When you earn compound interest, you get interest not only on the money you put in, but also on any interest you earn. In other words, interest "compounds" when it is gained on top of interest.
Navigate to Tally Gateway > Accounts Info. >
Is it possible to turn on interest calculation? to the affirmative
What is the formula for calculating interest?
Include the transaction date when calculating interest.
Enter the interest rate.
As needed, select the Interest Style.
The amount of the debt should be multiplied by the number of days the payment is late, multiplied by the daily late payment interest rate in effect on the date the payment became overdue, to determine the interest due on a late payment.
By pressing F11 on the keyboard, you may get to the Tally Features Screen from the Tally Gateway. Enable the option to initiate interest calculation by typing 'Yes' in the company feature screen, as well as the option to keep bill-by-bill details: to the affirmative It's critical to have a plan. For a simple interest computation, set advanced parameters to No.