Allocation of VAT payment to SARS from Bank Statement

1

After reconciling VAT and paying over to SARS, it appears on the bank statement import.

When i try to allocate it to the tax payable account, it does not appear under the allocation accounts.

Which clearing account can i use?

2

You need to furnish more information:

  • Who or what is SARS?
  • What do you mean by “reconciling VAT?” (There is no such function in Manager.)
  • What appears on the bank statement import?
  • What account are you referring to as “the tax payable account” and how was it created?
  • Why are you trying to use a clearing account?

Screen shots of Edit screens of whatever transaction you are entering would help.

3
  • Who or what is SARS? - Government Tax Collector
  • What do you mean by “reconciling VAT?” Manuel Recon
  • What appears on the bank statement import? the payment to the Government
  • What account are you referring to as “the tax payable account” and how was it created? the account that consolidates the VAT owing to the government
  • Why are you trying to use a clearing account? i cannot allocate it to the tax payable account to reduce the liability
4

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5

@jsnitsolutions, you have not answered all my questions. Specifically, how was the 9500/000 VAT/Tax Control Account created? If this is truly a control account, you cannot post receipts or payments to it. Post a screen shot of the Edit screen for that account as well as the Edit screen for a tax code that posts to it.

Also, why do you have the Fixed total box checked? That feature is used when splitting payments into multiple line items.

This response makes no sense, because you have not shown any clearing account from your chart of accounts. Nor does your screen shot of the payment indicate you are trying to use a clearing account.

Lastly, what is your unexplained final screen shot?

6

there is no clearing account at present.

i need to reduce the 9500/000 by the payment that was made.

i believe the 9500/000 was created when i activated VAT tax types.

right now the payment to the Tax Man was made but allocated to suspense account

7

the last screen shot is the VAT Account transactions

8

I does not matter what you believe. I asked to see the Edit screens for the tax code and the 9500/000 VAT/Tax Control Account. If you won’t provide information, no one can help.

9

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Hi
Herein as discussed
1st Image is from settings - Chart of Accounts
2nd image is edit 9500/000
3rd image if tax code edit screen

10

Your problem is that you have used the built-in Tax payable placeholder as your tax liability account. You just renamed it. I know it is confusing, but that does not work. That account exists only to prevent the software from functioning incorrectly until you define your own tax liability account. You need to create your own tax liability account and assign tax codes to it.

11

Thank you so much…

I understand now.

12

It worked. Query Resolved