Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - bank reconciliation
I entered some transactions in BUSY but they are not showing up in the correct dates. The entries are unclear. What should I do to reconcile unclear entries?
First check transactions date and accounting voucher entry in BUSY, to reconcile unclear entries in BUSY, you can follow these steps:
Step 1: To reconcile unclear entries in BUSY, Go to Administration Menu
Step 2: Click on Miscellaneous Data Entry option
Step 3: click on Regularize PDC option and choose PDC details to be shown for one bank or all bank.
Step 4: Select voucher series and PDC start date and End date and click on OK.
Step 5: PDC Details window will open select accounting voucher which you want to regularize entry and click on Regularize
Step 6: after Regularize entry go to Display Menu and click on Bank Reconciliation option
Step 7: click on show Uncleared entries options.
Step 8: Bank Reconcilation – Uncleared Bank Entries window will open
Step 9: Select date range and other required option and click on OK.
Step 10: select entry which you want to clear use key F4. And enter clearing date.
Where can I find the carry forward option for bank reconciliation
It seems like you are describing a specific prompt or message within the BUSY's administration menu related to carrying forward balances and bank reconciliation to the next fiscal year. This prompt is likely part of the year-end closing or fiscal year transition process. Here's how you can proceed based on the information provided:
Step 1:Log in to your BUSY with the necessary administrative privileges.Navigate to the "Administrationmenu or option within the software.
Step 2 :Within the Administration menu, look for an option related to theIt may be labeled as "Change FYor something similar.
Step 3 :When you initiate the year-end process, the software will likely prompt you with a message asking if you want to carry forward balances, including bank reconciliation entries, to the next financial year.
Step 4 :If you receive a prompt that specifically mentions carrying forward pending bank reconciliation entries to the next year, click on the "Yesoption to proceed.
Step 5 :
I tried reconciling only one months transactions but still cant get the amounts to match in BUSY What else should I check
Ensuring that entries between your bank and BUSY are reconciled properly every month is a crucial part of maintaining accurate financial records. To achieve this, you can follow a systematic approach:
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 statements in BUSY every month without fail.
Step 3 :Compare each transaction on your statement with the corresponding entry in BUSY.Mark transactions as "clearedor "reconciledin BUSY as you confirm their presence on the bank statement.
Step 4 ;Investigate and resolve any discrepancies between BUSY and the bank statement.
Step 5 :If there are any unreconciled items from previous months, investigate and resolve them before proceeding with the current month's reconciliation.
Step 6 :Implement user permissions and audit trails within your accounting software to track who makes changes to financial data. This can help maintain data integrity.
How do I ensure entries between bank and BUSY are reconciled properly every month
Ensuring that entries between your bank and BUSY are reconciled properly every month is a crucial part of maintaining accurate financial records. To achieve this, you can follow a systematic approach:
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 statements in BUSY every month without fail.
Step 3 :Compare each transaction on your statement with the corresponding entry in BUSY.Mark transactions as "clearedor "reconciledin BUSY as you confirm their presence on the bank statement.
Step 4 ;Investigate and resolve any discrepancies between BUSY and the bank statement.
Step 5 :If there are any unreconciled items from previous months, investigate and resolve them before proceeding with the current month's reconciliation.
Step 6 :Implement user permissions and audit trails within your accounting software to track who makes changes to financial data. This can help maintain data integrity.
How can I set up and manage automatic bank reconciliation in BUSY?What are the different reports available for GST compliance in BUSY?
If you Want To Know The process for bank reconciliation in BUSY Follow These Steps:-
1.Open BUSY Software.
2.Then click on Company menu and Open the company.
3.Then Go to Administration & Select configuration.
4.In configuration Select Features & Option Menu.
5.Then Go to Accounts & in Bottom Option Shows Bank Reconciliation. Tick on this option & Save.
6.Then Go to Display menu.
7.Select the Bank reconciliation.
8.Then Four Option Appear Show All Entries, Show Uncleared Entries, Show Cleared Entries & Reconcilation Statement.
9.If You Want To Comapre Your bank statement With BUSY bank entries.
10.Click on Show uncleared entries Then select bank & date range & open The Report.
11.If you Want To clear The entries Press F4.
12.Then Y on Clear Full Voucher & Enter Clearing date.
13.If You Want to Check Your Clearing entries.
14.Click on Show Cleared Entries.
Different reports available for GST is:
Step 1 : CLick on display
Step 2 : GST reports
Step 3 : Check GST reports available
The bank statement amount and BUSY amount dont match even after Ive checked transactions line by line Are there any other reconciliation options I should try in BUSY
If the amounts are not matching between the bank statement and BUSY during bank reconciliation, you can try the following steps to resolve the issue:
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 statements in BUSY every month without fail.
Step 3 :Compare each transaction on your statement with the corresponding entry in BUSY.Mark transactions as ""cleared"or ""reconciled"in BUSY as you confirm their presence on the bank statement.
Step 4 ;Investigate and resolve any discrepancies between BUSY and the bank statement.
Step 5 :If there are any unreconciled items from previous months, investigate and resolve them before proceeding with the current month's reconciliation.
Step 6 :Implement user permissions and audit trails within your accounting software to track who makes changes to financial data. This can help maintain data integrity."
I am having trouble with the bank reconciliation feature in BUSY The amounts are not matching between the bank statement and BUSY What should I check
If the amounts are not matching between the bank statement and BUSY during bank reconciliation, you can try the following steps to resolve the issue:
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 statements in BUSY every month without fail.
Step 3 :Compare each transaction on your statement with the corresponding entry in BUSY.Mark transactions as ""cleared"or ""reconciled"in BUSY as you confirm their presence on the bank statement.
Step 4 ;Investigate and resolve any discrepancies between BUSY and the bank statement.
Step 5 :If there are any unreconciled items from previous months, investigate and resolve them before proceeding with the current month's reconciliation.
Step 6 :Implement user permissions and audit trails within your accounting software to track who makes changes to financial data. This can help maintain data integrity."
How do I ensure all balances are cleared before carrying forward to the new financial year
Ensuring that all balances are cleared before carrying them forward to the new financial year is essential for maintaining accurate financial records. Here are the steps to help you achieve this:
Step 1 :Before closing the current financial year, thoroughly reconcile all accounts, including bank accounts, receivables, payables, and other relevant ledger accounts.
Step 2 :Verify that all transactions, income, and expenses for the current year are accurately recorded.
Step 3 :Check for any outstanding or pending transactions, such as unreconciled bank entries, unpaid invoices, or unprocessed bills.
Step 4 :Make sure that all open items, including outstanding invoices, bills, or vendor payments, are cleared and properly accounted for.
Step 5 :If applicable, adjust for any unearned revenue or deferred income to recognize it in the appropriate financial year.
Step 6 ;Create a backup or snapshot of your financial data for the current year to safeguard against data loss or accidental changes.
How to reconcile bank transactions with BUSY data?
If you Want To reconcile Your bank statements with the data in BUSY Follow These Steps:-
1.Open BUSY Software.
2.Then click on Company menu and Open the company.
3.Then Go to Administration & Select configuration.
4.In configuration Select Features & Option Menu.
5.Then Go to Accounts & in Bottom Option Shows Bank Reconciliation. Tick on this option & Save.
6.Then Go to Display menu.
7.Select the Bank reconciliation.
8.Then Four Option Appear Show All Entries, Show Uncleared Entries, Show Cleared Entries & Reconcilation Statement.
9.If You Want To Comapre Your bank statement With BUSY bank entries.
10.Click on Show uncleared entries Then select bank & date range & open The Report.
11.If you Want To clear The entries Press F4.
12.Then Y on Clear Full Voucher & Enter Clearing date.
13.If You Want to Check Your Clearing entries.
14.Click on Show Cleared Entries.
What's the process for bank reconciliation in BUSY?
If you Want To Know The process for bank reconciliation in BUSY Follow These Steps:-
1.Open BUSY Software.
2.Then click on Company menu and Open the company.
3.Then Go to Administration & Select configuration.
4.In configuration Select Features & Option Menu.
5.Then Go to Accounts & in Bottom Option Shows Bank Reconciliation. Tick on this option & Save.
6.Then Go to Display menu.
7.Select the Bank reconciliation.
8.Then Four Option Appear Show All Entries, Show Uncleared Entries, Show Cleared Entries & Reconcilation Statement.
9.If You Want To Comapre Your bank statement With BUSY bank entries.
10.Click on Show uncleared entries Then select bank & date range & open The Report.
11.If you Want To clear The entries Press F4.
12.Then Y on Clear Full Voucher & Enter Clearing date.
13.If You Want to Check Your Clearing entries.
14.Click on Show Cleared Entries.
