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How to Calculate Interest for Ledger with default Credit Period? @ Tally.ERP9


How to calculate Interest for Ledger with default Credit Period?


How to calculate Interest without effecting the outstanding of a Bill?


To calculate interest for Ledger with default Credit Period/without effecting the outstanding of a bill follow the steps:

Step 1: Enable Interest Calculation Feature

From Gateway of Tally > F11: Features > Accounting Features (F1)

  • Set the options Activate Interest Calculation and use advanced parameters to Yes.

Step 2: Create the Customer Ledger by enabling Interest Calculation option

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

Create the Customer ledger under the primary group sundry debtor; activate the option Maintain balances bill-by-bill. Enable the option Activate Interest Calculation to Yes

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In Interest Parameter screen

  • Enable the option Calculate interest Transaction-by-Transaction.
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Note: Tally.ERP 9 provides the flexibility to the user to override the parameters specified in the masters.

  • Provide the Rate of interest and the Calculation Period. The interest styles available are 30 day Month, 365 day Year, Calendar Month and Calendar Year)
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Here, in our example we are calculating interest @ 10% per annum on the bills from Mega Traders which exceeds due date by 10 days. This due date can be defined during voucher entry and also in the customer ledger master.

  • Accept the Interest Parameters screen and Ledger Creation screen.

Step 3: Record the Sales Transaction

In the Sales Voucher,

  • Ensure that in F12: Configuration the option Use Defaults for Bill Allocations is set to No (disabled).
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Now observe the Bill-wise details screen, you will see that under the heading Due Date, or Credit Days the number of credit period allowed is blank. The customer may fill any value or date to specify the due date.

Note: The interest calculation will start after 10 days from the due date specified here as we have specified the applicability as “Past due date by 10 days” in the customer ledger master

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In our example we will leave the field Due Date, or Credit Days blank so the interest calculation should from the 10th day after the voucher has been passed i.e. from 15th April 2011

Step 4: Check Interest Calculation Report

To see how Interest is getting calculated, navigate to Interest Calculation Report

From Gateway of Tally > Display > Statements of Accounts > Interest Calculations > Interest Receivable.

  • Press F2 and change the period to 30th April 2011 and press enter.
  • You can see the Interest amount as Rs. 6.16.
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The report can be further drill-down to Ledger Interest report to see the period for which Tally has calculated interest. Click on F1: Detailed button, from this screen we understand that the interest has been calculated for a period of 15 days (15-4-2011 to 30-4-2011) @ 10% p.a. If we calculate the amount of interest = 1500 x (15/365) x 10% = Rs. 6.1644 or Rs. 6.16 (rounded off to two decimal places)
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