Recording Journal Vouchers for Compounding Scheme Liability (Uttar Pradesh)

To create a Journal voucher for interest payable

1.     Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2.     Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.

o      Select Type of duty/tax as VAT.

o      Select Increase of Tax Liability, as the Nature of adjustment.

o      Select the Compounding Scheme Liability in Additional Details section.

Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.

o      Press Ctrl+A to return to the voucher.

3.     Debit the expense ledger and enter the amount.

4.     Credit the tax ledger grouped under Duties & Taxes. The journal voucher appears as shown below:

5.     Press Enter to save.