Interest calculation in tally prime

interest calculation in tally prime is a feature that allows you to calculate and report interest on outstanding receivables or payables in an accounting software called tally prime. Interest can be calculated on the basis of simple or compound interest. Some of the steps to use interest calculation in tally prime are:

• To enable interest calculation in tally prime, press F11 (Features) and set Enable Interest Calculation to Yes. If you do not see this option, set Show more features to Yes and Show all features to Yes. Press Ctrl+A to save the Company Features Alteration screen.
• To configure interest parameters in tally prime, go to Gateway of Tally > Alter > Ledger > select the ledger for which you want to calculate interest. Set Activate interest calculation to Yes. The Interest Parameters screen appears. Enter the details such as the rate of interest, interest style, calculate interest based on, include transaction date for interest calculation, and so on.
• To calculate interest transaction-by-transaction in tally prime, you can enable this option for accounts grouped under Sundry Debtors and Sundry Creditors. In the party ledger alteration screen, set Calculate Interest Transaction-by-transaction to Yes. You can also set Override Parameters for each Transaction to Yes to change the parameters during voucher or invoice entry.
• To calculate interest using advanced parameters in tally prime, you can use this option when interest rates change periodically. In the ledger alteration screen, press F12 (Configure) and set Use Advanced Parameters to Yes. The Advanced Interest Parameters screen appears. Enter the details such as number of days, balance type, applicable from date, and so on.

For more information on interest calculation in tally prime, .

Receive