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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.