Review and validate the retirement fund values on the payroll

How to check the retirement fund values for tax year end submissions on Sage VIP Classic and Sage VIP Premier.

Retirement fund contributions have a direct influence on the tax calculation of employees. Company retirement fund contributions are also be taxable as a fringe benefit in the hands of the employee. Review the contributions and funds for each employee.

This validation is step 4 of the RSA SARS Submission Utility.

1. Access your company from the Company Listing screen.
2. From the Main Menu, go to Utilities, then select RSA Submissions.
3. Select SARS Submission Process.
4. Review the period end date, then select Continue.
5. Click Step 4 -  Validate Retirement Fund Values.
   An Excel spreadsheet opens with the retirement fund details of each employee.
6. Review the details of the sheet per employee:
   • Ensure you've linked the employees to e correct fund codes and type
   • Review the scheme type (Defined Contribution Fund, Defined Benefit Fund or Hybrid Fund)
   • Review the fund values (employee and employer contributions)
7. If any of these values aren’t correct:
   • Review the fund setup
   • Correct the year-to-date (including current period) values for the employee
   • Apply corrections for company contributions on the employee History Screen
     
     CAUTION:

     We recommend contacting with your Business Partner for assistance with any changes. Changes to retirement fund values have a direct impact on statutory deductions.

      
8. Select Step Complete to confirm you've finished checks and corrections.

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Next steps

You have now reviewed all the employee data. It's time to review the financials in the payroll and values declared to SARS.

Continue to step 5 of the SARS Submission Utility process: Reconcile payroll financial values for submission.