To view the fees automatically collected from no-show and late cancel reservations, go to Reports > Sales > Orders
Set a Product Type filter for Penalty Fees.
From there, you'll want to set the date range and any additional filters you'd like to generate the list of orders you'd like to see.
Penalty fees are sent to the purchase location. For example, if a customer purchases a membership at Studio A, makes a reservation at Studio B, and is penalized (no-show or late-cancel), the penalty fee will still go to Studio A.