VAT (Value Added Tax)
Course Code: FA08
►Course Objective
- Explain how to account for VAT on purchase and sales of goods or services whether the entity is registered in VAT or not
- Use the company’s trial balance to fill up a VAT return
- Formulate a preliminary assessment of impact of VAT adoption on operations and accounts
►Target Audience
- Staff accountants
- senior accountants
- chief accountants
- accounting managers
- controllers
- internal auditors
- tax consultants
- tax preparers
- other professionals in the accounting and finance functions
►Course Outline
:Day 1
- Accounting for VAT
- Issuing the VAT invoice
- What does a VAT invoice look like?
- Contents of an invoice
- Difference between cash business and sales on account
Day 2:
- VAT records and documentation to be maintained
- Accounting entries for VAT
- Local purchases of goods and services
- Imported goods and services
- VAT on expenses
Day 3:
- Self-supply of goods and services
- VAT on sales
- Discounts provided to customers
- Returned goods
- Exchanged goods
Day 4:
- Interest on late customers’ payments
- VAT entries for bad debts write-offs
- VAT entries for down-payments
- Treatment of damaged goods
- Sale on consignment: treatment for consignee and consignor
Day 5:
- VAT on leases: operating and finance leases
- Purchases and sales of fixed asset
- Entities providing non-vatable activities
- Trial balance accounts needed to complete a VAT return
- Expected format of a VAT return
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