Adjustment - Increase of Tax (Kerala)

The option Stat Adjustment in journal voucher helps to create journal voucher for interest payable.

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 form.

2.    Click J: Stat Adjustment.

o     Select the option VAT in the Type of Duty/Tax field.

o     Select the option Increase of Tax Liability in the Nature of Adjustment field.

o     Select the option Interest in the Additional Details field.

o     Press Enter to return to voucher.

3.    Debit the expense ledger created under the group Indirect Expenses and enter the value in the amount field.

4.    Credit the ledger grouped under Current liabilities. The journal voucher appears as shown below:

5.    Press Enter to save.