Interest can be calculated on ledger balance as per the bank reconciliation statement , using simple or advanced parameters. The transaction date for interest calculation can be as on bank date or voucher date.
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.
To calculate interest on Bank Reco Date using simple parameters
1. Ensure the option Use Advanced Parameters is set to No in F11(Features)>F1(Accounting features).
2. Create a ledger under Bank Accounts with Activate Interest Calculation set to Yes.
3. Press Enter. The Interest Parameters screen appears.
4. Select Bank/Reco Date in the field Calculate Interest Based on.
5. Enter Rate and Interest Style, as required.
6. Press Enter.
7. Press Ctrl+A to save the ledger.
To calculate interest on Bank Reco Date using simple parameters
1. Ensure the option Use Advanced Parameters is set to Yes in F11(Features)>F1(Accounting features).
2. Create a ledger under Bank Accounts with Activate Interest Calculation set to Yes.
3. Press Enter. The Interest Parameters screen appears.
4. Select Bank/Reco Date in the field Calculate Interest Based on.
5. Enter the Rate, and Interest Style as required.
6. Enter the applicability period.
7. Press Enter and enter the interest calculation details for another period.
The Interest Parameters screen appears as shown below:
8. Press Enter.
9. Press Ctrl+A to save the ledger.
To record a Payment transaction
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
2. Click F12: Configure and set the option - Use Single Entry mode for Pymt/Rcpt/Contra to Yes to record the transaction in single entry mode.
3. Press Enter to save the Voucher Configuration screen.
4. Enter the bank details in the Bank Allocations screen.
The Bank Allocations screen appears as shown below:
:
Since the bank ledger is configured to calculate interest based on reconciliation date, interest will be calculated only if the transactions are reconciled.
Scenario 1: Reconciling the Payment Vouchers and Viewing Interest Calculated on Simple Parameters
To view the Interest Calculation report
1. Go to Gateway of Tally > Display > Statement of Accounts > Interest Calculation > Ledger.
2. Select the Bank ledger required.
3. Enter the Bank Date as shown below:
To view the Interest Calculation report
1. Go to Gateway of Tally > Display > Statement of Accounts > Interest Calculation > Ledger.
2. Select the Bank ledger.
3. Click F2: Period and enter the From and To dates.
The Ledger Interest report appears as shown below:
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 Ledger Interest report appears as shown below:
Depending on the dates entered for reconciliation, the interest gets calculated and displayed here.
To view the Bank Reconciled Transactions report
1. Go to Gateway of Tally > Display > Statement of Accounts > Interest Calculation > Ledger.
2. Select the Bank ledger required.
3. Press Enter on any one of the rows (ledger balances) to drill down.
4. Click F2: Period and enter From and To Dates.
5. Click F12: Configure and set options as shown below:
The Bank Reconciled Transactions report appears as shown below:
The Bank Reconciled Transactions report provides columnar details on reconciled transactions.
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