Interest Calculation from Effective Date of Transaction @ Tally.ERP9

Query

How to calculate the interest from the Effective Date of Transaction?

Answer

In the following example, a sales bill was raised on March 2, 2006 with the effective date activated and entered as March 10, 2006.

The Voucher screen displayd is as shown below:

Note: The Effective date for a voucher can be enabled from the Voucher Type master.

The Outstanding Report is displayed as shown below:

In the above report, the Transaction date is March 2, the Effective date is March 10 and the Due date of the Invoice is March 25.

Set the interest parameter as shown below:

The Interest is calculated from March 10, which is the Effective date of the transaction.

To view the report:

Go to Gateway of Tally > Statements of Accounts > Interest Calculations > Ledger > Manchester Computers