Baraka strategy Consults Limited

Baraka strategy Consults Limited

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Why Manage debtors

Debtors are people or businesses who owe you money. Proper management of your debtors will help you get paid faster and prevent bad debts. Prompt collection of debtors' accounts will also help you maintain a healthy cash flow.

Giving your customer an invoice or bill after they have supplied a product or service is a way of offering credit, since you have to wait for the payment. By giving your customers time to pay for goods or services already delivered, you are making it easier for them to make purchases. This will increase sales, but will reduce the cash flow critical to your business.

Managing debtors is often referred to as credit management, and includes:

collecting debts on time
setting credit limits and payment terms
making credit applications and credit checks
enforcing a clear credit policy
considering debtor finance.
Debt management also involves keeping debtor records - this is a legal tax requirement. There are also laws governing how you are allowed to follow up debts with your customers.

This guide explains how to manage debtors for your business. Hope this is helpful and meaningful .
Happy weekend mwana

Accounting , Taxation services and financial services

Operating as usual

30/09/2021
05/07/2021

Anyone who wants to get our services i.e. (filling of the Income tax returns both Individual and non-Individual, Filling of VAT returns , Filling of PAYE Returns , Withholding tax Returns , Local service Tax , objections , Tax Appeals , Penalty Reversals , EFRIS Book keeping , Rental tax filling , presumptive tax returns , Corporate tax Consultancy , Provisional Tax return
TIN Registration, Company Incorporation, NSSF filling , Installation of QuickBooks etc.

Kindly Contact
Email [email protected]

Or Inbox me for more Information about this.

16/06/2021
27/05/2021

Reams of paper at 16,000 each please inbox for more details

Baraka strategy Consults Limited updated their address. 20/05/2021

Baraka strategy Consults Limited updated their address.

Baraka strategy Consults Limited updated their address.

20/05/2021
20/05/2021
11/05/2021

MCF: Friday Overnight Service with Pastor Tom Mugerwa 7-May-2021

25/04/2021

Space for sub rent in Nakawa please contact me or inbox 📥 me for more details

Space for sub rent in Nakawa please contact me or inbox 📥 me for more details

25/04/2021

Space for sub rent in Nakawa please contact [email protected] 0787715513

25/04/2021

Space for sub rent in Nakawa please contact me @ 0787715513

Space for sub rent in Nakawa please contact me @ 0787715513

24/04/2021

Space for sub rent at small gate mubs please inbox me for more details

Space for sub rent at small gate mubs please inbox me for more details

23/04/2021
Timeline Photos 16/04/2021

Timeline Photos

EFRIS means real-time information management which really helps when the tax season comes around. 15th of every month is no longer a daunting date for solid EFRIS users.
#KakasaNgaKapo
#URATickTock

Timeline Photos 02/04/2021

Timeline Photos

Let's let you in on an open EFRIS secret!

You should always appoint a very solid Customs clearing agent because when a business is making a declaration at importation, EFRIS captures the details in the entry as that business's stock.

https://buff.ly/3rzDpLx

#KakasaNgaKapo

25/03/2021

Deemed VAT

An aid-funded project is one whose ex*****on is funded by a foreign government or a development agency like DANIDA, USAID, DFID etc. through loans, grants and donations.

The tax payable by supplier to a contractor executing an aid-funded project is deemed to have been paid by the contractor provided it is for use by the contractor strictly for the ex*****on of the aid funded project – Section 24 (6) of the VATA

Similarly, the tax payable on a taxable supply made to a Government ministry, department or agency by a contractor executing an aid – funded project is deemed to have been paid by that ministry, department or agency as long as it is solely and exclusively for use in the ex*****on of the aid-funded project – Section 24 (7) of the VATA.

Contractors are advised to seek private rulings/advance tax rulings to ensure that the transactions they enter are done so with certainty of the VAT implications under the above arrangements.

23/03/2021

How is a Small business taxpayer taxed? #TaxMchuzi

Unless you elect by notice [in writing] to the Commissioner for your tax to be calculated using relevant rates of tax administered after ascertaining chargeable income, you'll be taxed as per the rates below;

23/03/2021

Good afternoon Uganda;

These are the step-by-step guides on how to access information about EFRIS (Electronic Fiscal Receipting & Invoicing Solution) on the URA web-portal. https://efris.ura.go.ug

#KakasaNgaKapo #FfeBanno

23/03/2021

Who is required to issue an e-invoice or e-receipt?

It is mandatory for all VAT registered tax payers to enroll on the system.

However, those outside this category are advised to implement EFRIS ad take advantage of the various benefits.https://efris.ura.go.ug

#KakasaNgaKapo

Who is required to issue an e-invoice or e-receipt?

It is mandatory for all VAT registered tax payers to enroll on the system.

However, those outside this category are advised to implement EFRIS ad take advantage of the various benefits.https://efris.ura.go.ug

#KakasaNgaKapo

22/03/2021

Office space for sub rent Nakawa inbox me

Office space for sub rent Nakawa inbox me

09/03/2021
21/12/2020

BAND Urungi

Weekly Worship, Sharing and Prayer!
Episode 7

15/08/2020

Here is your word to command this Weekend :
Verse: Psalm 139:10

‘…even there Your hand will guide me, Your right hand will hold me fast.’

- There is no place we can go, where God’s hand cannot reach.
- We may think that things have gone too far, but not with the Lord.
- We may think that a comeback is impossible, but with Him it is possible.
- My friend even there, right now, in the space you find yourself, He is there to hold you.

PRAYER: Ever Present God and My Father , thank You for Your involvement in my life. When I feel down, discouraged or hopeless, I can always remind myself of Your love and care, and because of this, I can always have hope in the name of Jesus . Amen.

Have a great weekend

12/08/2020

#InternationalYouthDay
There are a number of government initiatives geared towards empowering the youth that can be very helpful.

Development partners such as the UNDP have come on board. Today, we launch the Youth 4 Business Innovation and Entrepreneurship facility. 10 million USD has been granted under this facility alongside a concessional loan of up to 200m USD, targeting the Youth.

You are encouraged to apply through www.undp.org. My daughter Anne Juuko of Stanbic Bank is talking about 14% as interest below market rate but I hope it can be revised down.

Be honest in your organizations or associations if and, or when you access the funds. The associations are only viable if they are managed well and also honestly.

01/08/2020

PUBLIC NOTICE:

URA is inviting all eligible taxpayers to VOLUNTARILY DISCLOSE [in writing] any previous tax that should have been declared or paid to the authority.

Once you agree to pay the outstanding unpaid tax, you will not be required to pay any interests or fine due to URA. #FfeBanno

31/05/2020

Hello friends 👋 , anyone in need of a very honest , experienced and trustworthy driver please inbox me

31/05/2020

Uganda Revenue Authority (URA)

It is important to always Withhold Tax when you are making the following payments:

• Employment income (PAYE)
• Goods and Services
• Imports
• Professionals fees
• Interest Dividends
• Rent
• Natural resource payments
• Royalty
• Management charge
• Ugandan-source services contract
• 10% Commission on mobile money
• 2% non-resident transporters
• 5% non-resident internet service providers
• 10% should be withheld by Resident persons who purchase assets from non-resident persons

#TaxMchuzi

20/05/2020

How Should Companies Assess COVID-19 Events After the Reporting Period?
IAS 10 Events after the Reporting Period contains requirements for when adjusting events (those that provide evidence of conditions that existed at the end of the reporting period) and non-adjusting events (those that are indicative of conditions that arose after the reporting period) need to be reflected in the financial statements. Amounts recognized in the financial statements are adjusted to reflect adjusting events, but only disclosures are required for material non-adjusting events.

Judgment is required in determining whether events that took place after the end of the reporting period are adjusting or non-adjusting events. This will be highly dependent on the reporting date and the specific facts and circumstances of each company’s operations and value chain. Management may need to continually review and update the assessments up to the date the financial statements are issued given the fluid nature of the crisis and the uncertainties involved.

With respect to reporting periods ending on or before 31 December 2019, there is a general consensus that the effects of the COVID-19 outbreak are the result of events that arose after the reporting date (e.g., in the UK, the Financial Reporting Council has stated that COVID-19 in 2020 was a non-adjusting event for the vast majority of UK companies preparing financial statements for periods ended 31 December 2019). For later reporting dates (e.g. February or March 2020 year ends), it is likely to be a current-period event which will require ongoing evaluation to determine the extent to which developments after the reporting date should be recognized in the reporting period.

If management concludes the impact of non-adjusting events are material, the company is required to disclose the nature of the event and an estimate of its financial effect. If it cannot be reliably quantitively estimated, there still needs to be a qualitative disclosure, including a statement that it is not possible to estimate the effect. Examples of non-adjusting events that would generally be disclosed in the financial statements include breaches of loan covenants, management plans to discontinue an operation or implement a major restructuring, significant declines in the fair value of investments held and abnormally large changes in asset prices, after the reporting period.

How Should Companies Assess Going Concern?
IAS 1 Presentation of Financial Statements requires management to assess a company’s ability to continue as a going concern. The going concern assessment needs to be performed up to the date on which the financial statements are issued. The assessment relates to at least the first twelve months after the balance sheet date, or after the date the financial statements will be signed, but the timeframe might need to be extended.

Material uncertainties that cast significant doubt on the company’s ability to operate under the going concern basis need to be disclosed in the financial statements. It is highly likely that many companies large and small, and particularly in certain sectors, will have issues relating to the current situation that need to be considered by management. There will be a wide range of factors to take into account in going concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement financing, financial health of suppliers and customers and their effect on expected profitability and other key financial performance ratios including information that shows whether there will be sufficient liquidity to continue to meet obligations when they are due.

Given the significant uncertainty, disclosure should include those significant assumptions and judgments applied in making going concern assessments. Assessments will likely need to include different scenarios with varying assumptions which can be updated to take into account the evolving nature of uncertainties.

Management should assess the existing and anticipated effects of COVID-19 on the company’s activities and the appropriateness of the use of the going concern basis. If it is decided to either liquidate or to cease trading, or the company has no realistic alternative but to do so it is no longer a going concern and the financial statements may have to be prepared on another basis, such as a liquidation basis.

What are Other Significant Effects on Accounting and Reporting to Evaluate?
Throughout 2020, companies will need to review all areas of the accounts that are subject to judgment and estimation uncertainty. The use of forecast information is pervasive in assessing a range of effects in addition to going concern including the impairment of financial and non‑financial assets, expected credit losses, and the recoverability of deferred tax assets.

Fair value measurements (IFRS 13 Fair Value Measurement - FVM)

A change in the fair value measurement affects the disclosures required by IFRS 13, which requires companies to disclose the valuation techniques and the inputs used in the FVM as well as the sensitivity of the valuation to changes in assumptions. Disclosures are needed to enable users to understand whether COVID-19 has been considered for the purpose of FVM. A key question is what conditions and the corresponding assumptions were known or knowable to market participants at the reporting date.

For 2020, fair value measurements, particularly of financial instruments and investment property, will need to be reviewed to ensure the values reflect the conditions at the balance sheet date. This will involve measurement based on unobservable inputs that reflect how market participants would consider the effect of COVID-19 in their expectations of future cash flows related to the asset or liability at the reporting date.

During the current environment, the volatility of prices on various markets has also increased. This affects the FVM either directly - if fair value is determined based on market prices (for example, in case of shares or debt securities traded on an active market), or indirectly - for example, if a valuation technique is based on inputs that are derived from volatile markets. Consequently, special attention will be needed on the commodity price forecasting that’s used in developing fair value conclusions.

Impairment of non-financial assets subject to the requirements of IAS 36 Impairment of Assets. In addition, other relevant standards to consider for management estimates include IAS 16, Property, Plant and Equipment, IFRS 16 Leases, and IAS 37, Provisions, Contingent Liabilities and Contingent Assets

IAS 36 ensures that a company’s assets are carried at not more than their recoverable amount (the higher of fair value less costs of disposal and value in use) and requires companies to conduct impairment tests when there is an indication of impairment of an asset at the reporting date. Indicators of impairment include significant changes with an adverse effect on the company that have taken place during the reporting period or will take place soon in the market or economic environment in which the company operates.

The scope of assets subject to the requirements in IAS 36 is broad. It includes property, plant and equipment (carried at cost or revalued amount), intangible assets (carried at cost or revalued amount), goodwill, right‑of‑use assets (if carried at cost), investment property (if carried at cost), biological assets (if carried at cost) and investments in associates and joint ventures accounted for using the equity method.

Companies will need to assess whether the impact of COVID-19 has potentially led to an asset impairment. For most companies, the economic effects are likely to trigger an impairment test for long-lived assets and other asset groups. Estimates of future cash flows and earnings are likely to be significantly affected by direct or indirect impacts. Asset impairment may also reduce the amount of deferred tax liabilities and create additional deductibles. Ongoing identification and evaluation and re-evaluation are essential to understand the extent of the need for recognition and for what periods.

Valuation of inventories is subject to IAS 2 Inventories, and inventories are measured at the lower of their cost and net realizable value (NRV). In the current environment, the NRV calculation will likely require more detailed methods or assumptions e.g. companies may need to write-down stock due to less sales. Interim inventory impairment losses should be reflected in the interim period in which they occur, with subsequent recoveries recognized as gains in future periods.

Measuring expected credit loss assessments (ECLs) under IFRS 9 Financial Instruments

The COVID-19 impact on credit risk will be more severe and immediate in various sectors. The IASB has published a document responding to questions regarding the application of IFRS 9, which requires companies to incorporate reasonable and supportable information about past events, current conditions and the forecast of future economic conditions into the assessment of ECLs for financial assets not measured at fair value through profit or loss. Such an assessment should be based on information at the reporting date and adjusted for subsequent available information.

The increased credit risk faced by banks and lenders is related to exposures to borrowers in highly affected sectors. Provisions need to be estimated based on the ECL for the entire remaining life of a financial instrument, such as loans to borrowers whose credit risk has increased significantly since origination.

Regulators such as The European Securities and Markets Authority (ESMA) are issuing guidance to help ensure companies faithfully represent ECLs and apply IFRS 9 consistently. The measurement of ECL applies to companies across industries other than financial services but specific considerations and ECL guidance for lenders and banks is available.

ECL is a probability weighted amount that is determined by evaluating a range of possible outcomes. Qualitative and quantitative disclosure enables users of financial statements to understand the effect of credit risk on the amount, timing and uncertainty of future cash flows. This includes the basis of inputs and use of assumptions and estimation techniques.

Hedge accounting - where a company applies hedge accounting as part of its risk management strategy under IFRS 9 Financial Instruments

COVID-19 may reduce the probability of a hedged forecast transaction occurring or affects its timing. Consequently, the hedge accounting criteria in applicable financial reporting standards may no longer be met, for example if a hedged financial asset becomes credit impaired.

If a hedged forecast transaction is no longer highly probable to occur, hedge accounting is discontinued and the accumulated gains or losses on the hedging instrument need to be reclassified to profit or loss. Hedged items in a cash flow hedge that could be affected due to COVID-19 include: Sale or purchase volumes that fall below the levels originally forecasted; planned debt issuances that are delayed or cancelled such that interest payments fall below levels originally forecasted; business acquisitions or disposals that are delayed or cancelled.

Additional disclosures might also be required. For example, IFRS 7 Financial Instruments: Disclosures requires disclosure of defaults and breaches of loans payable, of gains and losses arising from derecognition or modification, and of any reclassification from the cash flow hedge reserve that results from hedged future cash flows no longer being expected to occur. Disclosures include quantitative data, for example about liquidity risk, and narrative disclosure, for example how risk is being managed.

Other considerations

Other accounting and reporting considerations to take note of are covered in the references below and include revenue recognition and contract modification related to variable consideration (linked to IFRS 15 Revenue from Contracts with Customers). Although revenue is accounted for when it happens, there could also be an effect on the assumptions made by management in measuring the revenue from goods or services already delivered. For example, reduced demand could lead to an increase in expected returns, additional price concessions, reduced volume discounts, penalties for late delivery or a reduction in the prices that can be obtained by a customer. A company may also modify its enforceable rights or obligations under a contract with a customer such as granting a price concession in which is it is necessary to consider whether the concession is due to the resolution of variability that existed at contract inception or a modification that changes the parties’ rights and obligations.

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