Interest Calculation in Tally
Enabling Interest Calculations
To enable interest calculation
1. Click F11 > F1(Accounting Features).
2. Set the option Activate interest calculation to Yes.
3. Press Ctrl + A to save the Company Operations Alteration.
Calculating Interest transaction-by-transaction
Interest calculation can be done bill-by-bill for accounts grouped under Sundry Debtors and Sundry Creditors.
To activate interest calculation for party ledgers
1. In the party ledger alteration screen, Set Default Credit Period
2. Check for Credit days during the Voucher Entry :Yes
3. In the party ledger alteration screen, set Activate interest calculation? to Yes. The Interest Parameters screen appears.
4. Set Calculate Interest Transaction-by-transaction? to Yes.
5. Set Override Parameters for each Transaction? to Yes to change the parameters during voucher or invoice entry.
6. Enter the rate of interest in the field Rate.
7. Select the Interest Style, as required. The rate of interest will be calculated on the basis of the interest style applied.
Calculating Interest on Ledger Balances
You can get a report on the Ledger balances for the interest calculated.
1. Go to Gateway of Tally > Display > Statements of Accounts > Interest Calculations > Ledger
The Ledger Interest report appears as shown below:
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