Manual VAT Recording and Payment in Qoyod and Paid Accounting Services for ZATCA Filing

Here is an explanation of how to record and pay tax using Qoyod manual accounting entries, where you can record VAT payment through Qoyod manual accounting entries by following the example below:

1. Journal Entry to Record VAT (Quarterly)

• Date: End of Quarter
• Account Name
  • VAT Account: Debit Amount (xxx)
  • Accrued Taxes Account: Credit Amount (xxx)

2. Journal Entry to Pay VAT to the Authority (After Recording the Accrual Entry)

• Date: Payment Date
• Account Name
  • Accrued Taxes Account: Debit Amount (xxx)
  • Bank Account: Credit Amount (xxx)

Explanation of Entries

• Tax Recognition Entry
  • VAT Account: Recording the debit amount to confirm the existence of accrued tax.
  • Accrued Taxes Account: Recording the credit amount as a liability on the company.
• Tax Payment Entry
  • Accrued Taxes Account: Deducting the debit amount after paying the tax.
  • Bank Account: Recording the credit amount to confirm payment from the bank account.

Paid Accounting Service for VAT through Qoyod We provide a comprehensive paid accounting service for VAT services through the Qoyod system. Through this service, you will receive full professional support that ensures your compliance with the requirements of the General Authority of Zakat, Tax and Customs (ZATCA). Our team works in collaboration with J&G Professional Services Group, which has extensive experience in preparing and filing tax returns to ensure accurate procedures and reduce risks and penalties.

Components of the Paid Service

1. Detailed Review of the ZATCA Return

   • Comprehensive review of the zakat and tax return to ensure the accuracy and precision of data before submission.

   • Correction of potential errors and ensuring the return complies with the authority’s requirements.

2. Filing the ZATCA Return on Your Behalf

   • After completing the review, we handle filing the return through the authority’s portal at the appropriate time to avoid any penalties or delays.

3. Detailed Review of the Tax Return

   • Detailed audit of all items in the tax return to ensure the accuracy of calculations, amounts, and supporting data.

4. Filing the Tax Return through the Authority’s Portal

   • Filing the tax return after final review and ensuring all documents and requirements are complete.

To apply for the VAT service, log in to your Qoyod account, then click on Professional Services from the dropdown menu, then click on the VAT service, and then click on “Contact the Team” where the team will reach out to you within two days with a price quote.