Type search words and press enter
"Use Edit Log for transactions/masters, and digital signature for invoices/reports with Release 2.1. Download NOW!"

Recording Journal Vouchers for Compounding Scheme Liability (Uttar Pradesh)

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.

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 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.