Munsoft Matters: mSCOA CIRCULAR NO.12 – GUIDANCE ON VAT

Dear Munsoft Client
 
In light of the mSCOA Circular No.12 – Guidance on VAT that was recently issued by National Treasury, kindly take note of the following:
 
mSCOA Circular No. 12 indicates that below Fund GUID need to be used for VAT Receipts and Payments
 
FUND: Operational: Revenue: General Revenue: Taxes: Taxes and Surcharges
GUID: 2ec7b519-44c8-4c8f-b675-c53b230e0d1e
 
This will apply to the following VAT Items:
 

Item Description    Item GUID   
 Assets:Current Assets:VAT Receivable:VAT Control (Receivable): Receipts      1153d82f-7ccb-42d1-9897-abd86cffc7e5   
Liabilities:Current Liabilities:VAT Control (Payable):Payments     67dcafa5-ba11-4e06-9b1c-b348aa5c152f      
 
The following will be required from the Municipality:
  • Ensure that a VAT data string with the correct Funding Segment is displayed for selection in the Cashbook for the VAT201 payment or receipt
  • Transfer Year to date actuals on VAT data strings with any other Fund GUID to the newly created VAT data string via a journal in the current month

 
Munsoft will update the Quick Code used for the VAT Consolidation Journal with the correct funding source
 
Please refer to the mSCOA Circular 12 attached for any further guidance.

mSCOA Circular No. 12 - VAT - 30 Sept 2021 final.docs.pdf
 
For any queries please contact [email protected]
 
Kind Regards,
Munsoft

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