I would like the Interest to be Calculated in Tally at specified Rates for a range of periods as follows:

 0  to  30 days   - No interest

31 to  45 days   - @ 15%

46 to above      - @ 20%

Please suggest how the same can be implemented in Tally.ERP 9

Solution

Follow the  steps  mentioned below to calculate the following:

1. Enable the bill-wise details in F11 feature F1 Accounting Features

  

2. Specify the Interest parameters in the party ledger as shown below:

  

3. Sales Entry: While passing the sales entry, say on 1^st of April 2009 for Rs.1,00,000/-, specify the period under Interest Parameters after the bill-wise details of a party are entered, as follows:

Bill-wise Details:

Credit Days – 30 days (wef 1.-4-2009)

Interest Parameters

Rate: 15 %, from Due Date of Invoice/Ref Date:  1-May-2009  To 16-May-2009 (period of 15 days, for 31 to 45 days)

Rate: 20 %, from Due Date of Invoice/Ref Date: 16-May-2009  To  (for 46 days onwards) 

  

4. Accept the sale entry after specifying the interest details.

5. The Interest Calculation report will display the details as shown below:

Go to Gateway of Tally > Display > Statement of Account > Interest Calculation > Ledger > select the party