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VAT Penalty
When you don’t pay VAT within the specified due date, a penalty amount will be levied on your VAT payable amount called VAT penalty. You can make the VAT penalty payment in the SARS portal and record it in Zoho Books. Here’s how:
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Go to Accountant on the left sidebar.
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Navigate to VAT Payments.
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Click Record Payment next to the VAT payment you want to record the penalty for.
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Click + Add Penalty in the Record VAT Payment pop-up.
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Enter the following details:
Field | Description |
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Penalty Amount | VAT amount for which the penalty is applied. |
Penalty Interest Amount | The interest amount that should be paid as a penalty. |
Expense Account | The account in Zoho Books used to track VAT penalty transactions. |
Penalty Payment Date | The date on which you pay the VAT penalty. |
Reason for Penalty | The reason for missing the VAT payment due date. |
![VAT Penalty](/za/books/help/images/vat/add-penalty.png)
- Click Save.
The VAT penalty payment will now be recorded in Zoho Books.
View Payment Penalty
To view the payment penalty in Zoho Books:
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Navigate to Accountants on the left sidebar and go to VAT Payments.
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Go to Payment History tab.
You can view all the VAT payments you’ve recorded in Zoho Books.