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Using TurboCASH

 







TAX
REGISTER FOR VAT
  
You may need to register for VAT if you reach a specific threshold, as determined and amended by the legislation from time to time. Currently you need to be registered as a VAT vendor when your turnover is likely to exceed R 300 000 per annum in the Republic of South Africa (RSA), or 55 000 in the United Kingdom (UK). You may also register voluntarily as a VAT vendor if your turnover is less then the prescribed threshold but more than a minimum prescribed amount (e.g. R 20 000 per annum).

When you register as a VAT Vendor, you will receive a Registration Certificate from your local Tax Authority. The following information on this Tax certificate, need to be entered in TurboCASH:
Registration Number - Setup - System Parameters - Company Info (Address tab) - enter your VAT Registration Number in the Tax Reg. No. field.
Tax Method - Click on the Options tab and select the Tax Method - Invoice Based or Payments Based as indicated on your VAT Registration certificate.
Check and edit or create add the Tax Accounts - VAT Accounts - in the Edit - Accounts - Tax Accounts menu option. You need to check that the effective dates (from and to) and that the percentages, which apply to Tax Codes, are correct.

If you are trading in Stock Items, you also need to:-
Documents - Click on the Setup - System Parameters - Documents menu option (Invoices tab) and add the word Tax before the word "Tax Invoice" in the Document Heading.
Stock Items - If you are using Stock Items, you need to select the applicable Tax code for each of your Stock Items (Input and Output Tax fields) on the Edit - Stock Items menu option. Once again, you need to make sure that all of your Documents (Invoices, Credit Notes, Purchases, Goods Returned documents) for the period before your registration date is updated or posted to the Ledger.