Type search words and press enter
Seamless e-invoicing is now at your fingertips. Check out our self-help videos.

Interest Payable (Madhya Pradesh)

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.

Note: You can create a journal voucher from Gateway of Tally > Display > Statutory Reports > VAT > select the VAT or CST form.

2.    Click J: Stat Adjustment. In the Stat Adjustment Details screen,

o     Select VAT as Type of duty/tax.

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

o     Select the option Interest in Additional Details field.

o     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.