For businesses in Rwanda, the 15th of the month is an important tax filing deadline.
But filing on time should not mean rushing to prepare your declarations at the last minute. Before submitting your tax obligations, businesses should first make sure their accounting records are complete, reconciled and able to support the figures being declared.
A proper month-end review can help identify errors early, reduce compliance risks and ensure that your tax declarations are consistent with your accounting records.
☐ Reconcile your bank accounts
Make sure all bank transactions are recorded and investigate any unexplained differences.
☐ Review your sales
Confirm that all sales have been invoiced and recorded in the correct accounting period.
☐ Check supplier bills and expenses
Ensure expenses are properly supported, recorded and allocated to the appropriate period.
☐ Reconcile your VAT
Confirm that the VAT figures you are preparing to declare can be traced back to your accounting records.
☐ Review PAYE and Withholding Tax
Check that the liabilities recorded in your books agree with the amounts you are preparing to declare.
☐ Review receivables and payables
Investigate old, unusual or unreconciled customer and supplier balances rather than simply carrying them forward.
☐ Complete a final tax-to-books check
Ask: “Can I explain and support these numbers?” Make sure your tax declarations are supported by your accounting records and relevant documentation.
Before the 15th: Close. Reconcile. Review. File.
The best time to identify accounting or tax issues is before the filing deadline, not when the deadline is staring you in the face.
A proper month-end closing process gives your business more than clean accounts. It provides reliable financial information for tax compliance, reporting and decision-making.
So, as the 15th approaches, take the time to close, reconcile, review and prepare before you file.
At Visions Africa, we support businesses with accounting, bookkeeping and tax compliance, helping businesses maintain reliable financial records and stay on top of their tax obligations.
At Visions Africa, we launched the Start Right Rwanda initiative with a simple goal: to help businesses and professionals better understand their accounting, tax and
Enterprise Resource Planning (ERP) systems such as Odoo, NetSuite, Sage X3, SAP S/4HANA and Microsoft Dynamics 365 help businesses manage thousands of transactions and turn
