Managing Free Basic Services and Rebate Transactions
Explore the intricacies of managing free basic services and rebate transactions in the context of mSCOA vendor reporting forum presented by National Treasury. Learn about fund equitable share, indigent transactions, property rates, and more.
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Presentation Transcript
mSCOA VENDOR REPORTING FORUM FREE BASIC SERVICES Presented by National Treasury 22 August 2017 1
Background Free basic services are managed in the Project segment; The Item account for the rebate is the same as the Item account for the levy; The free portion of the levy must be against Fund Equitable Share for indigents; The free portion for indigents must be levied against the cost price of the service; Only the rebate transaction will carry the Project FBS. 2 2
Indigent Transaction LEVY R1,000 OF WHICH R200 IS FOR FREE ELECTRICITY PROJECT FUNCTION ITEM FUND DEBIT CREDIT SERVICE CHARGES: ELECTRICITY 800 IR: SERVICE CHARGES: ELECTRICITY 200 Equitable Share LEVY DEFAULT ELECTRICITY SERVICE CHARGES: ELECTRICITY 800 IA: RECEIVABLES: ELECTRICITY 200 Equitable Share IR: SERVICE CHARGES: ELECTRICITY 200 REBATE COST OF FBS: ELECTRICITY ELECTRICITY Equitable Share IA: 200 RECEIVABLES: ELECTRICITY 3 3
Property Rates Transaction LEVY R1,000 OF WHICH R200 IS FOR REBATE PROJECT FUNCTION ITEM FUND DEBIT CREDIT IR: Property Rates: Residential 1,000 LEVY Taxes: Property Rates Default Finance IA: Receivables: Property Rates 1,000 IR: Property Rates: Residential 200 REBATE Property Rates Rebates: Pensioners Taxes: Property Rates Finance IA: Receivables: Property Rates 200 4 4
Thank you THANK YOU 5
