Calculating Interest for a ledger account with default credit period

To set the default credit period for a ledger account

1.     Go to Gateway of Tally > Accounting Vouchers > F8.

2.     Set the option Use defaults for bill allocations? to No under F12: Configure. The Accounting Voucher Creation screen appears to record the sales transaction.

3.     Accept the Accounting Voucher Creation screen and navigate to the Bill-wise Details screen.

To set the default credit period, no value is entered under Due Date, or Credit Days in the Bill-wise Details screen. Enter the appropriate value or date to specify the due date.