View Interest Amount on Invoices In Tally Prime

By | June 9, 2022

You can calculate interest on each invoice for the period it is outstanding, wholly or partly. Transaction by transaction or bill-by-bill interest calculation is permitted for party accounts like accounts under the groups sundry debtors and sundry creditors. For interest calculation on each bill, Bill-wise details should be enabled for the company and the party.

The Ledger Interest report displays the interest calculated for the ledger selected. If a part of the amount is settled, then interest is calculated only on the amount pending to be repaid.

1. Go to Gateway of Tally Display Statements of Accounts Interest Calculations Ledger .

2. Select the required ledger. The Ledger Interest report appears as shown below:

3. Click F1 : Detailed to view the calculation and period.

Note: In case if part of the amount is settled, the interest is calculated on the remaining balance.

Now check the interest amount due.

Note: The Cr in the interest amount indicates that it is a liability.

The interest liability and expense can be accounted by recording a journal entry. Interest can also be recorded using debit notes and credit notes with voucher class.

Leave a Reply

Your email address will not be published. Required fields are marked *