A journal voucher with nature of adjustment as Increase of Tax Liability is selected for adjusting the Increase in tax liability
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 required options in the Stat Adjustment Details screen.
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 option Interest in Additional Details field.
Note: Based on the selection made for Nature of adjustments, the Additional Details option will appear or disappear.
o Press Ctrl+A to accept and return to the voucher.
3. Debit the expense ledger and enter the amount.
4. Credit the ledger grouped under Current Liabilities.
The journal voucher appears as shown below:
5. Enter Narration, if required.
6. Press Enter to save.
'Recording Increase of Tax Liability (Odisha)' has been shared with
