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
