V12 Beta 1. New Feature Guide - Tax Manager. Setup. Below, please find the details of changes made to our latest software release.

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1 New Feature Guide - Tax Manager V12 Beta 1 Below, please find the details of changes made to our latest software release. Setup Setup Tax Tax Manager

2 Tax Details The Tax Details tab holds information required for electronic submission of tax information to SARS via e- Filing (NOT YET AVAILABLE) Certain fields on this tab may be validated for compliancy with SARS e-filing, e.g. VAT number. INFORMATION ON THIS TAB IS NOT REQUIRED FOR GENERAL TAX REPORTING VIA THE NEW TAX MANAGER, I.E. TAX BOX REPORT AND TAX TYPE REPORT. Tax Periods The Tax Periods must be set up before the Tax Manager Assistant, Tax Box or Tax Type report can be used. The above example shows periods that have already been closed off (Submitted).

3 Select the Tax Period Category appropriate for your business: In South Africa, Category A and B are most common. The way you report to SARS in terms of VAT is specified by SARS; hence you need to select the category provided by SARS. The Tax Categories are worked out for you automatically and are calculated based on your current and last Financial Periods. In order to maintain compliancy with the current Pastel financial reporting mechanism, the Tax Categories must fit exactly within the dates of the current Financial Periods, for this and last year only. A Tax Category, or any part thereof, may not pre-date the first Financial Period of Last Year, nor may it extend past the last Financial Period of This Year. If the Tax Period Category selected cannot be mapped into your existing Financial Periods, a message is displayed. When clicking OK to close this form, the following message will be displayed: This is purely a warning that electronic submission (available later) will not be possible without the mandatory fields. You can click No here to continue without this information. Click Yes if you wish to enter it now.

4 Change Tax Manager Assistant This is the Assistant that allows you to submit and close off a tax period; it also provides a means to view the Tax Box and Tax Type reports. Note! Tax Periods can only be submitted in sequence. The first available Tax Period must be submitted before any subsequent Tax Periods may be submitted and hence the Tax Manager Assistant provides the next available Tax Period only. There are currently 2 options on this form (later more options will be made available for e-filing and further electronic correspondence with the SARS system). Run tax return process for tax period This option produces the tax results for the specified tax period and makes these results available for the Tax Box and Tax Type reports, as well as for electronic submission. Click Process to run the tax calculations for this period.

5 First Run If this is the first time you are running the process and you have tax transactions, Tax Manager wants to know which Tax Periods are historic, so that it can close them off as Submitted. There are Tax Periods for this and last year, so in a new system, all Tax Periods will start off Open. This will really be the case, as the customer will have already submitted VAT returns for the earlier periods. DON T GET CONFUSED HERE. A SUBMITTED TAX PERIOD (OR CLOSED TAX PERIOD) JUST MEANS THAT THE TAX BOX AND TAX TYPE REPORTS CANNOT BE MODIFIED FOR SUBMITTED TAX PERIODS. IN OTHER WORDS, IF YOU POST A TRANSACTION INTO E.G. PERIOD 1 AND PERIOD 1 HAS ALREADY BEEN SUBMITTED, THE TRANSACTION WILL NOT REFLECT ON THE TAX BOX /TAX TYPE REPORT FOR PERIOD 1, IT WILL APPEAR ON THE FIRST UN-SUBMITTED PERIOD. THE ABOVE QUESTION IS REALLY ASKING THE USER TO SPECIFY WHETHER HE/SHE IS UP TO DATE AND THIS ONLY GETS ASKED ONCE. Once the process has completed, you are asked if you want to view the Tax Box report.

6 Click yes to view the report. This screen allows you to submit the Tax Period, i.e. close it off. A submitted Tax Period will always produce the same results in the Tax Box / Tax Type report, even if prior-dated transactions are processed at a later stage. TRANSACTIONS POSTED INTO A SUBMITTED TAX PERIOD APPEAR IN THE FIRST UN-SUBMITTED TAX PERIOD OR ANY TAX PERIOD THEREAFTER. To finalize the submission, you must check the Submit checkbox and enter the SARS submission reference number ** and click Finish.

7 View previous reports This second option allows the user to view previous submitted Tax Period reports. Select which report to view Select the Tax Period to view and other options as per the Tax Box / Type reports. The check box This Year has been removed as a tax period may fall over the year end. This and last year s tax periods will display on the Tax Period drop down option. PREVIOUS VERSIONS SHOWED AN END FINANCIAL PERIOD AND HOW MANY MONTHS BACK, THE NEW SYSTEM ALLOWS ONLY FOR THE SELECTION OF A TAX PERIOD IN THIS REGARD. View General Ledger Tax The V11 (and prior) options for View General Ledger Tax Tax Box and Tax Type report have been maintained in V12 for backward compatibility and user acceptability. Beta 1 In Beta 1, you may run these reports without first going into the Tax Manager Assistant. The reports will auto-calculate the Tax Results and close off historic periods. Compatibility with Old Reports In order to test or to place a user back into the way V11 worked, you may do the following: Help About Press Ctrl+Alt+T This will toggle the system between the old Tax Box and Tax Type reports and the new Tax Manager based reports.

8 THIS CHANGE IS RECORDED IN THE AUDIT TRAIL. Incompatibility Fall-back V12 checks for rare conditions that would prohibit the use of the new Tax Manager system, e.g. if there were too few Financial Periods to be able to map properly into a stipulated Tax Category, or if the Financial Period End dates were outside of the 10 day leeway stipulated by SARS. If the Tax Periods and Financial Periods are deemed to be completely mismatched, the set of accounts is automatically set to work on the previous system. A message is provided to the user and the change is recorded in the audit trail. The new system may be invoked again once compliant Tax Periods are established in the Setup Tax Tax Manager form.