Interest Calculation in Tally Prime Step by Step Notes

Interest Calculation in Tally Prime Notes, Step by Step guide for self study. Interest is a legitimate return on money invested and chargeable in the business world on loans and also on delayed payments. Interest can be calculated on the basis of Simple or Compound Interest. Today, we will learn, activate interest calculation in Company and Sundry Debater Ledger. Further, check the interest amount at a particular date.

Activate  Interest Calculation in Company

F11 : Company Features
Show More Features : Yes
Show all features       : Yes

Accounting :  
Activate interest calculation               (Yes)

Activate Interest Calculation in Sundry Debtor Ledger

Create Ledger Ledger Name : ABC Pvt Ltd
Under : Sundry Debtors
Maintain bill by bill : Yes
Default Credit Period : 40 days
Check for credit day during voucher entry : Yes
Activate Interest calculation : Yes

New Window : Interest Parameters
Press F 12: Configuration
Use Advance Interest Parameters : Yes
Calculate Interest Transaction by Transaction: Yes
Rate 15 % per 365 days on Debit balance Only
Applicability : Past Due Date by 0 Days from Due Date of Invoice

Purchase Entry :  Voucher > Purchase (F9)

Party Name : Computer Traders
Item : Mouse, Quantity : 20 Pcs, Rate : 150, Amount 3000

Sales Entry : Voucher> Sales (F8)

Sales Entry

Reference no.: 001
Party A/c name ledger: ABC Pvt Ltd
Sales ledger: Sales ( Create by pressing Alt+C, if not available)

How to Check Interest Receivable

Display > Statement of Accounts > Interest Calculations > Interest Receivable

Change Period to find the Interest on a Specific date :  
F2 : Period   Change Period  :         From     : 1-4-2021        To   : 1-3-2022

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