I would like the Interest to be Calculated in Tally at specified Rates for a range of periods as follows:
0 to 30 days - No interest
31 to 45 days - @ 15%
46 to above - @ 20%
Please suggest how the same can be implemented in Tally.ERP 9
Solution
Follow the steps mentioned below to calculate the following:
1. Enable the bill-wise details in F11 feature F1 Accounting Features
2. Specify the Interest parameters in the party ledger as shown below:
3. Sales Entry: While passing the sales entry, say on 1st of April 2009 for Rs.1,00,000/-, specify the period under Interest Parameters after the bill-wise details of a party are entered, as follows:
Bill-wise Details:
Credit Days – 30 days (wef 1.-4-2009)
Interest Parameters
Rate: 15 %, from Due Date of Invoice/Ref Date: 1-May-2009 To 16-May-2009 (period of 15 days, for 31 to 45 days)
Rate: 20 %, from Due Date of Invoice/Ref Date: 16-May-2009 To (for 46 days onwards)
4. Accept the sale entry after specifying the interest details.
5. The Interest Calculation report will display the details as shown below:
Go to Gateway of Tally > Display > Statement of Account > Interest Calculation > Ledger > select the party
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