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Interest Calculation in Tally.ERP9

Interest Calculation is a very useful feature in Tally.ERP. It allows for calculating the interest by various methods. These are :

 

Simple Method :  Interest calculation on outstanding balances.

 

The example shown below is on the calculation of Bank Interest on Yearly basis :

 

Step-1  :           Activate interest calculation features by Gateway of Tally.ERP Ø Features (F11)
Interest Calculation in Tally.ERP9Image-1

Step-2  :           You will have to alter the existing ledger accounts to permit interest calculation on them. The same operation will apply when creating a new ledger account.

 

Interest calculation on outstanding balance is allowed for any ledger account. You simply specify the interest rate and style of calculation. Nothing is required to be done for interest during voucher entry.

 

For New Ledgers

 

Gateway of Tally.ERP Ø Accounts Info Ø Ledger Ø Create

 

On the Ledger creation mode activate the interest calculation option and specify the style of calculation.
Interest Calculation in Tally.ERP9Image-2

There are Four Options :

  1. 30-day month
  2. 365-day year
  3. Calendar month
  4. Calendar year

Select the one, which is applicable to you, and accept the screen.

 

You are now ready to view the amount of interest that could be charged by the bank.
 
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