VATassure

Introduction

In high volume transaction environments, VATassure helps organizations manage the VAT risk associated with complex sales and purchasing streams. VATassure also enables organizations to maximize recovery of local VAT inputs from prior periods through electronic audit of accounting systems data.

Organizations with high volumes of accounts payable and receivable transactions are placing an ever-increasing reliance on internal processes and financial applications to identify and recover local and foreign VAT. Due to the unavoidable occurrence of exceptions, a small percentage of transactions fall outside the standard controls and checks. On sizable transactions this small percentage can lead to significant discrepancies. Meridian VATassure can help improve VAT compliance rates by reviewing complex transactions in ERP systems. Modular service offering allows organizations to select required components.

VATassure implementation is simple, and requires no IT investment or headcount updates.
VATassure consists of three supporting service components:

1. VATassure Accounts Payable:
2. VATassure Accounts Receivable:
3. VATassure ERP configuration:
    

VATassure AP

VATassure Accounts Payable:

Enables organizations to identify and correct over- and under-claimed input VAT associated with errors on accounts payable transactions:

• Unclaimed input VAT
• Over-claimed input VAT relating to incorrect application of VAT deduction rules
• Over-claimed input VAT associated with duplicate invoices
• Incorrect VAT coding
• Source document check 
• Assistance with preparation of VAT declarations
• System and documents audit trail
  
   

VATassure AR

VATassure Accounts Receivable:

Detailed review and analysis of VAT accounting, posting, and declaration errors on accounts receivable transactions:

• Under/over declaration of output VAT associated with incorrect application of intra-EC or export exemptions
• Incorrect VAT rate applied to classes of product or services
• Distance selling thresholds
• Incorrect application of the reverse-charge
• Incorrect classification of tax codes
• Incorrect disclosure on VAT return

VATassure ERP

VATassure ERP configuration:

Thorough review of VAT configuration and tax code set up against best practices and business flows within ERP systems:

• Tax calculation procedures review
• Tax codes review 
• Tax codes mapping to purchase and sale flows and scenarios
• Review against ‘best practice’
• VAT condition records review
• VAT return ‘pointing’
• VAT report configuration