Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - interest calculation
How do I open and edit interest settings for a prior financial year in the software?
To use Interest Calculation in previous year you have to go in previous year then follow below given
steps:-
Step 1: Go to the Display menu.
Step 2: Click on the Interest Calculation option. You will see several options such as Product
basis, Mahajani, Bills Receivable, Bills Payable, Bank Interest, etc. Choose any of these options
to calculate interest.
Step 3: After opening any of these reports, press F4. This will bring up the "Generate Interest
Voucher" window. Here, you need to mention the Interest Receivable or Interest Payable account
and then click on the "OK" button.
By following these steps, your interest calculation voucher will be automatically generated in BUSY.
What is the process to calculate interest on payment of bills in BUSY Accounting Software?
If you want to calculate the interest on overdue invoices and bills, you can follow these steps:
Step 1: Go to the Display tab and click on Interest Calculation.
Step 2: Choose one of the available options, such as Product Basis, Mahajani, Bills Receivable / Payable & Bank Interest.
Step 3: Open the report with the selected option and can chooe One Account / Group of Accounts / Selected Accounts after that you can enter a specific date range and open the report.
Step 4: View the interest calculation based on the criteria you have entered.
Step 5: If you want to post an Interest Voucher, press F4 on the report.
What is the difference between "Day Basis" and "Amount Basis" interest calculation in BUSY? I'm confused which method I should choose.
In BUSY, there are two methods to calculate interest - Day basis and Amount basis.
Under the Day basis method, interest is calculated based on the number of days. You can set a limit on the number of days, and define the interest rate accordingly. You can also choose to use the type 'Upto' or 'Above' to set the criteria.
On the other hand, under the Amount basis method, interest is calculated based on the amount. You can set a limit on the amount, and define the interest rate accordingly. You can also choose to use the type 'Upto' or 'Above' to set the criteria.
Why is the calculated interest not getting posted automatically in BUSY? What steps should I follow to post the interest manually?
To generate an interest calculation voucher automatically in BUSY, follow these simple steps:
Step 1: Go to the Display menu.
Step 2: Click on the Interest Calculation option. You will see several options such as Product
basis, Mahajani, Bills Receivable, Bills Payable, Bank Interest, etc. Choose any of these options
to calculate interest.
Step 3: After opening any of these reports, press F4. This will bring up the "Generate Interest
Voucher" window. Here, you need to mention the Interest Receivable or Interest Payable account
and then click on the "OK" button.
By following these steps, your interest calculation voucher will be automatically generated in BUSY.
I want the software to auto-generate interest calculation voucher entries. How can I enable this feature?
To generate an interest calculation voucher automatically in BUSY, follow these simple steps:
Step 1: Go to the Display menu.
Step 2: Click on the Interest Calculation option. You will see several options such as Product
basis, Mahajani, Bills Receivable, Bills Payable, Bank Interest, etc. Choose any of these options
to calculate interest.
Step 3: After opening any of these reports, press F4. This will bring up the "Generate Interest
Voucher" window. Here, you need to mention the Interest Receivable or Interest Payable account
and then click on the "OK" button.
By following these steps, your interest calculation voucher will be automatically generated in BUSY.
Is there any option in journal voucher to calculate interest for the whole year?
In journal voucher there is no provision to calculate interest on any account, here you can only pass entry for interest. However we have other option to calculate interest for accounts.
To know how to calculate it follow the below steps:
Step 1: Go to display menu then select interest calculation option.
Step 2: Select product basis 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 interest amount.
Step 4: Here, you can post interest voucher by pressing F4.
Can BUSY automatically deduct interest on a daily basis?
No, there is no provision to deduct interest automatically in BUSY. However you can calculate interest and post in the voucher for the same manualy by following these steps:
Step 1: Go to display menu then select interest calculation option.
Step 2: Select product basis 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 interest amount.
Step 4: Here, you can post interest voucher by pressing F4.
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.
