To record interest amount incurred, you can create a journal voucher for the Increase of Tax Liability .
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 the option Increase of Tax Liability in the Nature of adjustment field.
o Select the option Interest in Additional Details field.
o Press Enter to save and return to voucher screen.
3. Debit the expense ledger and enter the amount.
4. Credit the ledger grouped under Current Liabilities .
The journal voucher appears as shown below:
5. Press Enter to save.
'Increase in Tax Liability (Rajasthan)' has been shared with