup... 3 Batch Direct Debits... 4 Create the Direct Debit Export File... 5 Direct Debits Debtors (customers) can be
More informationHIGHER SECONDARY I ST YEAR ACCOUNTANCY. TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I
HIGHER SECONDARY I ST YEAR ACCOUNTANCY TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I Answer all the questions. Choose the correct answer. 20 X 1 = 20 1. The Debts owing to others by business
More informationMUNSOFT 5.1 INCOME: CONSUMER DEBTORS REPORT MANUAL. Y Walters B.Sc. (Math Science) Hons
MUNSOFT 5.1 INCOME: CONSUMER DEBTORS REPORT MANUAL 1 Y Walters B.Sc. (Math Science) Hons CONSUMER DEBTORS REPORTS... 4 Introduction... 4 Quick Help... 4 Reports that will help you to:... 4 Excel Extracts:...
More informationVALUE ADDED TAX PUBLIC RULING
4/30/2010 W Invoice Fuel & Maintenance -390.00 4/29/2010 W INV9972 Telephone -652.00 5/1/2010 4/29/2010 W Debit Order Internet Service Provider -210.00 4/29/2010 4/28/2010 W Bank Statement Monthly Service
More information8 Self-Balancing Ledgers
8 Self-Balancing Ledgers BASIC CONCEPTS System Ledger keeping of Self Balancing Ledger System implies a system of ledger keeping which classifies ledgers as per nature of transactions. In this system,
More informationOthers: Psychology of taxpayers, stability of incomes, rate of inflation etc.
QUESTION ONE (a) Taxable capacity of the people refers to the extent of their ability to pay tax. Four factors affecting/influencing taxable capacity in a country are: Number of inhabitants: The larger
More informationACCN1 (JUN09ACCN101) General Certificate of Education Advanced Subsidiary Examination June Introduction to Financial Accounting TOTAL
Centre Number Surname Candidate Number For Examiner s Use Other Names Candidate Signature Examiner s Initials Accounting General Certificate of Education Advanced Subsidiary Examination June 2009 ACCN1
More informationFree of Cost ISBN : Appendix. CMA (CWA) Inter Gr. II (Solution upto Dec & Questions of June 2013 included)
Free of Cost ISBN : 978-93-5034-631-0 Appendix CMA (CWA) Inter Gr. II (Solution upto Dec. 2012 & Questions of June 2013 included) Paper - 8 : Cost and Management Accounting Chapter - 3 : Labour Accounting
More informationHCSS Accounting. User Manual. Journals and Corrections
HCSS Accounting User Manual Journals and Corrections Contents 1 Journals... 3 a View Journals... 3 b Cash Book Journal (including Balance Sheet Codes)... 5 c VAT Reimbursement... 7 d VAT Payment... 8 e
More informationPaper 2- Fundamentals of Accounting
Paper 2- Fundamentals of Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 2- Fundamentals of Accounting Full Marks :100
More informationGL, Reconciliation and End-of-Period. Roll end of Period
GL, Reconciliation and End-of-Period 2 Select the ledgers to roll (it is advisable to roll all ledgers together, however you may choose to roll them separately if required). At the very least, stock and
More informationProcedures Guide for Accruals
Procedures Guide for Accruals Users The procedures outlined in this booklet are suggested when using the Paxton package for accruals accounting. They have been designed to facilitate consistency of transaction
More informationAccounts receivable 1,035, Inventories 3,616, Long-term equity investment 792, Fixed assets (cost) 158,592.94
(1) Agreed upon procedures: We have carried out the following agreed upon procedures on the financial statements. Conduct analytical review procedure on the balance sheet and income statement; Conduct
More informationTHE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Practice Assessment: Answers
THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Practice Assessment: Answers 1. Sales Day Book Date Details Customer account code Invoice number Total VAT Net APA ABB 20/1/XX Tomsi
More informationSundry Debtor Invoices & Credit Notes
Cheops Task Instruction Sundry Debtor Invoices & Credit Notes File Location: Z:\Data\Altason\iCanstruct\Task Instructions - Issued\22 - Progress Claim Schedules.docx P25 Last Revised: 6-Nov-16 This Task
More informationACCOUNTING. Written examination 1. Monday 7 June 2004
Victorian Certificate of Education ACCOUNTING Written examination 1 Monday 7 June Reading time: 2.45 pm to 3.00 pm (15 minutes) Writing time: 3.00 pm to 4.30 pm (1 hour 30 minutes) QUESTION BOOK Number
More informationTHE MOMBASA POLYTECHNIC UNIVERSITY COLLEGE
THE MOMBASA POLYTECHNIC UNIVERSITY COLLEGE Faculty of Business & Social Studies DEPARTMENT OF BUSINESS STUDIES BACHELOR OF BUSINESS ADMINISTRATION HBC 2117: COST ACCOUNTING BBA 2 ND YEAR 1 ST SEMESTER
More informationJune 2014 Examination Question Paper
June 2014 Examination Question Paper 321 Exam ID Question Paper for the following Qualifications: 300: Level 3 Certificate in Bookkeeping QCF: 50084793 320: Level 3 Certificate in Manual Bookkeeping QCF:
More informationAssessment Schedule 2017 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176)
NCEA Level 2 Accounting (91176) 2017 page 1 of 7 Assessment Schedule 2017 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Marking Instructions applied
More informationMUNSOFT 5.2 INCOME: SUNDRY DEBTORS MANUAL. Y Walters B.Sc. (Math Science) Hons
MUNSOFT 5.2 INCOME: SUNDRY DEBTORS MANUAL 1 Y Walters B.Sc. (Math Science) Hons SUNDRY DEBTORS... 4 Enquiries... 4 Sundry Enquiries... 4 Account Search... 5 Master Files... 6 Account Master... 6 Account
More informationG.C.E. (A.L.) Support Seminar- 2014
G.C.E. (A.L.) Support Seminar- 2014 Accounting I Two hours Instructions ( Answer all the questions. Select the correct answers for questions No. 1-30 and write its number on the dotted line given. Write
More informationSQL Training Guide Part 2. SQL Accounting Training Guide Part 2
SQL Accounting Training Guide Part 2 1 Contents 8 Inventory... 3 8.1 Maintain Stock Group :... 3 8.2 Maintain Stock Item :... 4 8.3 Sales & Purchase Document :... 5 8.4 Stock Received :... 6 8.5 Stock
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission
2014. M55 Coimisiún na Scrúduithe Stáit State Examinations Commission LEAVING CERTIFICATE EXAMINATION 2014 A C C O U N T I N G - H I G H E R L E V E L (400 marks) This paper is divided into 3 Sections:
More informationFrom the edienterprise suite of Forwarding and Logistics Software
From the edienterprise suite of Forwarding and Logistics Software Accounts Setups From the edienterprise suite of Forwarding and Logistics Software Eagle Datamation International Pty Ltd Level 2, 184 Bourke
More informationAccounts and Records. Chapter VI. FAQ s. Accounts and other records (Section 35)
FAQ s Accounts and other records (Section 35) Chapter VI Accounts and Records Section 35 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of
More informationProcess Map. McIntosh and Son. Administration Module. Process Code: A310 Bank Statement Processing
Process Map McIntosh and Son Administration Module Process Code: A310 2 Contents High Level Process Definition... 3 Process Flowchart... 4... 4 Dishonoured Deposit Entry... 5 Cancelled Cheque Entry...
More informationTHE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers
THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers 1. (a) Wages expense 114,866 Wages control 114,866 (b) PAYE/ NI 23,349 Bank 23,349 (c) Wages
More informationVisionVPM General Ledger Module User Guide
VisionVPM General Ledger Module User Guide Version 1.0 VisionVPM user documentation is continually being developed. For the most up-to-date documentation please visit the VisionVPM website at www.visionvpm.com
More informationOpening Balances Process for a business that is VAT registered using the cash scheme
Opening Balances Process for a business that is VAT registered using the cash scheme Correct opening balances are the key to bookkeeping activities. If you do not enter them accurately your accounts will
More informationCHAPTER 7: PREPAYMENTS
Chapter 7: Prepayments CHAPTER 7: PREPAYMENTS Objectives The objectives are: Set up prepayments in the General Ledger. Create an order requiring prepayment. Create a prepayment invoice. Review the corrections
More informationAccounting *P44292A0120* P44292A. Paper 1. Pearson Edexcel International GCSE. Friday 8 May 2015 Morning Time: 2 hours 30 minutes.
Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Friday 8 May 2015 Morning Time: 2 hours 30 minutes You do not need any other
More informationShri Shahu Mandir Mahavidyalaya, Pune - 9
The main Advantages of a Computerized Accounting system are listed below: 1. Speed: Data entry onto the computer with its formatted screens and built-in databases of customers and supplier details and
More informationFoundation Access Course for Undergraduate Programmes. Examinations for / Semester 1
Foundation Access Course for Undergraduate Programmes Cohort: FACUP/09/FT Examinations for 2009 2010 / Semester 1 MODULE: FOUNDATION IN ACCOUNTING I MODULE CODE: ACCF Duration: 2 1 2 Hours Reading time:
More informationSage Tax Services User's Guide
Sage 300 2017 Tax Services User's Guide This is a publication of Sage Software, Inc. Copyright 2016. Sage Software, Inc. All rights reserved. Sage, the Sage logos, and the Sage product and service names
More informationNATIONAL SENIOR CERTIFICATE (NSC) GRADE 11 FINAL EXAMINATION ACCOUNTING (NSC11-12) DURATION: 3 HOURS DATE: 17 OCTOBER 2013
ACCHIG11 NATIONAL SENIOR CERTIFICATE (NSC) GRADE 11 FINAL EXAMINATION ACCOUNTING (NSC11-12) TIME: 09H00 12H00 TOTAL: 300 MARKS DURATION: 3 HOURS DATE: 17 OCTOBER 2013 This question paper consists of 16
More informationMIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2)
MIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine
More informationFINANCIAL ACCOUNTING II
Question 1 You have been asked to sort out the accounts of a client - Mr Soh, a trader. You collect the following information in respect of the year ended 31st December 2006: Assets and Liabilities at
More informationValue Added Tax (VAT) Explained
Value Added Tax (VAT) Explained What is it? It is Tax that is levied on goods and services provided by VAT registered businesses in the United Kingdom, to other VAT registered business and/or general public
More informationBeginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC 3rd October Presenter CA Mandar Telang
Beginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC Presenter CA Mandar Telang 1 Registration 2 Registration Legal Framework v Taxable Person means a person who carries
More informationPCSchool Debtors End of Period. Table of Contents
Debtors End of Period User Guide Table of Contents Options available:... 2 1) Period End rollover... 2 2) Utilities rollover... 2 Check List to print... 2 End of Period steps 1 to 9... 3 Step 10: Backup
More informationMSTS108 REPORTING FUNDAMENTALS
Copyright Mystrata South Africa Pty Limited 2014 Version 1.0 (March 2014) STUDENT WORKBOOK COURSE OUTLINE CONTENTS 1.0 Financial Reports... 3 1.1 Accrual vs Cash Reporting... 5 1.2 Annual Financial Statements...
More informationSAS2000. Financial 2. Training Manual
SAS2000 Financial 2 Training Manual Tribal SchoolEdge Level 1, 17 Madden Grove RICHMOND VIC 3121 Support Centre: Web: https://support.schooledge.com.au/ Email: support.schooledge@tribalgroup.com Tel: 1300
More informationCS101 Introduction of computing
FINAL TERM EXAMINATION MGT101- Financial Accounting (PAPER 1). Question No: 1 (Marks: 1 ) basic accounting principle/concept according to which Business is independent from its owner(s) is known as: Separate
More informationA Guide to Value Added Tax in the GCC. Collaboration. Understanding. Ideas and insight.
A Guide to Value Added Tax in the GCC Collaboration. Understanding. Ideas and insight. DISCLAIMER: This presentation, including any material accompanying it, (the Presentation ) has been prepared by RSM
More information