SARS however expects VAT vendors to be in control of VAT on a transaction by transaction level. An IT14SD recon for instance needs to be accurate within R100 of your VAT returns. So a reasonability, most likely, will not suffice.
I have spent countless hours reconciling VAT and other financial related balances and in my opinion a manual process is to slow and expensive. And because it takes so long we get fatigued increasing the probability of mistakes and/or over-sites.
I recommend you consider looking at BI and optimisation tools that does this for you. These type of tools reconcile to transaction level allowing your to start off by looking at results on a detail level. Now you can apply your mind to the results.
These type of tools can also be used to do VAT reconciliations regularly to ensure you monitor the health of your VAT every period before submitting. In this way you have control over VAT and reduce the risk of mistakes significantly.
We launched MyVAT version 1.6.0 launched this week. MyVAT is a VAT reconciliation App specifically for Pastel Partner and Pastel Xpress.
