Interest Calculation in Tally Prime

                            Interest Calculation

Interest is a legitimate return on money invested and chargeable in

 the business world on loans and also on delayed payments/Receipt

 from Debtors/Creditor .Interest can be calculated on the basis of

 Simple or Compound Interest. With Tally Prime you can obtain

 reports on interest calculated based on the configurations made.

 Interest is calculated on outstanding receivables or payables.

 

Simple Interest

We can calculate interest as per simple basis means in all moths’

 interest will be charged as per one set percentage of and on Basic

 amount.

We sold 4 Pcs Asus Laptop@20000 to Rahul on 1^st April 2023

And he about to pay whole amount with interest in next 2^nd July

 2023. Calculate the interest receivable amount paid by Rahal. How

 to do Received entry as per 2^nd July in Book of an accounts. Rate

 2% as Per Calenderer month.

 

1^st Months Interest -20000*4=80000*2%=1600/30=53.33/Day

 2^nd  Months Interest -20000*4=80000*2%=1600/30=53.33/Day

 

Gateway of Tally

Create Company

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F11 Feature

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Enable Interest Calculation:    Yes 

Ledger

1)  Rahul     -  Sundry Dr.

Activate Interest Calculation -   Yes

Interest Parameter

Calculate Interest Transaction by Transaction - Yes

Override Parameter for each transaction –Yes

Include Transaction Date for Interest Calculation:

For Amounts Added     :  No

For Amounts Deducted   : No

Rate: 2 % per Calendar Month on All Balance

 

 

 

2) Sales -             Sale A/c

 

 

Stock Items

Voucher 

Interest Calculation Report

 

Display more Report

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Statement of Account

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Interest calculation

Interest Received to Rahul in a one .

 

Debit Note (Alt+ F5) Voucher

Gateway of Tally

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Alter

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Voucher Type

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Debit Note

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Name of Class

Interest Received 

Use Class for Interest Accounting    -    Yes

Change Period

2/04/2023

Interest Received to Rahul in a one day

 

 

Interest Received to Rahul in a one Month

 

        Change Period

        1/05/2023