With the expected introduction of a Value Added Tax (VAT) in the GCC countries, companies have to be prepared by upgrading the skills of their accounting staff to fully understand and properly account for the VAT. From invoicing to recording entries and preparing VAT return forms, this course provides an overview of the accounting treatment of the VAT according to the various type of goods and services. Additionally, we compiled from multiple sources the possible VAT treatments, challenges faced and questions to ask by industry, in order to help businesses in the GCC understand the likely impact from adopting VAT on their operations and financial accounts.
This course is part two of the VAT training series. While it is recommended that participants first attend part one, titled “Introduction and Mechanics of VAT” which is offered a day earlier, accounting and finance professionals can still attend the “Accounting for VAT” course only; however, they will not be able to avail the special discount given if attending the two courses.
The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories and group exercises to exchange experience and apply the knowledge acquired throughout the course.
By the end of the course, participants will be able to:
- 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 the impact of VAT adoption on operations and accounts
Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, tax consultants, tax preparers and other professionals in the accounting and finance functions
- Understanding VAT
- Accounting for VAT
Location:AATICD Campus or Online or Inhouse
Training Dates:Course starts every Monday of every Week.
Course Fees:To be sent via Proforma Invoice to your e-mail
Note: Please fill in the online application form on the left or bottom if this page to receive a quotation from AATICD.
How to Apply:To Apply Simply Fill in the Online Enquiries / Applications form on the Right Sidebar or Bottom of this website http://www.aaticd.co.za
NB:When filling the online application form; please take note of your desired Training Month, Duration in Weeks and Training Session. This will give us the exact dates you will be attending your classes.
Also note that Tuition Fees must be paid upfront on or before training start date. This is to ensure that all resources are made availabe for you before you start. You will not be allowed into training if fees are not paid and verified.
Also note that Tuition Fees Cancellations must be made 14 business working days before the starting date of training. This will allow us to do a 50% refund of the total amount paid. If cancellations are made thereafter note that no refund will be made to delegates.
Tuition Fees include teas and lunch as well as either a laptop or tablet which a delegate will take home free of charge.
Tuition Fee DOES NOT include Accommodation, Dinners and other Extra Curricular Activities or Incidentals. Delegates are expected to fund this on their own. AATICD will not be held accountable for any incidents to delegates.
In-House Trainings are also available for 10 or more delegates for any duration. Please consult with our Administration for such In-House training bookings.
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
- VAT records and documentation to be maintained
- Accounting entries for VAT
- Local purchases of goods and services
- Imported goods and services
- VAT on expenses
- Self-supply of goods and services
- VAT on sales
- Discounts provided to customers
- Returned goods
- Exchanged goods
- 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
- VAT on leases: operating and finance leases
- Purchases and sales of a fixed asset
- Entities providing non-vatable activities
- Trial balance accounts needed to complete a VAT return
- The expected format of a VAT return