Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - account books
I need help understanding accounting terminology like accounts payable, accounts receivable, general ledger, etc. Can you explain?
Certainly! Here's a brief explanation of some accounting terminology:
1. Accounts Payable: This refers to the money a company owes to its suppliers or vendors for goods or services received but not yet paid for.
2. Accounts Receivable: This represents the money owed to a company by its customers for goods or services provided but not yet paid for.
3. General Ledger: It is a record that contains all the financial transactions of a company, organized by accounts. It provides a complete overview of a company's financial activities.
4. Balance Sheet: This is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time. It provides a snapshot of the company's financial position.
5. Income Statement: Also known as the Profit and Loss Statement, it shows a company's revenues, expenses, and net income or loss over a specific period. It helps assess the company's profitability.
These are just a few key terms, but there are many more in the field of accounting.
How do I ensure I'm charged the correct current rate when reordering items?
There are no particular report from where we can check the rate of item is correctly entered while reordering the same. Furthermore we can check the separate report of invoice with price details. below mentioned steps to be followed.
Step 1: Go to display menu then click on Quotatio/order/challan processing report.
Step 2: Click on pending orders option then select purchase orders either item wise or party wise.
Step 3: Select the party and item as per your prefrence like one or all.
Step 4: Enable or disable the option as per your requirement.
Step 5: A reprt will show as per the item or party then enter on the voucher which ypu want to clear.
Step 6: Again Go to display menu then click on Quotatio/order/challan processing report.
Step 7: Click on order wise statement then selet purchase order.
Step 8: Select either date wise or voucher wise as per your requirement.
Step 9: Enable or disable the options as per your choice.
Step 10: Now you can check the item with the relevent details like price and quantity while reordering the same.
How to resolve missing transactions in reports?
If some transactions are missing in the report, then you can try these steps to resolve it:
1. The transactions might be deleted. So if the transaction deleted then you need enter again.
2. The transactions might be hidden. You can press ALT+F9 to unhide the transactions and see them in the report.
3. The report has been opened with a different voucher series than the transactions. You can check the voucher series of your transactions and the report and make sure they match.
4. The report has been opened with a different material center than the transactions.
5. The report has been opened with a wrong date range. You can check the date range of your report and make sure it covers the period of your transactions.
There may be other reasons depending on the situation. If you still cannot find your missing transactions, you can contact us for further assistance on our 24X7 helpline number: 8282828282 or 011 40964096. Alternatively, you can email us your query at support@busy.in.
The reports in BUSY are not generating in the layout I need. How can I select alternate layouts or designs for the reports?
If you are opening a report and it is not in the layout you need then please
follow the given steps
Step 1: You can look for other report in display menu.
Step 2: Further you can customize your report as per your requirement.
Step 3: Open any report then click on custome column option then enter format name
then click on add column or if you do not want to see any column then untick it.
Step 4: Then enter heading and set position and data type then alignment then no of
chars then select data field option then come to category field and select
item master if you want to add master related information like gstin select
inventory voucher header for voucher related information like voucher number
and party name.
Step 5: Then select field and select command line from the list and save.
Step 6: Then re open the report with new format to see added column.
I am having trouble reconciling my accounts receivable in BUSY. What steps can I take to resolve this issue?
To resolve the issue of reconciling accounts receivable in BUSY , you can take the following steps:
Step 1 : Double-check the accuracy of your data: Ensure that all transactions and customer payments are accurately recorded in BUSY.
Step 2 : Verify customer balances: Review the accounts receivable balances for each customer and compare them to the actual outstanding invoices and payments received.
Step 3 : Reconcile individual transactions: Match each customer payment with the corresponding invoice to ensure that all payments are properly applied.
Step 4 : Investigate discrepancies: If there are discrepancies between the recorded payments and the actual invoices, investigate the reasons behind them. This may involve contacting customers for clarification or reviewing any errors in data entry.
Step 5 : Adjust account balances: Make any necessary adjustments to the accounts receivable balances to reflect the correct amounts owed by customers.
Step 6 : Run reconciliation reports: Generate reconciliation reports in BUSY to verify that the accounts receivable balances match the actual outstanding amounts.
How can we check Bank book as per the clearing date?
Bank book as per clr. date is a report where bank entries will reflect as per clearing date that is mentioned through Bank reconciliation Feature.
Clearing date is the date on which bank entries are cleared by the bank and displayed in the bank statement.
To check Bank book as per the clearing date follow the below steps:
Step 1: Go to Administration > Configuration > Features and Option > Accounts tab >Enable Bank reconciliation feature.
Step 2: Now for bank reconciliation , go to Display > Bank reconciliation > Show uncleared entries > Mention Clearing date as per bank Statement through F4 key.
Step 3: Go to Display > Account Book > Cash/Bank Book > Bank Book (As per Clr. date) .
Bank reconciliation
Bank reconciliation refers to the process of comparing a company's books with their bank statements to ensure that all transactions are accounted for.
Go to Display > Bank Reconciliation menu to View reports of Cleared Entries, Uncleared Entries, Reconciliation Statement.
Video link for Bank reconciliation - Bank Reconciliation in BUSY (Hindi)
What types of reports can I generate, and how do I configure reporting in BUSY?
BUSY provides a variety of accounting reports to help you manage your business finances effectively. Some of the reports are:
1. Financial Reports: These include Balance Sheet, Profit & Loss Account, Trial Balance, etc.
2. Account Books: These include Account Ledger, Sales Register, Purchase Register, etc.
3. GST Reports: These include GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. These reports help you to comply with the GST laws and regulations in India.
4. Outstanding Analysis Reports: These include Bills Receivables, Bills Payables, Aeging Reports, etc. These reports help you to manage your cash flow and credit control.
5. MIS Reports: These include Profitability Report, Cash Flow, Fund Flow, Ratio Analysis, Multi Company Results, etc. These reports help you to measure and compare the performance of different segments of your business.
To export data from BUSY, you can go to the respective report (e.g., Accounts, Inventory, etc.), select the desired data, and use the "Export" (ALT+E) option to export it in a compatible file format such as Excel, CSV, PDF & Google Sheet.
How do I properly record depreciation for my fixed assets in BUSY
If you want to set up depreciation for fixed assets in BUSY, you can follow these steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Administration tab and click on Configuration.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the "Company's Act Depreciationoption. Just click on the checkbox to turn it on.
Step 3: Now, when you create / Modify your Fixed Assets account can mention your depreciation rate according to Income Tax Act or Companies Act as required.
Step 4: For calculate depreciation go to Display menu and click on "Depreciation Chart".
Step 5: Choose the depreciation method that suits your business needs. You can select either the Income Tax Act or the Company’s Act (w.d.v). Then, select the “Depreciation A/C”.
Step 6: The report will show you the depreciation amount for each fixed asset based on the selected method. You can post the depreciation voucher to your accounts by pressing F4 on your keyboard.
I want to check details of sales returns that were not captured correctly in the previous month. What should I do in BUSY?
To check the details of sales returns that were not captured correctly in the previous month, you need to follow the below steps:
Step 1: Go to Display, then Account Books, then Account Registers (standard), then Sales Return Register.
Step 2: After that, you will find the option of Sales Sales Return Register to be shown for all sales return types and one sales return type, then select the relevant option.
Step 3: After that, you will find the option of sales. Return the register for all parties, groups of parties, one party, and selected parties, then select a customer for whom you want to see the report.
Step 4: After that, you will find the option for a date range, then type the relevant date range of the previous month and select relevant information if required, press Y on that particular window, and then execute the report.
Step 5: After that, you will find your sales return register for all invoices for a previous month-specific date range in BUSY.
How to add custom column for e invoice field in sales register?
To add custom column for e invoice field in sales register you need to follow below steps:
Step 1: Go to Display, then Account Books.
Step 2: Under Account Books books option Click on Account Registers Standard
Step 3: Then click on Sales register option, then Select all parties and date range.
Step 4: After opening report, Click on Custom Columns at right corner.
Step 5: Add a new custom column format by giving any name.
Step 6: Then Click on Add New Col. then provide heading name as E Invoice No. of the column.
Step 7: Then Select Position, Data Type as Text, Alignment and Number of characters.
Step 8: Then Select the Field Value Details as Data Field and in that have to Select Category as Inventory Voucher Header.
Step 9: Further have to Click on Field and Choose EINVOICE_ACK_NO or EINVOICE_IRN field.
Step 10: Then Click on Save field and Save format and then reopen the sales report with New custom column format and you will get the einvoice acknowledgement number or einvoice IRN number column.
