Interest Calculation - ( Ledger Based Interest)

Make the following voucher entries :
01-04-2016 : Loan amount Rs.10000 given to rahul with interest 10% per year
01-05-2016: Loan amount Rs.15000 again given to rahul with interest 10% per year
01-06-2016: Loan amount Received Rs.10000 from rahul
01-07-2016: Loan amount Received Rs.5000 from rahul
Steps :

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 Rahul--------- Under : Loans and Advances (Asset)

Activate Interest Calculation : Yes.

Rate 10 % Per Calender Year. 

2) Name : Central Bank of India Under : Bank Accounts , Opening Balance :Rs.50000

3. Voucher Entry :

01-04-2016 : Loan amount Rs.10000 given to rahul with interest 10% per year

Gateway of tally 9 > Accounting Voucher > Press F5 ( Payment Voucher ) > Press F2 : 01-04-2016 > 

Account : Central Bank of India   > 

Particulars: Loan to Rahul  ----  Rs.10000 >

(Note : Press Enter to again and again upto Accept yes  or Press CTRL + A to Accept Immediatly)

01-05-2016: Loan amount Rs.15000 again given to rahul with interest 10% per year

In Same Payment Voucher(F5) >  Press F2 : 02-05-2016 (Change the Date) >

Account : Central Bank of India >

Particulars: Loan to Raju ---- Rs.15000 > (After  entering amount rs.15000 Press CTRL + A to Accept Immediatly)

01-06-2016: Loan amount Received Rs.10000 from rahul

Press F6 ( Receipt Voucher ) > Press F2 : 01-06-2016 >

Account : Central Bank of India >

Particulars: Loan to Rahul---- Rs.10000 >

01-07-2016: Loan amount Received Rs.5000 from rahul

Press F6 ( Receipt Voucher ) > Press F2 : 01-07-2016 >

Account : Central Bank of India >

Particulars: Loan to Rahul---- Rs.5000>

So Over all Rs.25000 given to rahul and Rs.15000 received from rahul . so how calculate the interest :

4.Reports :

• In Gateway of Tally > Display > Statements of Accounts > Interest Calculation >Ledger> Select : Loan To Raju >
• Press F2 Change Period > From : 01-04-2016 To : 01-05-2016 > You can see the report

10000 – 1-apr-2016 – 1-may-2016 – 30 Days – 10 % – 82.19 Dr

Again Change F2 > From : 01-04-2016 To : 01-06-2016 > Now..

10000 – 1-apr-2016 – 2-may-2016 – 31 Days – 10 % – 84.93 Dr            

25000 – 2-may-2016 – 1-june-2016 – 30 Days – 10 % – 205.48 Dr

(10000+ 5000=25000)

Again Change F2 > From : 01-04-2016 To : 01-08-2016 > Now..

Again Change F2 > From : 01-04-2016 To : 01-03-2017 > Now..

(Every time  10% Calculated based on ledger interest )

5.Screen Shots :
5.1 Features and Configuration Settings :

 5.2 Ledger Creation

 5.3 Voucher Creation

 5.4 Reporting Section

Thanks

Groups and Ledgers

Groups and Ledgers

• A Group is a collection of Ledgers which are similar in nature of transaction
• It is used for  Organise the ledgers
• Only Ledger Accounts are transacts in voucher
• Accounts Group do not participate in voucher
• Tally Provides a list of 28 Pre-Defined Groups
• 15 Primary Groups and 13 Sub Groups

 

Group of Balance Sheet

 

Primary Group Name/Sub Groups	Description	Ledger Account Name Examples
1.Capital Account	Ledger Accounts for Owners Capital Account	Share Capital A/c , Proprietor Capital A/c Santha Capital A/c
1.1  Reserves and Surplus (Retained Earnings)	It is a child group of Capital Account. All Reserve accounts are placed under this group.	General Reserve A/c, Capital Reserve A/c Share Premium A/c Profit and Surplus Reserve A/c Revaluation Reserve A/c
2.Loans (Liabilily)	All Loans taken by company should be placed this groups.
2.1 Bank OD Accounts	Bank Overdraft and cash credit account availed under hypothecation	Bank OD A/c
2.2 Secured Loans	Term Loans, Pond, Secured loans taken from Banks, Financial Companies against security like mortgage, hypothecation, pledge, etc.	1.SBI Secured Loan A/c 2.Loan from Aswin Finance
2.3 Unsecured Loans	Loans from Outside Parties, friends and relatives with out security	Loan from Ganesh Loan from Umesh Deposit Received From Iman A/c
3. Current Liabilites	-	Liabilities for Expenses, Employee Contribution for ESI PF A/c TDS Realized from Contractor TDS Realized from Employee
3.1 Duties and Taxes	all excise, sales and other business taxes	Sales Tax A/c CST A/c Excise Duty 10% A/c Input Vat A/c Output Vat A/c
3.2 Provisions	all sorts of provisions	Additonal Tax A/c Leave Encashment A/c Pension Scheme A/c Proposed dividends
3.3 Sundry Creditors	All trade Creditors/Suppliers.	Nantha Pvt Ltd A/c Ganesh Pvt Ltd A/c Supplier A/c Creditor A/c
4. Fixed Assets	immovable properties, Leased Asset, Plant & Machineries, Buildings, Furniture, Land, Etc...	Bike A/c , Lorry A/c , Office Building A/c, Computer A/c, Furniture A/c, Land A/c
5. Investments	investments in shares , government securites , other companies	Equity Share A/c Kisan Vikas Pathra  A/c Savings Bonds A/c National Saving Certificates (NSCs) A/c
6.Current Assets
6.1 Stock In Hand	To Create ledger accounts for Closing Stock	Stock of Raw Materials A/c Stock of Finished Goods A/c Stock of Pipe A/c
6.2 Deposits(Assets)	Deposits made by the Company	SBI Fixed Deposit A/c Sales Tax Deposit A/c Telephone Deposit A/c Rent Deposit A/C Electricity Deposit A/c
6.3 Loans and Advances (Assets)	All Loans and Advances for Non Trading	Advance to Supplier A/c Advance Salary A/c advance to rama pvt ltd (supplier)
6.4 Sundry Debtors	Customer Ledger Accounts	Customer A/c Rayal Traders A/c Advance received from Umesh (Customer) A/c
6.5 Cash in Hand	-	Cash in Hand A/c Petty Cash A/c Cash at  Bangalore Branch A/c
6.6 Bank Accounts	All Current and Savings Bank Accounts (except OD bank a/c or Loan A/c should be placed in Bank OD Accounts Groups)	State Bank of India A/C Indian Bank A/C
7.Branh/ Divisions	for company branches, divisions (it is used for inter branch consolidation work)	West Mambalam Branch MAdurai Branch A/c
8. Misc.Expenses (Asset)	This group is  used for legal disclosure requirements . It should hold incorporation and pre-operative expenses. Companies would write off a permissible portion of the account every year.	Preliminary Expenses A/c,
9. Suspense A/c	to record money paid or received whose details are not yet known.	Advance Paid to Travelling Expenses A/c (After received Travelling Allowance bill from concern person , above ledger should be changed to indirect expenses group)

Group of Profit & Ledger A/c

 

Primary Group Name/Sub Groups	Description	Ledger Account Name Examples
1. Sales A/c	type of sales (pls do not create customer a/c in this group)	for manufacturing organisation   Sales of Pipe A/c Export Sales A/c Sales @ 10% Sales A/c Sales Return A/c   for servicing companies   Professional Charges A/c Consulting Fees A/c Service Charges A/c   above three groups may be placed direct income group
2. Direct Income	non trading income accounts it affects gross profit a/c	Professional Charges A/c Consulting Fees A/c Service Charges A/c
3. Indirect Income	non major revenues	Rent Received A/c Interest Received A/c Commision Received A/c
4.Purchase A/c	All Type of purchases	Purchase A/c Purchase Return A/c if blow specified charges in purchase bill should be placed in purchase A/c Group to calculate additional cost of purchase. Frieght Charges A/c Delivery Charges A/c Postage Charges A/c Sales Tax Charges A/c
5.Direct Expenses	Manufcturing or direct trading expenses	Carriage inwards A/c Wages A/c
6.Indirect Expenses	All Administrative ,non-direct expenses	Telephone Charges A/c Bank Charges A/c Rent Charges A/c Electricity Expenses