The interest calculation feature is enhanced with the facility to calculate interest on ledger balance as per Bank balance provided in Bank Reconciliation Statement using simple and advanced parameters based on bank/reconciliation date. However, to allow users to predefine auto-calculation of interest based on voucher date, the Date Type - Voucher Date is also made available along with Bank/Reconciliation Date in the bank ledger master.
Note: In all releases of Tally.ERP 9, the interest was being calculated, by default, on Voucher Date. In Tally.ERP 9 release 4.8, the option to calculate interest on Bank/Reconciliation Date has been provided. Hence, only the newly provided feature will be explained here.
To capture the transaction details of reconciled vouchers and provide flexibility to drill-down to the last level of voucher entry, a new report - Bank Reconciled Transactions has been introduced.
The option to calculate interest based on either Bank reconciliation date or voucher date will be displayed for ledgers grouped under Bank Accounts, Bank OCC A/c and Bank OD A/c. The interest calculated on:
Voucher date will be displayed in the Ledger Interest report
Reconciliation date will be displayed in Bank Reconciled Transactions report.
Go to Gateway of Tally > Accounts Info. > Ledger > Create
In the Interest Parameters screen, select the Bank/Reco Date as the Date Type in the Calculate Interest Based on field. Provide the other parameters as shown and accept the Interest Parameters and the bank Ledger Creation screen:
In the Ledger Creation screen, click F11: Features > F1: Accounts set the option - use advanced parameters below Activate Interest Calculation to Yes.
In the Ledger Alteration screen of Canara Bank A/c ledger, set the option - Activate Interest Calculation to Yes and press Enter key. In the Interest Parameters screen, select the Bank/Reco Date as the Date Type in the Calculate Interest Based on field. Provide the other parameters as shown and accept the Interest Parameters and the bank Ledger Creation screen:
Let us record payment voucher on 1-5-2013. Go to Gateway of Tally > Accounting Vouchers > F5: Payment
Click F12: Configure and set the option - Use Single Entry mode for Pymt/Rcpt/Contra to Yes and accept the Voucher Configuration screen. Record the payment voucher and provide the bank details.
Note: To provide bank details with remarks, click F12: Configure in the Payment voucher and set the options as shown:
The Payment voucher appears as shown:
In the Accounting Voucher Creation screen, click F12: Configure and set the option - Use Single Entry mode for Pymt/Rcpt/Contra to No and accept the Voucher Configuration screen. Record the payment voucher and provide bank details.
The Payment voucher appears as shown:
Note: To display Dr/Cr instead of To/By in the voucher, click F12: Configure and set the option - Use Cr/Dr instead of To/By during entry to Yes.
Since the bank ledger is configured to calculate interest based on reconciliation date, interest will be calculated only if the transactions are reconciled.
To view the Interest Calculation report, go to Gateway of Tally > Display > Statement of Accounts > Interest Calculation > Ledger > Canara Bank A/C
Scenario 1: Reconciling the Payment Vouchers and Viewing Interest Calculated on Simple Parameters
To reconcile the payment voucher, go to Gateway of Tally > Banking > Bank Reconciliation > Canara Bank A/c
For the payment vouchers recorded in the previous section, enter the reconciliation dates as shown and accept the Bank Reconciliation screen:
To view the Interest Calculation report after reconciling the payment vouchers, go to Gateway of Tally > Display > Statement of Accounts > Interest Calculation > Ledger > Canara Bank A/C
Click F2: Period and enter the From and To dates as 1-5-2013 and 31-5-2013 respectively. The Interest Ledger report appears as shown:
Depending on the dates entered for reconciliation, the interest gets calculated and displayed here.
Scenario 2: Reconciling the Payment Vouchers and Viewing Interest Calculated on Advanced Parameters
In the Interest Calculation report, click F2: Period and enter the From and To dates as 1-5-2013 and 30-6-2013 respectively to view the interest for the period of June as defined in the advanced interest parameters. The Interest Ledger report appears as shown:
Depending on the dates entered for reconciliation, the interest gets calculated and displayed here.
To view the Bank Reconciled Transactions report, press Enter on any one of the balances displayed in the Ledger Interest report.
(Go to Gateway of Tally > Display > Statement of Accounts > Interest Calculation > Ledger > Canara Bank A/C > Press Enter on any one of the balances)
Click F2: Period and change the From and To dates as 1-5-2013 to 30-6-2013 respectively. Click F12: Configure and set the options as shown to choose the required sorting option and capture the narration, remarks and favouring name in the Bank Reconciled Transactions report:
The Bank Reconciled Transactions report appears as shown below:
The Bank Reconciled Transactions report provides columnar details on reconciled transactions. The description of each column is given below:
Bank Date: The Bank Date provided in the Bank Reconciliation screen is captured here.
Vch Date: The date on which the transaction is recorded is captured here.
Particulars: The remarks and narration entered in the payment/receipt voucher are captured under the name of the ledger:
Debited while recording a payment transaction.
Credited while recording a receipt voucher.
Favouring Name/Received From: The details entered in the Favouring Name/Received From field in the Bank Allocation screen of payment/receipt voucher is captured here.
Note: To provide details in these field, ensure the relevant information is provided in the Bank Details (displayed on setting the option - Provide Bank Details to Yes) in the party ledger master.
Vch Type: The voucher type used to record transaction is captured here.
Transaction Type: The transaction type selected in the Bank Allocations screen of the payment or receipt voucher is captured here.
Instrument No.: The instrument number entered in the payment or receipt voucher is captured here.
Instrument Date: The instrument date entered in the payment or receipt voucher is captured here.
Debit: The amount debited to the bank ledger in the voucher is captured here.
Credit: The amount credited to the bank ledger in the voucher is captured here.
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