Use the Fine calculationform to calculate a penalty or fine for late tax payments. The start date for the calculation is based on the tax reporting date, as specified in the Sales tax settlement periodsform. The end date is the date when outgoing VAT processing transactions were posted for VAT accrual. The fine amount is posted to the ledger account that is specified in the Ledger accountfield in the Sales tax relationsform.

  1. Click Accounts receivable> Setup> Profit tax> Sales tax relationsto open the Sales tax relationsform.

  2. In the Modulefield, select the module to which the sales tax is attached.

  3. In the Type of taxfield, select the tax type as VAT 0%.

  4. In the Codefield, select the sales tax code for the selected tax type.

  5. In the Expense codefield, select the expense code.

  6. On the Generaltab, in the Ledger accountfield, select the account for posting the fine amount in the ledger.

  7. In the BCCfield, select the budget classification code for accounting the fine amount.

  8. Press CTRL+S or close the form.

  9. Click Accounts receivable> Periodic> Sales book> Sales books journal> Functions> Export fine calculationto open the Fine calculationform.

  10. Click Selectto open the Fine calculationdialog form.

  11. In the Date of fine calculationfield, select the end date for the calculation.

  12. Click OK.

  13. In the Fine calculationform, select the Markcheck box to mark a transaction for inclusion in the calculation.

  14. Click Into journalto open the Transfer data to ledger journalform, and then select the journal in which the lines will be created.

  15. Select the Postcheck box and click OKto post the journal.

  16. Press CTRL+S or close the form.

See Also