VAT periodic reporting

Requirement

VAT returns must be reported to the South African Revenue Service (SARS).

In South Africa, the SARS reporting form VAT201 is used for periodic VAT reporting. Information is manually uploaded to the government website.

M3 solution

The summarized information required for VAT return is created by M3. Generic functionality includes calculation, accounting, reporting, and reconciliation of VAT.

Configuration guidelines


Program ID	Program name	Description or comment
MNS100/G	Company. Connect Division	Set the VAT tax method per division and specify the company tax and VAT number.
CRS750/F	Settings – General Ledger	Specify this information: VAT from date Specify a date. VAT chk online Select this check box. Accept VAT dev Specify, for example, 0.01. VAT date type Specify 2-Invoice date. VAT printout Specify 3-VAT on inv & in AP.
CRS030 CRS031	VAT Code. Open VAT Rate. Open	See Configuration settings for ‘VAT Code. Open’ (CRS030).
CRS395	Accounting Rule. Set	Configure all VAT setups.
CRS630	Accounting Identity. Open
CRS610/J	Customer. Open	Set the Tax applicable field and specify the VAT code.
CRS624/F	Supplier. Define Purchase & Financial	Set the Tax applicable field and specify the VAT code.
MMS001/G	Item. Open	Set the VAT code purch and VAT code sales fields to the VAT codes for purchasing and selling.
MMS002/I	Item. Connect Warehouse	To open (MMS002), select a record in (MMS001), then select Related > Item/Warehouse. In (MMS002/I), set the VAT code purch and VAT code sales fields to the VAT codes for purchasing and selling.
OIS002	Customer. Connect Addresses	Optionally, in the VAT reg no field, specify the VAT registration number.
TXS005-TXS009	VAT Report Template. Open	Define the content required for the VAT report.
TXS020	VAT Exception. Open
TXS030	Fiscal Representation. Open	Complete the fields if relevant.
TXS100	VAT Run. Open

Configuration settings for ‘VAT Code. Open’ (CRS030)

These settings are suggested VAT codes to create at the South African division level:


VAT code	Description	Method	VAT on service	Rate
00	VAT not applicable	1
01	Standard rate VAT	1		`nn`%
02	Reduced rate VAT	1		`nn`%
05	Services reduced rate VAT	1	1	`nn`%
06	Services standard rate VAT	1	1	`nn`%
09	Standard rate VAT – 50% deductible	1		VAT rate 1: `nn`% Deductible VAT rate 1: 50%
10	Zero rate VAT	1		0%
90	Exempt	1

Further configuration guidelines to report electronically


Program ID	Program name	Description or comment
	Enterprise Collaborator Settings	See the Infor Enterprise Collaborator configuration guidelines in Customer payment processing.
TXS035	Tax Reporting. Open Report Fields	Create the transaction type 2 fields. Set these fields as advised.
CRS945	Std Document. Connect Media Ctrl Object	Create a record for the document number 514 – Electronic VAT reporting attached to the base country ZA and the VAT report template created in ‘VAT Report Template. Open’ (TXS005).
CRS949	Doc Media Ctrl Object. Connect Media	To open this program, from (CRS945), select Related > Media. Create a connection to media MBM.