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Accounting Records

Do you know what's included in Books of Account?
We had such great feedback from our last question and answer bulletin on travel expenses (https://fspbusiness.co.za/articles/accounting/the-correct-way-to-allocate-travel-expenses-when-you-charge-clients-3269.html#.UqBX9Sd_BLc) that we decided to send you another interesting question and answer. Our reader Meisie asked, what are 'Books of Account'? Let's look at the full question, and see what a fellow Accounting and Tax Club (http://www.accountingandtaxclub.fspbusiness.co.za/) member says.... ››› more
[06 December 2013]

Four simple steps to stop purchasing fraud happening to your business
Don't think fraud can happen to you? Think again! That's exactly what Ike Cellular's management thought before they became a victim. You see, at Ike Cellular, Grace the bookkeeper places all the company orders, checks them and captures the supplier invoices. When Grace is off, Paula handles the orders on her behalf. What Paula discovered a few months ago shocked her! Read on to find out what happened, and how you can avoid fraud related shocks in your company.... ››› more
[13 November 2013]

Make sure you keep these ten accounting records - or else
Keeping SARS happy, while also meeting business accounting requirements, means there are a lot of records you have to keep... Here's what you need to use you don't get in trouble.... ››› more
[12 November 2013]

Insurance claim on a destroyed asset? Here's how to account for its disposal
When you enter into an insurance contract, the accounting treatment of insurance costs is the same as when you account for any other costs in your business. But insurance has a few details you need to know about. Read on to discover how to account for an insurance claim where the asset is totally destroyed under the disposal method of accounting.... ››› more
[23 September 2013]

Company Records Rule: Did you know you MUST keep meeting minutes FOREVER?
The Companies Act has plenty of rules about keeping company records, including the minimum times you should store old ones. So if you toss out meeting minutes, you may be in trouble! Here's how long you need to keep different company records for....... ››› more
[16 August 2013]

Part 2: A story of death and taxes
Last week I shared a discussion in a LinkedIn group that I came across. Basically a member of the LinkedIn group asking his fellow accounting enthusiasts about how to report money that an insurance company pays to his client.... ››› more
[15 August 2013]

How do you value gifts-in-kind in your accounting records?
In South Africa it's estimated that income generated through donations is in excess of R11 billion per annum. But many entities don't know how to treat this income in their accounting records.... ››› more
[07 June 2013]

Is your company making these two common insurance errors?
Although the accounting treatment of insurance costs is the same as when you account for any other costs in your business, there are certain things you need to know when it comes to insurance for your company. Discover how to correctly record insurance costs in your accounting records to ensure your company avoids falling into these two common insurance traps.... ››› more
[05 June 2013]

Are you keeping these essential accounting records for the timeframe required by SARS AND the Companies Act?
An information deal between China and the US regarding audits of US-listed Chinese companies that are embroiled in accounting scandals is making headlines. Here's how to learn from the situation by making sure you've kept the correct accounting records that'll be checked in a SARS audit, especially as the Tax Administration Act says SARS can now show up unannounced at your door to audit your accounting records. But don't forget that there's a different time frame to keep your accounting records for under the Companies Act...... ››› more
[31 May 2013]

Are you SURE your bookkeeper's not manipulating your business' accounting records?
A bookkeeper who's being sentenced for R4.5 million theft by channelling Vat and income tax payments intended for SARS into her own bank account says she was 'motivated by greed'. And greed and desperation can make even the most ethical person act in an unexpected way. That's why you need to make sure you have strict accounting controls in place, to ensure your accounting records can't be manipulated...... ››› more
[29 May 2013]

Are you at risk of a tax audit, like IMF chief Christine Lagarde?
Just because you're in a position of power doesn't mean you're above the law. Take Christine Lagarde, chief of the International Monetary Fund (IMF) for example. Trusted to run the world's financial system, French prosecutors investigating corruption are deciding whether to charge Lagarde for making a huge state pay out to a disgraced tycoon during her time as French finance minister. But these accounting 'mistakes' often slip under the radar. Here's what could put your business at risk of a SARS audit...... ››› more
[23 May 2013]

Can you reel off the amount of immovable property your company owns without 'um'ing and 'ah'ing about it? Probably not. Government was in a similar situation before implementing a fixed asset register. Now that it's doing so, the State estimates its property is valued at around R300 billion. Here's why you need to implement a fixed asset register in your business, too......
[09 May 2013]

Never bin these two crucial records
Did you know that you can lose a dispute with SARS because of inaccurate record keeping? Make sure this never happens to you by discovering three financial records you should never lose...... ››› more
[08 May 2013]

Tax Administration Act: SARS officials can show up unannounced to check your accounting records
Yes, you read that right! With the new Tax Administration Act (TAA), SARS officials can show up at your door to check your accounting records without giving you any notice. SARS requires companies, as well as close corporations, to keep accurate accounting records and documentation to support all transactions (revenue declared as well as expenses claimed). So let's see what you need to have in place to stay out of trouble with SARS...... ››› more
[29 April 2013]

Keep your accounting records for five years and avoid a R16 000 fine from SARS
SARS requires companies and close corporations to keep accurate accounting records and documentation to support all transactions (revenue declared and expenses claimed).... ››› more
[19 April 2013]

Account for employee contributions correctly in four easy steps and avoid SARS penalties today!
Employee related expenses are significant for many companies. Calculate your employee contributions wrong and SARS'll jump at the chance to penalise you. But don't worry. There are four easy steps to follow to get your calculations right everytime. Let's have a look...... ››› more
[08 April 2013]

As part of the UK Budget for 2013/14 the compulsory Vat registration threshold has risen to £79,000. In South Africa, you need to register your business with SARS for Vat purposes if you make taxable supplies in excess of R1 million in any 12-month consecutive period. But did you know you can deregister for Vat, too? Here's what you need to know......
[05 April 2013]

Prevent panic by planning ahead for the four-step tax audit process
Businesses in Argentina face 285,000 tax audits. And chances are high that your business will face a tax audit too, as SARS has announced it is doing all it can to step up tax compliance. But don't worry. You can plan ahead by knowing what SARS will check in its four-step audit of your tax returns, and by making sure your financial records are easily accessible.... ››› more
[28 March 2013]

Ready for your accounting audit? Make sure your internal controls are effective!
While not bad overall, the South African Institute of Chartered Accountants (SAICA) says the Auditor General's recently released audit outcomes for national and provincial government show quite a few areas where effective internal controls are missing. If you re among the 86% of businesses who still prefer audits to an independent review, there's an easy way to make sure your own internal controls are effective...... ››› more
[19 March 2013]

Don't pay more tax! Account for your insurance payouts correctly
Jennys server slipped off a rickety desk and broke. She realised itd cost her a small fortune to repair. She claimed from insurance and but made a mistake when she recorded her claim. If you make mistakes when you account for your insurance, you'll pay extra tax at year end like Jenny did! Read on to find out what the biggest insurance accounting mistake is, and avoid it happening to you...... ››› more
[15 March 2013]

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