Journal entry for interest on FD

Dear Sir,

please guide how to Entry pass in tally fixed deposit but note matured  

Singhniranjan736 @ gmail.com

Dear Sir,

please guide how to Entry pass in tally fixed deposit but note matured  

Do we need to pass monthly provision for the accrued interest and reversal?

Yes, it is generally necessary to pass a monthly provision for accrued interest and reversal. This provision helps account for the accrual of interest expenses or income that has been earned but not yet received or paid. By recognizing this accrual, financial statements can reflect a more accurate representation of the company's financial position and performance.