What it is
Open Funding pack, under Reports on your phone (the Financials card) or under Financials Reports in the Reports section on a computer. It is made from your own records in Worklog, for a loan or funding application. The first page says so: Prepared from the business's own records in Worklog. Not audited or reviewed.
- 1 · Business profile: your name, legal form, address, and the VAT, PAYE, UIF, COIDA, CIPC and income tax numbers you have saved. A line you have not filled in is left out.
- 2 · Profit & Loss: for the last finished tax year and for this tax year so far.
- 3 · Balance Sheet: at the end of the finished year, and at today's date.
- 4 · Cash flow: for the same two periods.
- 5 · Bank months: each account by month, with whether every line is ticked against your statement.
- 6 · Who owes you, who you owe: today's position, by how overdue.
- 7 · Returns marked filed: VAT201, EMP201, EMP501, IRP6 and the others you marked as filed in those periods.
- 8 · Tax compliance status: only if you add it. The PIN you type in, and how your lender checks it with SARS.
The two periods
A tax year runs from 1 March to the end of February. The pack shows the last tax year that is over, and this tax year so far. The part for this year is marked as still open: it is not a finished tax year.
The periods are Worklog's tax years, 1 March to the end of February (or a company's long first financial year). They may differ from your own financial year end.
A business that has not been through a tax year yet has no finished year. The pack says so, and shows this year so far.
What is not in it
It holds no staff names, no ID numbers and no full account numbers. Payroll appears as totals only. A bank account shows its name and, at most, the last 4 digits of its number.
Customers and suppliers are not named. You see totals by how overdue. If your lender needs the names, tick Name each customer and supplier before you make the pack. A customer's name can be personal information, so tick it only when you need to.
A part your login is not allowed to open is left out, and the first page says which part and why.
What it is not
It is not an audit and it is not a review. Whoever reads it decides for themselves what to make of it. A tick in Bank months means you ticked the line against your own statement from your bank in Banking. It does not mean your bank has confirmed anything. This is a calculation aid, not a filing. Take these figures to your accountant before you send them to anyone.
The tax compliance status PIN
The tax compliance status page is your choice. It is off until you turn on Add a tax compliance status page. Then you type your PIN in, with the date on your PIN letter if you like, and the page goes into the pack once a PIN is typed. It is printed as entered by you. Worklog does not keep it: type it again each time you make a pack.
- Your lender needs your tax reference number and the PIN from your tax compliance status letter.
- They enter both on SARS eFiling (Tax Status menu) or on SARS's online query system. The page is called How to verify tax compliance status, on sars.gov.za.
- SARS shows the status as it is on the day it is checked. SARS confirms it to the person you give the PIN to (Tax Administration Act s256(5)).
Make it
- Open Funding pack. It waits until every list it is drawn from has been read, and says which one failed if one could not be.
- Read the list of parts, and what was left out.
- Decide whether to name customers and suppliers, and whether to add a tax compliance status page with your PIN.
- Tap PDF for one document, or CSV / Excel for one file with the same parts.