Advanced Interest Calculation in Tally ERP 9

In the Ledger Based Interest Calculation we computed interest on the entire ledgers without identifying any specific transaction. but often we have to compute interest for each transaction.

Let us see the following transactions..

1. 01-04-2016 > Loan amount given to Nithish Rs.30000 with Interest 10% per year (with due date/Credit Days 90 Days - Loan Ref No : Loan-001)
2. 01-05-2016 > Another Loan amount  given to Nithish Rs.50000 with Interest 10% per year (with due date/Credit Days 60 Days -  Loan Ref No : Loan-002))
3. 01-06-2016> Loan amount Rs.20000 received from Nithish against ref No : Loan-001
4. Calculate the interest as on Date 01-07-2016 for Nithish A/c

To Make Above Transactions pls follow the steps with golden Keys of tally

1.Accounting Features :

Gateway of Tally 9 >  Press F11 > Accounting Features > Maintain Bill Wise Details > Yes and Activate Interest Calculation : Yes

2.Masters :

Gateway of Tally 9 > Accounts Info > Ledger > Single : Create 

Name of Ledger : Loan to Nithish  > Under: Loans & Advances (Asset) > Maintain Balance Bill by bill : Yes (For Non Trading A/c Also : Yes) > Activate Interest Calculation : Yes (Use Advanced Parameters : No) > 

Calculate Interest Transaction - By  - Transaction : Yes

Override Parameters for Each Transaction : No

Rate : 10% per Calander Year

3.Vouchers :

01-04-2016 > Loan amount given to Nithish Rs.30000 with Interest 10% per year (with due date/Credit Days 90 Days - Loan Ref No : Loan-001)

Gateway of Tally 9 > Accounts Vouchers  > Press F5 for Payment Voucher > Make Sure Date is 01-04-2016 (Press F2 Change Date)

Payment 

A/c : Canara Bank

Particulars - Amount

Loan to Nithish          30000 

Bill Wise Details :

New Ref  - Loan-001 - 90 Days -30000 Dr.
Accept : Yes

01-05-2016 > Another Loan amount  given to Nithish Rs.50000 with Interest 10% per year (with due date/Credit Days 60 Days -  Loan Ref No : Loan-002)

In Another Payment Voucher : Make Sure Date is 01-05-2016 (Press F2 Change Date) 

Payment 

A/c : Canara Bank

Particulars - Amount

Loan to Nithish          50000

Bill Wise Details :

New Ref  - Loan-002 - 60 Days -50000 Dr.
Press CTRL + A (or) Accept : Yes

01-06-2016> Loan amount Rs.20000 received from Nithish against ref No : Loan-001

In Press F6 Receipt Voucher : Make Sure Date is 01-06-2016 (Press F2 Change Date) 

Receipt

A/c : Canara Bank

Particulars - Amount

Loan to Nithish          20000

Bill Wise Details :

Agst Ref  - Loan-001 - 1-Apr-2016 - 20000 Dr.

Press CTRL + A (or) Accept : Yes

4.Reports :

Calculate the interest as on Date 01-07-2016 for Nithish A/c

Gateway of Tally > Display > Statements of Accounts > Interest Calculation > Ledger > Loan to Nithish  > Press F2> 01-04-2016 to 01-07-2016 > You Can See the Report