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Thread: Capturing VAT Penalties & Interest

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    Capturing VAT Penalties & Interest

    Hi All,

    Please help... How are penalties & interest recorded in Pastel Xpress v17 please?

    We've submitted a couple of returns late this year, and penalties/interest have been imposed by SARS. When making payment for these, where will I post the payments to on Pastel? Do I need to create a seperate GL account? If so, can someone assist in how to correctly create the account please? Unless I'm supposed to post the payments to the VAT Control Account, and post (journal?) entries to the control account for the penalties/interest?

    Thanks in advance

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    Diamond Member Mike C's Avatar
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    Hi Ola - on our system we have a GL Account 3940/000 called "Interest and Penalties paid to SARS"

    It was created as an "I25 - Expenses" item and shows under the Income statement.
    People will forget what you said, people will forget what you did, but people will never forget how you made them feel. - Maya Angelou

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    Quote Originally Posted by Mike C View Post
    Hi Ola - on our system we have a GL Account 3940/000 called "Interest and Penalties paid to SARS"

    It was created as an "I25 - Expenses" item and shows under the Income statement.
    Hi Mike,

    Thank you for your response. I think I will do the same. I suppose I can create 2 GL Accounts, 1 for VAT penalties, and 1 for PAYE penalties/interest.

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    Diamond Member Mike C's Avatar
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    Yes - that should be no problem.
    People will forget what you said, people will forget what you did, but people will never forget how you made them feel. - Maya Angelou

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