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Interest Calculation - All Balances, Debit & Credit @ Tally.ERP9

Query

How to calculate interest on only credit or debit balance?

Answer

Tally.ERP 9 has the option of calculating the Interest on All Balances or only Credit/ Debit balances.

Consider the example of the company that receives an advance amount of Rs.25,000/- from Blue Nile Stationeries on January 26, 2009 towards an increased supply. The company charges an interest on the outstanding bill, but wants to pay the interest at a lower rate (6%) for amounts received from customers as advance.

Select the option All Balances from the list of Interest Balances in the Advance Interest Parameters screen as shown below:

Calculation - All Balances, Debit & Credit @ Tally.ERP9
The interest report, is displayed as shown below:
Calculation - All Balances, Debit & Credit @ Tally.ERP9

To calculate the Interest on Debit Balances only

Set the option Advanced Interest Parameters as shown below:

Calculation - All Balances, Debit & Credit @ Tally.ERP9
The interest Report is displayed as shown below:
Calculation - All Balances, Debit & Credit @ Tally.ERP9

Unlike the option All Balances report, the advance amount is not considered for the calculation of interest, in this report.

To calculate the Interest on Credit Balances only

Set the option Advanced Interest Parameters as shown below:

Calculation - All Balances, Debit & Credit @ Tally.ERP9
 
 

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TallyPrime Book (Advanced Usage) @ Rs.600

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@ Rs. 550 !

18 Chapters in Tally.ERP9 Book + 46 Practical Assignment with GST in Tally.ERP9 & All features are described with Practical Problems with Solutions.

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Tally.ERP9 Book (Advanced Usage) @ Rs.550


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