You can create journal vouchers for the interest payable with Increase of Tax Liability as nature of payment.
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.
In the Stat Adjustment Details screen,
1. Select VAT as Type of duty/tax.
2. Select Increase of Tax Liability as the Nature of adjustment.
3. Select the option Interest in Additional Details field.
4. Press Enter to return to the voucher.
3. Debit the expense ledger and enter the amount in Debit column.
4. Credit VAT ledger and press Enter.
● Enter the Rate and Assessable Value in the VAT Details screen.
● Press Enter.
5. Enter the value in Credit column.
The journal voucher appears as shown below:
6. Press Enter to save.
'Interest Payable (Madhya Pradesh)' has been shared with
