Group Interest Calculation @ Tally.ERP9

Query

How to view Interest Calculation for group or sub group?

Answer

The Group Interest Calculation statement is a list of all accounts and sub-groups belonging to the selected group that displays the current balance in each account or sub-group and the total interest.

Go to Gateway of Tally -> Display -> Statement of Accounts > Interest Calculations -> Group

Select a Group e.g., Loans (Liability)

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

Drill down to the Ledger level Interest report.