how to pass entry in tally for Interest received on sweep credited to saving a/c? In what group it should be come
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Answer Posted / Khursheed Alam
In Tally ERP 9, you can record interest received on a sweep account credited to a savings account as follows:
1. Navigate to 'Bank Reconciliation' and select the relevant bank account (sweep account).
2. Click 'Post Interest' to open the Interest Register.
3. Enter details like Interest Amount, Bank Account, Head of Account (e.g., 'Interest Income - Savings Account'), Party (savings account holder), and period.
4. Save and close the Interest Register. The entry will be posted under 'Income' in the General Ledger.
5. Cross-verify the entry by navigating to 'General Ledger' and checking the corresponding journal entries.
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