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Statement of Interest due on Invoices @ Tally.ERP9


How to calculate interest due on each invoice?


You can calculate interest on each invoice for the period it is outstanding wholly or partly. Transaction by transaction or bill-by-bill interest calculation is permitted for Party accounts like accounts falling under the groups Sundry Debtors and Sundry Creditors. Bill-wise details should be active for the company and the party.

The report is similar to the Bill-wise Outstanding Statement. The last column gives the interest amount on the transaction. Press Detailed to see the calculation.

Go to Gateway of Tally -> Display ->Statements of Accounts -> Interest Calculations -> Ledger

Select Account, e.g., CP Ltd

Interest due on Invoices @ Tally.ERP9

The interest is re-calculated with every change in balance outstanding. The credit in the interest amount should not be confused to mean an income. It only means that it is payable and is a liability. The figure is illustrative only and you will need to account for the interest expense and liability through a journal entry.

To ease the recording of  interest, Tally.ERP 9 has an interest template, as a special voucher class in Debit Note and Credit Notes.

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