You can a record journal voucher to raise the liability towards interest, penalty, late fee, or other dues.
To record a journal voucher for interest, penalty, late fee and other dues payable
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. In the Stat Adjustment Details screen, select the options as shown below:
4. Press Enter to save and return to the journal voucher.
5. Debit the expenses or party ledger, and enter the amount of interest liability.
6. Credit the ledger grouped under Current Liabilities.
7. Press Ctrl+A to accept the journal voucher.
Similarly, you can record the journal voucher by selecting the Additional Details in the Stat Adjustment Details as:
● Penalty, for penalty payable.
● Late Fee, for late fee payable.
● Others, for other dues payable.
'Recording Journal Vouchers for Interest, Penalty, Late Fee and Other Dues in GST' has been shared with