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FAQ-2 ( Interest Calculation):

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



Follow the  steps  mentioned below to calculate the following:


1. Enable the bill-wise details in F11 feature F1 Accounting Features


Tally.Erp 9 : Interest Calculation


2. Specify the Interest parameters in the party ledger as shown below:



Tally.Erp 9 : Interest Calculation




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) 



Tally.Erp 9 : Interest Calculation




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



Tally.Erp 9 : Interest Calculation



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