Frequently Asked
Questions

Find Solutions to Common Issues Related to accounting-reports - interest calculation

FAQs

How to record the entry for interest on bill payable in the BUSY?

To record the entry for interest on bill payable in the BUSY, you should follow these steps:
Step 1: Go to display menu then select interest calculation option.
Step 2: Select bills payable then choose the account range and enter the date range.
Step 3: Specify the interest rate then open the report and you will see the balance and interest amount.
Step 4: Here, you can post interest voucher by pressing F4 then specify the interest accoun and post the journal voucher.

What is the difference between bills payable and receivables in the interest calculation report?

In the interest calculation report of BUSY , bills payable refer to the amounts owed to creditors while bills receivable refer to the amounts owed by debtors.
Step 1:Bills Payable are amounts owed by the business to external parties (liabilities).
Step 2:Bills Receivable are amounts owed to the business by external parties (assets).
Step 3: In the interest calculation report, include details such as the principal amount, interest rates, due dates, and any accrued interest for both bills payable and receivables.

I want the software to automatically calculate interest on overdue invoices. Is this possible? If so, how?

BUSY will calculate internet automatic on due invoice. To check and post interest entry in BUSY, follow these steps: 
 Step 1: Go to Display section then click on interest calculation 
 Step 2: Select the required option to calculate interest and open the rt after specify party , date range and interest rate. 
 Step 3: After open the report, Press F4 shortcut key to post interest voucher.

How can I view the balance and interest on the party's payable in BUSY?

To view the balance and interest on the party's payable in BUSY, you should follow these steps:
Step 1: Go to display menu then select interest calculation option.
Step 2: Select bills payable then choose the account range and enter the date range.
Step 3: Specify the interest rate then open the report and you will see the balance and interest amount.
Step 4: Here, you can post interest voucher by pressing F4.

I am unable to find the interest generation option. How can I enable it?

To calulate the interest you can follow the steps. 
 Step 1. Go to display menu click. 
 Step 2. Go to interest calculation. 
 Step 3. You will get the option of bills receivable click. 
 Step 4. Then select date range and mention interest rate in rate of interest field. 
 Step 5. Now Open the report. 
 Now you will get the interest amount of party.

How can i calculate interest of single party in BUSY?

To calculate interest of single party in BUSY, follow these steps:
Step 1: Go to display section then click on interest calculation option.
Step 2: Select the required option to calculate interest from product basis, mahajani, bills receivable and bills payable.
Step 3:Select one party then specify the rate of interest and open the report.
Step 4: Afterward, You can post interest voucher by pressing F4 shortcut key and save the voucher.

I made a payment on a purchase bill after the due date The interest calculation is not reflecting this late payment in BUSY What is the problem

You are paying the amount after the due date, so interest should be charged. In your case, interest is not being charged due to the following reasons:
1. Bill-by-bill adjustment has not been performed for the payment voucher.
2. Interest calculation settings have not been enabled for the party.
3. You are currently viewing the incorrect filter view.
For further clarification, please feel free to call the BUSY helpdesk at 8282828282.

What is the correct way to change interest slabs in previous financial years?

To modify the interest slab in a previous year using the BUSY, follow these steps:
Step 1: Navigate to the previous year and then click on the Administration menu.
Step 2: Select the Configuration option.
Step 3: Click on the Interest Calculation Slab option. You will see the "Amount basis" and "Day basis" 
options.
You can make the necessary changes to the interest slab from there.

The software is showing % interest rate by default. How do I change it to .% for invoices over days?

To change the interest rate from 12% to 20.25% for invoices that are due in 60 days in BUSY, 
follow these steps:
Step 1: Navigate to the Administration menu.
Step 2: Click on the Configuration option.
Step 3: Click on the Interest Calculation option. From there, select the "Day Basis" tab and update the 
interest rate to 20.25% as per your requirement in the BUSY.

How do I preview and print statements with interest calculations from BUSY before sharing with my advocate?

To check the preview before sending the Interest calculation statement to the Advocate in BUSY, follow
these steps:
1. Open the Interest calculation tab from the Display menu.
2. Press Alt+P or click on the 'From BUSY' button from the grid.
3. Then, click on the 'Preview' button. This will show you a preview of the Interest calculation statement 
before sending it to the Advocate.