Corporate Tax Module for CaseWare Working Papers Release notes

Corporate Tax Module for CaseWare Working Papers Release notes

Contents Introduction... 3 Corporate Tax Module for CaseWare Working Papers... 3 Ease of Use... 3 Seamless integration... 3 Easy Licensing... 3 Corporate Tax Module TaxWare... 4 What s new in 2012... 4 Upgrade Guide... 6 Update Method... 7 File New from Existing Method... 7 Contact CQS... 7 Main Contact Details... 7 Help Desk Direct Extension... 7 Other Important Details... 7 Page 2

Introduction The South African Revenue Services (SARS) introduced the capability to allow efiling of the IT14 tax returns for companies and close corporations. CQS has subsequently significantly extended the current tax computation component included in the financial statement templates with improved content and other functionalities to facilitate the submission of these tax returns (IT14) from the CaseWare Working Papers financial statements templates into SARS efiling. In order to do this, the NEW comprehensive Corporate Tax Module solution comprises of two integrated components - one in CaseWare Working Papers and another in TaxWare, a product in the CQS BackOffice Suite of Products used to aid in tax administration and management. Corporate Tax Module for CaseWare Working Papers Ease of Use The Corporate Tax Module included in the CaseWare Working Papers financial statement templates facilitates the completion and review of a SARS Company Tax Return (IT14) directly from the financial statements, based on, but not limited to, information completed as part of the financial statements. The Corporate Tax Module is easy to install and allows for the easy upgrade of client files with emphasis on getting results quickly. More information on using the new features in the Corporate Tax Module for CaseWare can be found in the document 2011 Tax Computation Getting Results included as a help file in the software. Seamless integration The Corporate Tax Module layout provides integration between the information included in the financial statements and the tax computation and information required to complete the IT14, as well as integration to the tax administration required for submission of the IT14 to SARS by means of TaxWare. Once the Corporate Tax Module s new tax computation has been completed, reviewed and finalised. In CaseWare Working Papers, information can be sent to the Corporate Tax Module for TaxWare for authorisation and submission to SARS efiling through TaxWare. These two software products will function independently, thus CaseWare Working Papers users will not need to have access to TaxWare to export the tax computation and TaxWare users will not require CaseWare Working Papers to import the same information. Easy Licensing The Corporate Tax Module brings together the powerful features from CaseWare Working Papers and the flexibility and ease of use of TaxWare in a combined license. The full Corporate Tax Module functionality requires a separately purchased license. Most of the functionality that existed in the free tax computation included in the financial statement template previously is included in the free version of Corporate Tax Module, with some improvements. For more information on licensing of this product, please contact our sales department at 011 507 0000. Page 3

Corporate Tax Module TaxWare The Corporate Tax Module in TaxWare allows for: the import of reviewed information from the Corporate Tax Module for CaseWare Working Papers into TaxWare; and the review, change, authorisation and submission of the company tax return (IT14) with integrated submission to SARS efiling through TaxWare. What s new in 2012 Enhancements to the Corporate Tax Module (CTM) include: Automation of tax deductions from trial balance information in CaseWare is provided where possible. Linking values from working papers and existing Excel tax schedules is provided for in the Tax computation (AFS). CQS tax schedules are provided for common schedules requested by SARS (these can be identified by the blue CaseView link next to the description field). Custom excel documents in the CaseWare file can be accessed by clicking on the green excel link button next to the description field and following the prompts that follow: Small business corporations 2013 rates are included Local and foreign capital gain (loss) calculation catered for in the Tax Computation (AFS) Page 4

Rounding when rounding is enabled in the tax computation, it applies the same logic as that selected in the financial statements. Rounding is available under Options Rounding Set rounding relations limit. Tax registration code included in the tax computation header when printed. Page 5

Upgrade Guide Updating Client Files to Latest Templates There are two options for upgrading client files to the latest version of the templates. This is by means of: a file update, or file new from existing. Update on Existing Financial Statements CQS recommends making a backup of the file before commencing with an update. Ensure you have installed the latest CQS templates from the product disc and follow these steps to update existing client files with the latest version of the Corporate tax Module: Open the Financial Statements document (01.10) in the CaseWare file A File update wizard window opens In order for the update to run, tick the selection box next to the update listing (Select Update to Company and CC Tax Computation 2012, incl e-filing support), as well as the confirmation that a backup of the CaseWare file was made. Click Finish to continue. Do not cancel the update if the message on screen reads Not responding. Please do not close the program or shut the machine down until the message stating that the update is complete appears on screen. Take note that due to the tax computation being replaced in its entirety, no custom changes made before the update will be retained. File New from Existing If the latest content from the CQS/firm template is required, without having to re-enter account information, the new file can be created from existing client data. To create a new file from existing data, based on the latest version of the template, follow the steps below: Open CaseWare Working Papers 2010. Select File New in the CaseWare menu. Select the option Create a new file from client data. Select the Existing file option and click Next. Browse for the existing file (this is defaulted to the Data folder). When the file is located, click on Next. Select the new template the file is to be based on and click Finish. Logging into the existing file as well as the new file is required. If the existing file has not been converted to CaseWare 2010, a screen will launch prompting the conversion to the latest version. Select Yes. The On file new wizard will appear. From this window the selection which data should be retained from the existing file, is made. Select the relevant options and click Continue. Page 6

Features of the Two Methods Update Method Updates the existing client file. More information and data is retained in the new file, compared to the File New from Existing method. Takes longer than the file new from existing method. File New from Existing Method Creates a brand new file. Less information and data is retained than the Update Method. Faster than the update method. Documents in the Document Manager, e.g. custom documents, are retained, as well as customization within the CaseWare file with regards to mapping. Customization (in the Financial Statements and Document Manager), as well as custom documents, are lost in the new file. Cannot be applied to files that were based on a template older than 2006. Can be applied to all CaseWare Working Papers files. Contact CQS Main Contact Details CQS Reception: +27 11 507 0000 ProBeta Reception: +27 11 886 1395 Help Desk Direct Extension CaseWare Working Papers: +27 11 507 0101 CaseWare Time: +27 11 507 0102 TaxWare: +27 11 507 0103 SecWare: +27 11 507 0104 E-mail CQS Support: E-mail ProBeta Support: CQS Web Support: ProBeta Web Support: support@cqs.co.za probesupport@probeta.co.za www.cqs.co.za www.probeta.co.za Other Important Details Register at www.cqs.co.za for easy access to frequently asked questions, upgrades, downloads and technical documentation. Email us at info@cqs.co.za regarding: Feedback Ideas on service or products Product information Account or license information Any other queries Page 7