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VAT reconciliation is the process of comparing the VAT that a business has collected from customers against the VAT that the business has paid on its purchases. The purpose of this process is to ensure that the correct amount of VAT has been accounted for and paid to the tax authorities.In addition, you must also consider transactions that do not appear on your VAT report (for example adjustments and deemed supplies) as well as reconciling your general ledger to the SARS statement of account (SOA).This session aims to assist the learner with the VAT reconciliation process, that can become quite complicated.Join us for this insightful and practical session, during which a step-by-step process of VAT reconciliation will be demonstrated, and useful templates will be provided.Topics Discussed:Reconcile VAT per month, category allocated by SARS and per financial yearHow to prepare your VAT report should SARS select you for audit/verificationHow to deal with tax invoices previously disallowed, which has now been correctedReconcile the SARS SOA with your general ledgerIdentifying transactions in your books of account that should form part of your VAT recon as a reconciling itemThe SARS SOA - how does it work and how to record the information in your books of accountHow to calculate your VAT effective rate and how to use it in your day-to-day VAT managementReconciling your VAT201 returns with the AFS / TBExecuting a Year-to-date recon categorically to include transactions posted after a VAT period close offFixing errors made on the VAT201 and in the General ledgerIn addition to the above, the following adjustments will be demonstrated as well:Mixed supplies & apportionmentFringe benefitsDisposal of assetsExit VAT - cease to be a vendorSection 18 (4)(b) - pre-registrationCost recoveries + on/suppliesChange in useTrade discounts2nd hand goodsAdditional assessments raisedBad + doubtful debtClawback adjustment

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