VAT Payments
In Zoho Books, you can generate VAT returns based on a tax period and record transactions to help with tax filing.
Once you file your VAT return, mark it as Filed in Zoho Books. When you pay or reclaim VAT from KRA, you can record the payment or a refund for it in the following modules:
Insight: You can record tax payments using either a Bank or a Cash account. However, tax claims can only be recorded through a Bank account.
Reports
You can record tax payments or claims for filed returns from the Reports module. Here’s how:
- Go to Reports on the left sidebar.
- Select VAT3 Returns under VAT.
- Click the dropdown next to the required filed tax return, and select Record Payment.
- In the Record Tax Payment pop-up:
| Fields | Description |
|---|---|
| Paid Through | Select whether you want to make the payment through your bank account or credit card. |
| Total Tax Payable | This section displays the total VAT amount to be paid for the current tax return. |
| Amount Due | It displays the amount due for the current tax return. |
| Amount Paid | Enter the tax amount that you’ve paid. |
| Payment Date | Select the date on which the payment was made. |
| Reference # | Enter the reference number for the payment made, if required. |
| Description | Provide a short description, if required. |
- Click Save.
The payment will be recorded for the current tax period.
To record claim for the current tax period:
- Go to Reports on the left sidebar.
- Select VAT3 Returns under VAT.
- Click the dropdown next to the required filed tax return, and select Record Claim.
- In the Record Tax Claim pop-up:
| Fields | Description |
|---|---|
| Deposit To | Select whether you want to record the claim through your bank account or credit card. |
| Total Tax Reclaimable | This section displays the total VAT amount to be reclaimed in the current tax return. |
| Amount Reclaimed | It displays the amount reclaimed for the current tax return. |
| Amount Paid | Enter the tax amount that you’ve paid. |
| Payment Date | Select the date on which the payment was made. |
| Reference # | Enter the reference number for the payment made, if required. |
| Description | Provide a short description, if required. |
- Click Save.
The reclaim will be recorded for the current tax period.
Accountant
You can record tax payments or claims for filed returns from the Accountant module. Here’s how:
- Go to Accountant on the left sidebar and select Tax Payments.
- Click Record Payment next to the required filed tax return.
- In the Record Tax Payment pop-up:
| Fields | Description |
|---|---|
| Paid Through | Select whether you want to make the payment through your bank account or credit card. |
| Total Tax Payable | This section displays the total VAT amount to be paid for the current tax return. |
| Amount Due | It displays the amount due for the current tax return. |
| Amount Paid | Enter the tax amount that you’ve paid. |
| Payment Date | Select the date on which the payment was made. |
| Reference # | Enter the reference number for the payment made, if required. |
| Description | Provide a short description, if required. |
- Click Save.
The payment will be recorded for the current tax period.
To record claim for the current tax period:
- Go to Accountant on the left sidebar and select Tax Payments.
- Click Record Payment next to the required filed tax return.
- In the Record Tax Claim pop-up:
| Fields | Description |
|---|---|
| Deposit To | Select whether you want to record the claim through your bank account or credit card. |
| Total Tax Reclaimable | This section displays the total VAT amount to be reclaimed in the current tax return. |
| Amount Reclaimed | It displays the amount reclaimed for the current tax return. |
| Amount Paid | Enter the tax amount that you’ve paid. |
| Payment Date | Select the date on which the payment was made. |
| Reference # | Enter the reference number for the payment made, if required. |
| Description | Provide a short description, if required. |
- Click Save.
The reclaim will be recorded for the current tax period.
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