Interest Calculation in Tally9 (Simple Mode)

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..

• In Gateway of Tally  > In Accounts Info > Ledgers > Create 

         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% - 

• In Accounting Voucher  > Press F5 ( Payment Voucher )  >

       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.............