INTRODUCTION
The problem with ITR14s is that they are designed for the largest company in South Africa. What you will probably find is that most ITR14’s are in fact more of a simplistic nature because they cover very simple CC’s and companies, however the Sky Tax IT14TR module will handle even the most complex of tax returns.
The hardest most time consuming task is actually inputting the trial balance amounts and getting the right Accfin Sky source code against each amount entered. SARS does not use source codes they use a description whereas in our software we use a source code which of course make things much easier. The trick is getting the Accfin Source code from the trial balance amounts that come out of a set of working papers or the general ledger amounts that come out of an accounting system with the Accfin Sky source codes.
Please note that you can export the trial balance from the Draftworx working papers with the Accfin Sky source codes.
In this version of Sky Tax we have simplified the importation process of the trial balance.
There are also some other new features which will be explained in this document.
ITR14 FRONT PAGE – RETURN INFO
The screen below indicates the front page of the ITR14 tax return. There are some very important bits of information that you need to understand and address on the front page called Return Info, the most important being the company type which we call the container type.
CONTAINER TYPE
Based on the gross income amount and the total assets the system will automatically calculate the container type. The first step before you start is to create a new taxpayer for the year in question and then to create a new return. Each time the container type is changed all the TB figures will be set to zero and new source codes will be created.
MAPPING FILES
From now on in any particular year that you have mapped the files to the source codes and you get a trial balance for the following year, import the trial balance, and then click on Apply Mapping Process and the system will import the trial balance which has no source codes and apply the source codes from the previous year.
If you have pre-populated the source code column you can create a mapping file by clicking on the Apply Mapping Process which will display this following screen and then it is just a matter of creating a new file and filling the screen by matching each account code with the source code.
Click on the green plus and type in the name of the mapping file.
Once the name of the mapping file has been created click on the green plus on the right-hand side to add a line item for account code and source code.
CHECK RETURN
Please note the check return button which will give you a list of all the items that the system detects in error.
CHECKS AFTER TRIAL BALANCE IS UPDATED
Check that the Control Total is zero.
Check the net profit equals the profit in the financials.
Check the provisional tax payments to get to the correct tax due.
