Most people cringe when you say: "IT14SD recon". It is completely understandable considering the level of accuracy required by #SARS when completing it. SARS requires reasons to be provided for variances of more than R100 (https://goo.gl/cdSmjR). Precision is key!
In Lehman terms, an IT14SD is a reconciliation between your business' transactions and the returns submitted to SARS. The purpose for SARS is to validate that the taxes paid agrees to your business' accounting system.
SARS defines an IT14SD as: "An IT14SD is a supplementary declaration in which Companies must reconcile Income Tax, Value-Added Tax (VAT), Employees’ Tax (PAYE) and Customs declarations after the initial submission of the Income Tax Return: Company Income Tax Return (ITR14/IT14)."
A SARS tax return is submitted in a summarised state whilst your business transactions are posted on a one-by-one basis. It is very difficult and time consuming to balance these two sources within R100 accuracy. It is a fight against #data. Finding R100 difference between 100's and 1000's of transactions is almost impossible for a human. A computer however can sift through millions of lines of data in seconds, with precision.Â
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