In Tally.ERP 9, you can record a journal voucher to account for interest payable for Increase of Tax Liability within the state of Gujarat.
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 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 Additional Details field.
o Press Ctrl+A to return to the voucher.
3. Debit the expense ledger created under the group Indirect Expenses , and enter the value.
4. Credit the ledger grouped under Current Liabilities .
5. Set the option Provide VAT Details? to Yes .
6. Enter From and To date in the Refund Adjustment Details screen.
The journal voucher appears as shown below:
7. Press Enter to save.
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