Create a journal voucher for the increase in 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 form.
2. Click J: Stat Adjustment. In the Stat Adjustment Details screen,
o Select Type of duty/tax as VAT.
o Select Increase of Tax Liability as the Nature of adjustment.
o Select the option Interest in Additional Details field.
Note: Based on the selection made for Nature of adjustments, the Additional Details option will appear or disappear.
o Press Ctrl+A to accept and return to the voucher.
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.