Auto Interest Calculation in Tally

Friends, Tally accounting software provides Auto Interest Calculation features. If you are using tally and want to post interest voucher without any calculation of interest. It requires some setting in tally. 1) 2) 3) Open tally and select company in which you want to set interest calculation. Press "V" Button for selecting "Accounting Voucher" in Gateway of Tally. Press F11 and set as under :"Activate Interest Calculation" = Yes "(use Advanced parameters)" = Yes "Use Debit/Credit Notes" = Yes "Use Invoice Mode for Credit Notes" =Yes "Use Invoice Mode for Debit Notes" =Yes

4) Now, from Gateway of Tally, Press Account Information > Voucher Type > Alter >Credit Notes> Set name of Class to "Interest ". I mean to say Type Name of class = Interest. (It has been found that some users create new Voucher Type instead of Voucher Class and not got success in setting) 5) Now set "Use Class for Interest Accounting" = Yes and save with Control+ A

6) Finally, Open Account Master of Debtor or Creditor or Unsecured Loan in which you want to calculate interest. From Gateway of Tally > Account Info > Ledger > Alter > Select Ledger Name. Now set " Activate Interest Calculation ? = Yes and set percentage of Interest as per direction.

7) To Calculate interest , Enter a Credit Note voucher and select Date with F2 for which you want to calculation Interest. Press Control+F8 and select Class = Interest. Now select ledger amount of interest will be calculated automatically. I hope you will be successful after reviewing above post. If you feel any problem in setting interest calculation , you may also take help through email at easyjain.@gmail.com