Tally9: March 2016

Interest Calculation in Tally9 (Simple Mode)

1.Features Setting : Before You Make Interest Calculation in Tally9 Pls Check Follows:

In Gateway of Tally > Press F11 (Company Features) > Accounting Features > Activate Interest Calculation : Yes (Use Advance Parameters : No)
In Gateway of Tally > Press F12 (Configuration) > Accts/Inventory Info > Allow Advanced Entries in Masters :Yes.
In Gateway of Tally > Press F12 (Configuration) > Voucher Entry > Use Single Entry Mode for Pymt/Rcpt/Contra : Yes.

2. Master Entry : Create the Following Ledgers for Example..

1) Name : Loan to Raju --------- Under : Indirect Incomes

Activate Interest Calculation : Yes.

Rate 10 % Per Calender Year.

2) Name : Bank of Baroda Under : Bank Accounts , Opening Balance :Rs.12000

3. Voucher Entry : Paid Rs.10000 to Raju with Interest 10% -

1) Account : Bank Of Baroda

Particulars:

Loan to Raju ------------------------------------ Rs.10000

---Accept : Yes

4.Reports :

In Gateway of Tally > Display > Statements of Accounts > Interest Calculation > Select : Loan To Raju > You Can See Blank Page >
Press F2 Change Period > From : 01-04-2015 To : 01-04-2016 > Now You Can See the Interest Amount Rs.1000 for Loan Amount Rs.10000
Again Change F2 > From : 01-04-2015 To : 01-05-2015 > Now You Can See the Interest Amount Rs.81.97 for (30 Days Only)

Wait for Updation.............