Valued added tax analysis and reporting e-solution
In our aim to assist South African Municipalities in improving their ability to comply with finance legislation and regulations, and in specific Value-added tax compliance, Dynamic VAT e-solution was developed. The Ducharme Dynamic VAT e-solution provides for an integrated view and analysis reporting of monthly VAT transactions.
From our experience in practical financial management implementation support and the development of bespoke municipal solutions, we understand the integrated nature of municipal transactions, supported by our team of accountants and VAT implementation specialists. Our VAT e-solution is aligned to the standardised municipal accounting structures prescribed by mSCOA.
The cloud based VAT e-solution allows for the following functionality based on the Standard rated, Zero rated and exempted VAT transactions based on the uploaded general ledger information.
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VAT MANAGEMENT DASHBOARD
Our VAT Management Dashboard view allows for overviews and summaries of the VAT position of the VAT Input and Output transactions per VAT period of the municipality for the various periods uploaded to the system.
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MONTHLY VAT 201 REPORTING
Monthly VAT 201 reporting structure based on the transactional VAT data (stored in repository). Our system generates a suggested VAT 201 which consolidates the VAT transactional elements such as the Standard rated, Zero rated and exempted transactions for the period, based on the uploaded general ledger data for the municipality, following an initial alignment and structuring setup for the reporting.
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DETAILED REPORTING
Detailed transactional report summaries such as VAT adjustments and clearing journals, VAT History and reconciliation Analysis of income by VAT Indicator Type and estimated Apportionment Ratio.
Detailed transactional levels of the summary lines can be accessed directly from the suggested VAT 201 for more information. This makes provision for the VAT journals & adjustments on the VAT Input and Output levels (split between capital and non-capital goods) as well as on the VAT Control account.
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VAT EXCEPTION REPORTING
VAT transactional Exception reporting per line, journal and supplier level for monthly management follow-up to assist with VAT compliance for missing indicators, accounts, VAT rates and more.
Our system allows for the generation of VAT exception reports for management follow-up. These include Supplier based VAT considerations, VAT indicator type exceptions (on both journal and line level).
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VAT APPORTIONMENT RATIO
Our system allows for monthly calculation of VAT apportionment ratios based on the monthly data imported. This allows for municipalities to consider their VAT position on monthly basis instead of annually, thereby allowing for faster considerations thereto.
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CLOUD BASED SOLUTION
With our system being cloud based, multiple users can access the data simultaneously.
VAT apportionment ratio
VAT management dashboard
Monthly VAT 201 reporting
VAT exception reporting
VAT transaction reporting example: Suppliers
VAT transaction reporting example: Adjustment & Journals