Interest will be calculated on outstanding receivable or payable. Interest can be calculated on the basis of simple or compound interest in Tally.ERP9.
Path: Gateway of Tally -> F11 Features -> Accounting Features
Activate Interest Calculation: Yes
Press enter to save the screen
Path: Gateway of Tally -> Accounts Info -> Ledgers -> Create
Name: Sharath & co
Under: Sundry Debtors
Default credit period: 30 days
Activate Interest Calculation: Yes, once activate this option then the below screen will appear
Calculate Interest Transaction-by-Transaction: Yes, Interest will calculate on each transaction.
Override Parameters for each Transaction: Yes, by activating this option you can able to change parameters i.e. rate of interest and interest style during the voucher.
Rate: Enter rate of interest
Per: There are four interest styles given by tally, select accordingly as per the requirement
Path: Gateway of Tally -> Accounting vouchers -> F8 Sales (Voucher mode)
Debit the party account name and credit the sales and GST tax ledgers.
Path: Gateway of Tally -> Display -> Statement of Accounts -> Interest Calculations -> Interest Receivable
You can record the calculated interest in books of accounts by using debit note in Tally.ERP9.
Path: Gateway of Tally -> Accounting Vouchers -> Debit note
Debit the party account and credit the interest received account.
Budgets in Tally ERP9
Cost Centre and Cost Category in Tally ERP9
Export Data from Tally to Excel or PDF
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