You can account for interest paid on excise duty in Release 5 using a payment voucher.
To account for interest paid on excise duty
1. From Gateway of Tally > Accounting Vouchers > F5: Payment > Press Alt+S: Stat payment.
Or
1. Go to Gateway of Tally > Display > Statutory Reports > Excise Reports > Manufacturer > Excise Forms > Form ER1 > Press Alt+S: Stat payment.
2. Select Excise as the Tax type.
3. Select the Excise unit if available.
4. Enter the from and to period.
5. Select Interest as the Payment Type.
6. Press Enter to save.
7. Select Interest ledger (created under Indirect expenses) under Particulars.
8. Enter the Interest amount.
9. Press Enter to save.
10. Select the Type of Payment.
11. Enter the name of the Source Document and the Source Document Date.
12. Press Enter to save the transaction.
