Excel templates with macros needed for KRA returns by corporate entities in Kenya

Kenya has been going digital in various government departments and Kenya Revenue Authority (KRA) has been at the fore-front in digitizing it's information management. Over the last 5 years KRA has implemented an on-line system for making various tax returns with the aim of eliminating paper based records for tax returns. The system that was introduced 5 years ago is ITMS that is now being replaced by iTax. The greatest value add in iTax system is that, the tax payer is able to view his/her ledger that shows ALL transactions done with KRA. This will make it easy for tax payers to discuss their tax matters with KRA without having conflicting details regarding the tax payers records at KRA.

The purpose of this blog is not to give you all the details regarding the iTax system, but is to highlight to Kenyan tax payers the need to enhance their Excel skills if they are to be able to use the system well. The iTax system does not allow users to work on-line when inputting details in their tax returns forms. iTax has been designed to only accept data that has been inputted off-line in a standard Excel template that has macros to generate the zipped upload file. To fill in some of the data into the Excel template, the user can import csv files into the Excel template so as to reduce time taken typing data into the template. The template does not allow users to copy or paste data within it, and therefore it has given options for users to import data from csv files.

This therefore means that corporate tax payers will have to design their own templates that link to their operational systems and extracts data for tax returns and then creates csv files to be used when importing data into the iTax template. This will mean that initially corporate organizations need to develop various templates with macros that ensure the process of loading data into the iTax templates is as efficient and error free as possible. Excel experts are going to be of great assistance in this process. Sunesis consulting is already working on templates with macros that can be used for this purpose and is ready to work with organizations to implement their templates.

Annual Report and Financial Statements

One headache that every finance team member has the period when they need to create the financial statements for the year. This is when any misposted or wrongly allocated funds come to haunt them. This is the period when the Auditors become the arch-enemies of the finance team. This is the period when the statement "not balancing" is synonymous with "you are dead". This is the period when having a sleeping bag in the office is a necessity for the finance team.

Some of the causes of the stress involved in the production of finance statements can be reduced or eliminated by ensuring data from the financial system to Excel (where the financial statements are prepared) is transfered with as little manipulation by staff as possible. One solution we have offered a number of organizations for this purpose is creating an Excel template that uses an import of the TB from the financial system to give the P&L, Balance sheet and Cash flow by using formulas linking these reports to the TB.

The value add for this template to the process is that any changes made during the audit process can quickly be included into the final accounts without having to lose "balance" in the balance sheet.

Have a great new year and an easy reporting process.