FAQ-4 ( Interest Calculation):

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:

 

 

Tally.Erp 9 : Interest Calculation

 

[5-4A] 

The interest report, is displayed as shown below:

 

 

Tally.Erp 9 : Interest Calculation

[5-4B] 

 

To calculate the Interest on Debit Balances only

 

Set the option Advanced Interest Parameters as shown below:

 

 

Tally.Erp 9 : Interest Calculation

[5-4C] 

 

The interest Report is displayed as shown below:

 

 

Tally.Erp 9 : Interest Calculation

[5-4D] 

 

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:

 

  

Tally.Erp 9 : Interest Calculation

[5-4E] 

 

The interest report is displayed as shown below:

 

  

Tally.Erp 9 : Interest Calculation

[5-4F] 

 
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