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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

Answer

 

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

[5-2A]

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

 

 

Tally.Erp 9 : Interest Calculation

[5-2B]

 

 

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

[5-2C]

 

  

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

 

[5-2D]

 
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