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4.   Interest Calculation on Group in Tally.ERP 9

Interest Calculation reports are automatically produced if the feature is activated In F11: F1: Accounting Features and the parameters are set for individual ledger accounts.

There are two types of reports, one pertaining to interest on balances of accounts like loans, and the other interest on overdue invoices.

Interest reports are available for individual ledger accounts as well as for Groups

The Group Interest Calculation statement is a list of all accounts and sub-groups belonging to the selected group that displays the current balance in each account or sub-group and the total interest.

 

Go to Gateway of Tally> Display > Statements of Accounts > Interest Calculations > Group

Select a Group, E.g. Loans (Liability)

Interest Calculatins in Tally.ERP9
[12]

  The Cr in the interest amount should not be confused to mean an Income. It only means that it is payable and is a liability.

To ease interest recording, Tally.ERP 9 has an interest template, a special voucher class in Debit Note and Credit Notes.

Drill down to the Ledger level Interest report.

 
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