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"Use Edit Log for transactions/masters, and digital signature for invoices/reports with Release 2.1. Download NOW!"

Statement of Interest Due on Invoices

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.

To view the Ledger Interest report

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:

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.