Calculation of Interest

Here are the steps to view Calculation of Interest Report. To learn more, you can also watch this RELY Online tutorial video:

To view Calculation of Interest Report in Rely, first select the desired company.

1. Go to Other Reports > Calculation of Interest and press Enter key.

2. Report criteria form will open. Enter details here such as:

Group - Enter the group code for which you want to view the report. To view report for all the groups, leave blank and press Enter key.

Period - Select the date range for which you want to view the report.

Remarks - To view remarks in the report, select Double option, otherwise select Single option.

Type - To view detailed report, select Details option and for summarized report, select Summary option.

Page - To view party wise report separately on new page, select New option, otherwise select Same option.

Due Days - Here, on entering due days, interest will be calculated on the days left after subtracting due days.

Interest Rate - Enter the rate on which you want to calculate the interest.

On Days - Enter the days on which you want to calculate interest.

Compound Period - Enter '0' here to calculate simple interest. Otherwise, for compound interest, enter the number of days here.

Both Day - Enter Y here to include both period dates for interest calculation.

TDS @ - Enter the TDS percentage rate to be applied on interest here.

Multi Company - Enter Y here to calculate multi company interest. List of companies will be displayed. Press Delete key on the company for which you don't want to view the report and then press Enter key.

Once all the details are entered/selected, press Enter key.

3. In Device: To only view the report, select Screen option.

To view and print the report, select File option.

To directly print the report without viewing, select Printer option.

To exit from here, select Exit option.

4. Report will be generated according to the selected criteria. To print the report, press ESC key and select Print option.

5. To view the report in any other format such as word, Excel, etc; select Send To option and press Enter key and then select the format.

6. To exit, press ESC key.

7. When Rely prompts, 'Auto JV Control is ON. Do you want to pass automatic journal entry?', select Yes option and press Enter key here for direct JV entry.

8. On selecting Yes option, enter other details here such as:

Debit Interest Account - Select Interest Others account here.

Credit Interest Account - Select Interest Expense account here.

TDS Account - Press Enter key and select TDS account here from the list displayed.

Date - Enter the end date of the current financial year here.

9. Once all the details are entered/selected, press Enter key. Interest JV entry will be done.