Dear Sir/Madam,
Cut-off Date for 2022/23 Fixed Asset Conversion Requests: 30 April 2023
This notification serves to inform Munsoft clients of the cut-off date in respect of requests to perform Fixed Assets Register (FAR) conversions for the 2022/23 financial period.
Munsoft continuously strives to provide its clients with quality and efficient service to ensure that clients comply with the legislative deadlines, regulations and standards governing local government.
There are four (4) months remaining till the end of the 2022/23 financial period and the municipalities needs to ensure that all the transactions in the asset module are posted to the general ledger before the roll-over/closure of the 2022/23 financial period.
Therefore, it would be impractical for Munsoft to perform a fixed asset conversion, conduct training and ensure that the client transact for the entire financial period without imposing a cut-off. Furthermore, if the municipality does not transact using the asset module prior to the stipulated cut-off date, it may affect the municipality’s ability to submit the Annual Financial Statements (AFS) as per the legislated deadline and may compromise the quality of the AFS.
The following municipalities will be affected by the cut-off date:
- All municipalities who would like to use the asset module for the first time
- All municipalities who would like to re-convert the FAR
- All municipalities whose FAR’s have been converted during the 2022/23 financial period but are not transacting in the asset module.
Munsoft will accept requests to perform Fixed Asset Registers for conversions for the 2023/24 financial period from 1 September 2023.
Kindly contact your Key Account Manager before the cut-off date of 30 April 2023, if any assistance is required in the above matter(s).
Sincerely,
Munsoft Team
