Record Journal Vouchers for Interest, Penalty, Late Fee and Other Dues in GST
You can a record journal voucher to raise the liability towards interest, penalty, late fee, or other dues.
- Gateway of Tally > Vouchers > press F7 (Journal).
Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal). - Press Alt+J (Stat Adjustment) , select the options as shown below:
- Type of duty/tax – GST.
- Nature of Adjustment – Increase of Tax Liability.
- Additional Details – Interest.
- Press Enter to save and return to the journal voucher.
- Debit the expenses or party ledger, and enter the amount of interest liability.
- Credit the ledger grouped under Current Liabilities.
- Accept the screen. As always, you can press Ctrl+A to save.
Similarly, you can record the journal voucher by selecting the Additional Details in the Stat Adjustment Details as:
- Penalty, for penalty payable.
- Late Fee, for late fee payable.
- Others, for other dues payable.