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Interest Calculations @ Tally.ERP 9...

Interest is a legitimate return on money invested and chargeable in the business world on loans and also on delayed payments. Interest can be calculated on the basis of Simple or Compound Interest.

Tally.ERP allows you to obtain reports on interest calculated based on the instructions you furnish. Interest figures are typically desired in the following situations:

  • On Outstanding Balance amounts.
  • Outstanding Bills /Invoices/Transactions (Receivables and Payables)

The Activate Interest Calculation field is displayed in the Ledger Creation screen only if Activate Interest Calculations is set to Yes in F11: Features.

Set this field to Yes for each specific ledger account for which interest is to be calculated
Interest Calculations @ Tally.ERP 9
Interest Calculations @ Tally.ERP 9

Step-2

Create the Ledger à “Sales” under Sales Accounts

 

  • Set Used in VAT Returns to YES
  • VAT/Tax Class : Sales @4%
  • Inventory Values are affected : YES.

Step-3

Create the Ledger à “Output VAT-4% ” under Duties & Taxes

 

  • Select Type of Duty/Tax : VAT
  • VAT/Tax Class : Output VAT @4%

 Step-4

Make an entry in Sales Voucher (F8) and ensure the details as follows :
Interest Calculations @ Tally.ERP 9
Interest Calculations @ Tally.ERP 9
 
 
Get..Tally.ERP9 Book + GST Assignment @ Rs. 550
 
 

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15 Chapters in Tally.ERP9 Book + 21 Chapters in GST Practical Assignment on GST in Tally.ERP9 & All features are described with Practical Problems with Solutions.

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