In Tally.ERP 9, you can record a journal voucher to account for interest payable for compounding scheme liability by selecting Increase of Tax Liability as the Nature of Adjustment.
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 Increase of Tax Liability, as the Nature of adjustment.
o Select the Compounding Scheme Liability in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.
o Press Ctrl+A to return to the voucher.
3. Debit the expense ledger and enter the amount.
4. Credit the tax ledger grouped under Duties & Taxes. The journal voucher appears as shown below:
5. Press Enter to save.