Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - bank reconciliation
The balance brought forward from last financial year into this year is incorrect in BUSY How can I resolve this issue
The balance brought forward from the last financial year into this year may be incorrect in BUSY due to incorrect closing balances or other errors in the previous year's data. It is important to ensure that the closing balances are accurate before carrying them forward to the new financial year....
How do I reconcile bank accounts and transactions in BUSY?
To reconcile your bank accounts in BUSY, you can follow these steps:
Step 1: First turn on the Bank Reconciliation feature by using the below steps:
(i) Go to Administration
(ii)Configurations
(iii)Feature/Options
(iv)Accounts.
(v)Here, you can check the box next to Bank Reconciliation
and save.
Step 2: To Reconcile your...
The balances between BUSY and my bank don't match during reconciliation. How can I address this?
If you find that the bank statement balance and BUSY bank account balance do not match then please follow
these steps to reconcile them.
Step 1. Go to Administration menu.
Step 2. Then click on Configuration
Step 3. Now click on Features / Options under configuration.
Step 4. Then click...
The PDC cheque details I entered in BUSY are not showing up correctly during bank reconciliation What settings should I check
If you've entered Post-Dated Cheques (PDC) in BUSY and they are not showing up correctly during bank reconciliation, you should check the following settings and perform the necessary steps to resolve the issue:
Step 1 :Ensure that you have set up PDC details correctly in BUSY. This includes specifying the...
The account ledger in BUSY shows imbalanced amounts compared to my bank statement How can I troubleshoot and fix this
To troubleshoot and fix imbalanced amounts between the account ledger in BUSY and your bank statement, you can follow these steps:
Step 1 :Ensure that all financial transactions, including deposits, withdrawals, checks, and electronic transfers, are accurately entered into your BUSY as soon as they occur.
Step 2:Reconcile your bank...
How to setup and reconcile bank accounts and manage multiple users in BUSY?
To set up for reconcile your bank accounts in BUSY, you can follow these steps:
Step 1: First turn on the Bank Reconciliation feature by using the below steps:
(i) Go to Administration
(ii)Configurations
(iii)Feature/Options
(iv)Accounts.
(v)Here, you can check the box next to Bank Reconciliation
and save.
Step 2: To Reconcile your bank entries follow these steps:
(i) Go to Display tab.
(ii) Select "Bank Reconciliation" option and click on
"Show Uncleared Entries".
(iii) Select your bank account and date range.
(iv) To clear an entry from the report find the entry that you want to
clear. Press F4 on your keyboard to open the clearing window
enter the clearing date as per the statement and click on the OK button.
To Add multiple Users and set permission in BUSY, follow these steps:
Step 1: Open your company with Super / Admin user.
Step 2: Go to the Administration tab.
Step 3: Select on "Users" option and click on the Add button.
Step 4: Type the User Name, Password and Recheck Password for the new user.
Step 5: Assign the rights and permissions for the new user according to your needs and preferences.
Step 6: Click on the Save button to create the new user.
I am getting an error while reconciling accounts what should I do
When you encounter an error in BUSY while trying to match transactions with your bank If you are encountering an error while reconciling accounts, there are a few steps you can take to resolve the issue:statement, it's essential to identify the specific nature of the error to determine the appropriate steps to fix it. Here are some common errors and their potential solutions:
Step 1 :Double-check the transactions on your bank statement for accuracy.
Step 2 ;Compare the dates, amounts, and transaction details between BUSY and the bank statement to identify any discrepancies.
Step 3 :Review your bank statement and ensure that all transactions are accurately entered into BUSY.
Step 4 :Check if there are any transactions that were inadvertently omitted during data entry.
Step 5 :Correct any errors in BUSY to match the information on your bank statement.
Step 6 :Verify that all transactions from previous months have been reconciled, as unreconciled items can affect the current reconciliation.
Step 7 :Look for missing transactions, duplicate entries, or data entry errors that may have caused the discrepancy.
Step 8 :Make necessary adjustments in BUSY to ensure that the closing balance matches your bank statement.
Step 9 :If the problem persists, consider contacting BUSY's technical support for assistance.
Suspense account entries I posted are not reconciling properly in BUSY. What should I check to fix suspense account reconciliation errors?
When you're experiencing reconciliation issues with the suspense account entries in BUSY, there are several things you can check to identify and resolve the problem:
Step 1: Verify Transactions: Review the transactions posted to the suspense account. Ensure that each entry has the correct details, including the amounts, dates, and reference numbers.
Step 2: Check Opening Balances: Confirm that the opening balances for the accounts involved in the reconciliation are accurate. Any discrepancies in opening balances can affect the reconciliation process.
Step 3: Correct Account Codes: Ensure that the transactions are posted to the correct account master. If there are errors in account master, it can lead to reconciliation issues.
Step 4: Verify Journal Entries: If you used journal entries to post transactions to the suspense account, check the journal entries for accuracy. Ensure that debits and credits are correctly balanced.
Step 5: Review Bank Reconciliation: If the suspense account involves bank transactions, reconcile the bank statements. Ensure that all transactions recorded in the accounting software match the actual bank transactions.
Step 6: Review any manual adjustments made to the suspense account. Ensure that these adjustments were necessary and applied correctly.
I am getting an error in BUSY while matching with bank statement how can I fix it
When you encounter an error in BUSY while trying to match transactions with your bank statement, it's essential to identify the specific nature of the error to determine the appropriate steps to fix it. Here are some common errors and their potential solutions:
Step 1 :Double-check the transactions on your bank statement for accuracy.
Step 2 ;Compare the dates, amounts, and transaction details between BUSY and the bank statement to identify any discrepancies.
Step 3 :Review your bank statement and ensure that all transactions are accurately entered into BUSY.
Step 4 :Check if there are any transactions that were inadvertently omitted during data entry.
Step 5 :Correct any errors in BUSY to match the information on your bank statement.
Step 6 :Verify that all transactions from previous months have been reconciled, as unreconciled items can affect the current reconciliation.
Step 7 :Look for missing transactions, duplicate entries, or data entry errors that may have caused the discrepancy.
Step 8 :Make necessary adjustments in BUSY to ensure that the closing balance matches your bank statement.
Step 9 :If the problem persists, consider contacting BUSY's technical support for assistance.
The bank reconciliation report is not generating at all in BUSY what could be the problem
If the bank reconciliation report is not generating in BUSY, there could be several reasons for this issue. Here are some common troubleshooting steps you can follow to identify and resolve the problem:
Step 1 :Ensure that all transactions, especially bank transactions, have been accurately entered into the software.
Step 2 :Make sure you have selected the correct date range for the bank reconciliation report. If the date range is set incorrectly, it may appear as if the report is not generating.
Step 3 :Verify that you have imported or entered the bank statement correctly into the software.
Step 4 :Ensure that you have selected the correct bank account for reconciliation.
Step 5 : Check if there are any transactions that are marked as uncleared.
Step 6 :Review any filters or settings you have applied while generating the report.
Step 7 :Make sure you have the necessary permissions or user rights to generate the bank reconciliation report.
Step 8 :it's advisable to contact BUSY's technical support or customer service for assistance. They can provide specific guidance based on your software version and configuration.
