In Tally.ERP 9, you can record a journal voucher to account for interest payable for compounding scheme liability by selecting Increase of Tax Liability as the Nature of Adjustment.
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.
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