29 May 2013

Interest Calculation : How to do it in Tally.ERP 9

In our practical situations in business some times need arises that to curtail the balances due or to keep them to minimum levels we need to charge interest. Some times this also happens that we are charged interests on late payment. In both the situation we need to calculate the interest  accurately.  Interest calculation is a feature in Tally.ERP 9 with many options and choices.This feature is so flexible that you can fit all your requirements related to interest calculation in it.
Interest Calculation
With Tally interest calculation feature you can :-
1. Calculate interest on transactions with selective parties.
2. You can calculate interest on desired rate, with desired period, on desired method.
3. You can even calculate interest on single transaction with multiple rates.
4. You can calculate simple interest as well as compound interest.

Activate Interest calculation :
Before starting we have to activate interest calculation in Tally. So to do so we need to go to F11 and then in F1 Accounting features and set Activate interest calculation to Yes. Also set use advance parameters to Yes. Now interest calculation in this company is activated. See the photo for guidelines.
Activating Interest calculation
If you have planning to charge interest on each transactions then make sure to change Maintain Bill By Bill Details to Yes also.

Now you have to activate parties on which you want to charge interest. Go to Account Info==> Ledgers==> Alter==> and put Activate Interest Calculation to Yes. Now define your interest parameters here. See photographs to understand each option.
Activate Interest calculation on Party.

Interest calculation parameters
Here in interest calculation parameters, we have decided to charge interest @ 15% yearly on transaction by transaction on debit balances only, which is applicable past due date would be calculated from due date of invoice/Ref.
Here you can change the rate of interest, You can change rate per month, per 365 days, per calendar year and calendar month.
You can change the applicability based on effective due date, effective invoice date, from a particular date or upto certain period.

Enter a Transaction
I am entering a complex transaction to show  the flexibility of interest calculation in Tally. Here ABC Customer was raised an invoice of 7,00,000/-  out of which 20% has to be paid after 30 days and remaining after 60 days. An interested would be charged @ 15% if first payment is not made within time from invoice date. For remaining amount interest of 15% would be charged if payment is not given after due date i.e. after 60days. for one month. If the payment is delayed for more then one month then interested would be charged @ 18%
Here in sales transaction I have created two referenced abc/2 and abc/2/2 having due dates as 30 days and 60 days.
Bill wise bill details

After creating first reference interest parameter screen would be like this
Interest parameters for first reference
After entering the second reference for 60 days the interest parameter screen would look like this
Interest parameter after second reference

Accept the transaction and now we have to see its effectiveness.
go to Display=> Statement of Account ==> Interest Calculation ==> Ledger ==> ABC customer
You would notice that there is nothing shown as the date is from 1/4 to 1/5. But as you change the date different interests would be shown.
See the interest occurred on different dates. Here three screen shots are shown for different interest calculated.
On June 1
Interest as on June 1
 On Jul 31
Interest as on 31 July
On Aug 31
Interest as on 31 Aug
Now as interest has been calculated by Tally we have to book this interest , How we can book this interest? What if we want to book compound interest? I would show you in my next post.
Any queries and suggestion are invited from ApniTally Users.

20 May 2013

First Step in Tally.ERP 9 Learning: Download the Latest Version.

Many ApniTally users have asked me, for pirated copy of Tally Software or its cracked version. When I deny that I don't have a crack version then they ask for some lower version like tally 7.2 for which crack is easily available. When asked , that what would they do? They simply say they want to learn Tally and for that they can not spend money.  Solution I offer them is download the latest version from Tally's site and use it in educational mode. Some visitors even can't find from where to download and which file is to be downloaded.
For this I have tried to make this post to explain each and every step to download and install the latest version on your PC to start your learning expedition  The screen shots are latest so they would help you to perform what is intended. 

Download Tally: 
First go to Tally's site i.e. www.tallysolutions.com there you would find the download link.
Main Page www.tallysolutions.com
Now you have to go to download center which is indicated at the bottom of the page. 

Tally download page
By clicking it you would reach the download page of Tally. Here you would find the different favours of tally software. I mean to say you can download the full version with help files as well as lite version for simple installation. you would also find the 32 bit versions and 64 bit versions tally. Before downloading you have to find out version of your window os. is it 32 bit version or 64 bit version. this is very easy to find out. Just go to properties of My computer by right clicking My computer icon.
version of your windows
Here in my case the windows is windows 7 but the version is 32 bit. You can have 64 bit version of windows 7 and it would show you. 
Now accordingly you can download the version you need for the site. Here is the latest screen shot of download center of tally. You can click here to directly reach this page.
Tally Download Center
After clicking install.exe would be downloaded. Save this file on your computer and after download is complete double click to install tally in your system.

11 May 2013

3 Step procedure to Update your Tally.Net subscription Online.

Although online shopping is not reached up to that perfection in India, but its still catching up. Now you can buy Tally.Net subscription online which is a very vital part of your Tally operation, with ApniTally. It's is a simple process which is explained below but before that Lets understand what is Tally.Net Subscription and why we need to update it.Why should I update if my work is running smoothly?

What is Tally.Net subscription?
Tally.Net subscription is a service provided by Tally India to get full benefits of Tally software. there are two types of benefits which a user gets.the first one is the remote and online facilities of Tally like synchronization  remote login, anywhere access of Tally software and sms services.
Second is the latest updates and bugs rectification done by tally every 15 days. Tally releases new updated versions and releases with bugs cleared based on user inputs. More over with every release statutory details are updated as per change by any state govt. or central govt.

Why Tally.Net Subscription?
If your subscription is not updated then you cannot enjoy these services. You cannot do remote login in your Tally. You cannot synchronise between two Tallys. You cannot get your information via sms on mobile. If you are filing returns with Tally then in case of any statutory change for example change in any tax rate or new tax introduced you would not be able to get updates.

How to update Tally.Net Subscription Online?
Step 1 : Click on link on main menu for Buy Online. You would find a form where you have to mention your Tally.net id e-mail and confirm it. Then add billing information. No matter what was your previous billing information , you can fill here the latest one. . After filling address, pin code and city etc. provide your mobile no.  Now select the option of debit credit card and from products select Tally.Net Subscription. Silver or Gold as per your requirements. Now Tally would prompt you to enter serial no in a pop up box. Enter the serial and it would be validated. Before proceeding to Pay make sure your preferred partner is CyberTec Solutions so that ApniTally can provide you help in case of any problem.

Step 2: Enter your debit card no details to process the transaction. You can see this post of whole process of Online payment. You can find the names of Banks whose ATM cum debit card is accepted.The writer has tested it on PNB ATM card.which it accepts

Step 3: Download the latest version of Tally an install on it previous location in your computer.Update the license with your Tally.Net password.
In addition to subscription update users can buy new Tally as well as buy on rent also.
In case your Tally Net subscription is expired or you want to buy a rental or new licence you can click on the image below.
You need to update your Tally.Net subscription to operate tally remotely
Update your TallyNet subscription Online

04 May 2013

4 Reasons to Zoom in for Tally.ERP 9 Rel. 4.6

Tally.ERP 9 rel 4.6 is available for download 32 bit , 64 bit. Some minor corrections and modifications as suggested by the users of Tally are always done by Tally people in it release, but some new features are always added to enhance the value of the product. Here are 4 reasons why you should install this latest release, but before downloading and upgrading a word of caution, your Tally.Net subscription should be updated. If it is not then you can update your tally.net subscription Here.

1. Zoom In : According to me this is the most interesting feature. now you can zoom upto 600% while previewing the print reports. Zoom feature was also there in earlier releases but now extent has been added.while at print preview just press Alt + Z to zoom in. More over you can use Mouse as well to do this.

2. Bill Party wise :  This is new feature put in Outstanding reports. Press Alt+ F7 and you would see separate total of parties Bill by Bill.

3. Payroll : As always done by Tally in its releases what ever changes are done by Govt.s in statutory Tally incorporates those changes. In Payroll according to Budget of 2013-14 surcharge of 10% for those individuals who's income increases above One crore is introduced.  Other modifications according to U/s 87A and U/s 80EE has also been incorporated.

4.TDS : Now Tally would validate the TAN and PAN structure while entring in master records so that errors while filing returns can be reduced.

Users comments and queries are invited on these releases. Full release notes are available here for download.