How to pay Interest on Excise duty in Release 5?

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 .


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.