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With the Benefit in kind reconciliation, you can calculate the benefits per beneficiary and reconcile them with the accounting records. This article explains how to complete the reconciliation, how to link a company car and how to check the total.

Table of contents 

Where can I find this reconciliation?

Open the client file and look for the Benefit in kind reconciliation in the working papers, or use the search function in Silverfin.

At the top of the template, you can see that this reconciliation is linked to the Legal documents workflow and to the Fleet reconciliation. We therefore recommend that you first add the beneficiaries in the Legal Docs workflow and the cars in the Fleet reconciliation. You can then select them in this reconciliation.

General options and overview

At the top of the template, you will find two general options that apply to the entire reconciliation:

  • Indicate whether the company is not subject to VAT.
  • Hide the overview of benefits in an export.

Below these options, you can see the total benefits per beneficiary and how they have been reconciled. Silverfin also automatically shows a VAT correction with the VAT amount to be revised and the VAT amount payable. Finally, there is a text box for any additional general explanation and attachments.

Adding a beneficiary

Scroll down to the Benefits section.

  1. Choose a beneficiary from the dropdown menu.
  2. Press Enter to save your choice.

All relevant information about the beneficiary is automatically taken over from Legal Docs. This is the most efficient way to work, as you need to add the directors and shareholders for legal reporting anyway.

Is the person not in the list? Select Other and fill in the relevant information yourself.

After each beneficiary, Silverfin automatically adds a new field for the next one. This way, you can add as many beneficiaries as you need.

Selecting and justifying benefits

Tick the benefits that apply to the beneficiary. Under Calculations, a line then appears for each benefit, which you can justify.

To justify a benefit, a start and end date must be filled in. By default, Silverfin fills in the start and end date of the current period. You can justify a benefit by linking it to one or more of these options: Form, Invoice and/or C/A (current account).

Is the benefit you need not in the list? Enter it in the text box, tick it and press Enter to save it.

Passenger car

For a passenger car, the required data is automatically taken over from the Fleet reconciliation. Silverfin alerts you when the name of the beneficiary differs from the driver linked to the car in Fleet. This makes sure you link the right car to the right person.

  1. Complete the start and end date, if needed.
  2. Enter any personal contribution paid by the beneficiary.
  3. Choose how the benefit is justified.

Silverfin immediately shows the calculation of the benefit in kind and automatically adds the amount to the reconciliation.

Total and reconciliation with the accounts

At the very bottom of the reconciliation, you can see the overall total of all the benefits you have added. This is also where you select the accounts on which the benefits are booked. If your client file is mapped, Silverfin automatically selects the correct accounts.

Silverfin automatically compares the total on these accounts in the accounting records with the benefits you have added in the reconciliation:

  • A green dot means the totals match.
  • A red triangle means there is a difference.

When you scroll back to the top, you will see the beneficiary in the overview, together with their total benefits.

First add the directors and shareholders in the Legal documents workflow and the cars in the Fleet reconciliation. You can then select them straight away in the Benefits in kind reconciliation, and their information is taken over automatically.