Value Added Tax (VAT) / Report in SI+

Go to: Ledger > Tax Report

Overview

The VAT / Tax Report (found in Ledger > Tax Report) enables businesses to calculate, review, capture, and post VAT for a specific tax period. It supports South African VAT requirements by default but can be used for other VAT systems.

This report helps ensure accurate VAT Input and Output calculations, generates the necessary Adjustment Journal for posting to the VAT Control account, and allows deferral of specific transactions.

1. Generating the VAT Report

You can generate the report in three main ways:

•For the current VAT period

•By selecting a previous VAT report

•As a range report (summary of data between any two dates)

How to generate the report.

1. Select the VAT period dates and Branch (if applicable).

•After the first use, dates will auto-populate for the current period.

2. Click Show Report to generate and display the VAT / Tax report.

Important Notes:

•If your VAT system is not South African, the Summary tab will open by default instead of the full report.

•Any transactions not captured in previous periods will automatically be included in the selected period.

Clicking Show Report will open the VAT / Tax report..

2. Capturing VAT Data for the Period

Once the report is reviewed:

1.Click "Click to Capture Data for This Period".

2.SI+ will automatically generate a Period Number for this specific VAT capture, starting from 1.

3.All VAT-related transactions in the General Ledger Detail will be assigned this period number.

4.The VAT Reconciliation column in the GL Detail will now reflect this period number.

How to reverse a Tax / VAT report.

To undo a previously captured VAT period:

1. Click Show Previous Report and select the report you want to reverse.

2. The tax report will open

3. Click the Delete button on the captured report.

Important:

•The Adjustment Journal created during the original capture is not automatically reversed.

•You must manually reverse or correct the journal in the General Ledger (see related guide: Corrections in General Ledger).

Note: The Adjustment Journal created during capture is not automatically reversed. Manual correction is required (see "Corrections and Reversals" section below).

3. Posting VAT Data

After capturing the data:

1. An Adjustment Journal is automatically created.

2. Review the journal for accuracy.

3. If everything is correct, click Post to finalize it.

Accounting impact:

•VAT Input & Output figures are transferred to the VAT Control account.

•When VAT is paid to SARS (or relevant authority), use the VAT Control account as the contra account.

•ensures the VAT Control account balances to zero after payment.

4. Viewing or Selecting Previous Reports

•Use the Show Previous Report button to load any earlier captured VAT period.

•This is essential when you need to reverse or review historical captures.

Tax Report: Deferred VAT Transactions

You can defer VAT on transactions that should not be included in the current tax period.

Where to Do It:

•Ledger > Tax Report, or

•Directly on the VAT Report > Detail Tab

How to Defer a Transaction:

1.Open the Detail Tab of the VAT Report.

2.Select the transaction(s) you want to defer.

3.Mark them as Deferred.

Notes:

✅ Deferred VAT transactions will not appear in the current VAT report.

⛔ Deferred VAT has no effect on your income statement