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:

Go to Accountant on the left sidebar.
Navigate to VAT Payments.
Click Record Payment next to the VAT payment you want to record the penalty for.
Click + Add Penalty in the Record VAT Payment pop-up.
Enter the following details:

Field	Description
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.