| Interest Calculatins in Tally.ERP9 |
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| Interest Calculation in Tally.ERP 9 - Meaning |
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Tally.ERP 9 allows you to obtain reports on interest calculated by Tally.ERP 9 based on the instructions you furnish. Interest figures are typically desired in the following situations:
1. On outstanding balance amounts
2. On outstanding bills/invoices/transactions (Receivable and payable)
Tally.ERP 9 gives you an tremendous capability to obtain interest implications on both
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| Interest Calculation in Simple Mode |
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To calculate Interest in the Simple Mode:
1. Go to Gateway of Tally> F11: Features> Accounting Features > Set Activate InterestCalculation to Yes. > Set Use Advanced Parameters to No.
2. In the Ledger Creation screen set Activate Interest Calculation to Yes.
3. The Interest Parameters sub screen is displayed. Enter the Rate and select the interest style from the list
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| Interest Calculation in Advanced Mode |
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The advanced parameters are particularly useful where interest rates change from time to time.
· Go to Gateway of Tally> F11: Features > Accounting Features > Set Activate InterestCalculation to Yes. > Set Use Advanced Parameters to Yes.
· The Interest Parameters sub-screen is displayed
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| Interest Calculation on Group |
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Interest Calculation reports are automatically produced if the feature is activated In F11: F1: Accounting Features and the parameters are set for individual ledger accounts.
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| Interest Calculation on Ledger Balances |
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You can get a report on the Ledger balances for the interest calculated.
Go to Gateway of Tally> Display> Statements of Accounts> Interest Calculations> Ledger
Select Account E.g. Bank Loan Account.
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| Statement of Interest Due on Invoice |
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You can calculate interest on each invoice for the period it is outstanding, wholly or partly. Transaction by transaction or bill-by-bill interest calculation is permitted for 'Party' accounts like accounts falling under the groups Sundry Debtors and Sundry Creditors. Bill-wise details should be active for the company and the party
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| Interest Calculation based on Bank Date / Voucher Date |
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The interest calculation feature is enhanced with the facility to calculate interest on ledger balance as per Bank balance provided in Bank Reconciliation Statement using simple and advanced parameters based on bank/reconciliation date. However, to allow users to predefine auto-calculation of interest based on voucher date, the Date Type - Voucher Date is also made available along with Bank/Reconciliation Date in the bank ledger master.
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