In Tally.ERP 9, you can record a journal voucher to account for interest payable for Increase of Tax Liability within the state of Gujarat.
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 the option VAT in the Type of Duty/Tax field.
2. Select the option Increase of Tax Liability in the Nature of adjustment field.
3. Select the option Interest in Additional Details field.
4. Press Ctrl+A to return to the voucher.
3. Debit the expense ledger created under the group Indirect Expenses, and enter the value.
4. Credit the ledger grouped under Current Liabilities.
5. Set the option Provide VAT Details? to Yes.
6. Enter From and To date in the Refund Adjustment Details screen.
The journal voucher appears as shown below:
7. Press Enter to save.
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