Interest Calculation on Purchase Voucher in TallyPrime
In Tally Prime, the Purchase Voucher Interest Rate is related to the interest calculations on outstanding payments for purchases. Here’s how it works:
Understanding Interest Rate in Purchase Voucher
When a business purchases goods or services on credit, the supplier may charge interest if the payment is not made within the agreed-upon time. Tally Prime allows you to set up interest calculations on overdue purchase bills.
For Example, Do the following entry.
- On 1-5-2025, Company Purchase 10 Camera @ Rs. 8,500 each and 10 Mouse @ Rs. 500 each From Divesh and Co. on credit of 45 days where invoice no. is div/may/001 with interest rate of 8% annually.
- On 1-6-2025, Company Paid Rs. 45, 000 /- against bill no. div/may/001 as first installment by SBI Bank
- On 1-7-2025, Company Paid Reaming Amount against bill no div/may/001 by SBI Bank
- On 2-7-2025, Company paid interest amount against bill no. div/may/001.
- Creating ledger by Enabling interest rate
Divesh and Co.- Sundry Creditor
Activate Interest Calculation ——> yes
- Creating Purchase Voucher: –
On 1-5-2025, Company Purchase 10 Camera @ Rs. 8,500 each and 10 Mouse @ Rs. 500 each From Divesh and Co. on credit of 45 days where invoice no. is div/may/001 with interest rate of 8% annually.
How to check outstanding amount to be paid?
Gateway of tally ——–> Display More Reports ——> Statement of Accounts ——> Outstanding ——> Payable
Gateway of tally ——–> Display More Reports ——> Statement of Accounts ——> Interest Calculation ——> Ledger—–> Select party name (Divesh and Co.)
Note: – We can change Period (Alt + F2) to check how much interest is payable till end date.
- Payment Voucher: –
- On 1-6-2025, Company Paid Rs. 45, 000 /- against bill no. div/may/001 as first installment by SBI Bank
- On 1-7-2025, Company Paid Reaming Amount against bill no div/may/001 by SBI Bank
Account: – State Bank of India
Particular:- Divesh and CO.
Same way makes second payment voucher on 1-7-2025.
How to check interest amount to payable?
Gateway of tally ——–> Display More Reports ——> Statement of Accounts ——> Interest Calculation ——> Ledger—–> Select party name (Divesh and Co.)
- Making Credit Note Voucher (Interest payable)
On 2-7-2025, Company paid interest amount against bill no. div/may/001.
Gateway of tally ——> Vouchers ——-> Other Voucher (F10) ——-> Select Interest Payable (Alt + F6)
