Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - bank reconciliation
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.
I am unable to match my bank closing balance as per books and actual bank balance. What should I check?
To match your bank closing balance as per books and actual bank balance, you should check the following:
1. Verify that all transactions in the bank statement have been accurately entered into the accounting software.
2. Double-check the dates and amounts of each transaction to ensure accuracy.
3. Reconcile any outstanding checks or deposits that may not have cleared the bank yet.
4. Check for any missing or duplicated transactions in the accounting software.
5. Ensure that all bank fees and charges have been properly recorded.
6. Confirm that the opening balance in the software matches the closing balance from the previous month's bank statement.
7. If necessary, reach out to your bank to clarify any discrepancies or errors in the bank statement.
8. Consider seeking assistance from a professional accountant or financial advisor for further guidance.
How do I handle bank cancellation entries in BUSY for bank reconciliation
To handle bank cancellation entries in BUSY for bank reconciliation, you can follow these steps:
Step 1 :Launch the BUSY and log in with your credentials.
Step 2 :In the main menu, navigate to the "Transaction section.
Step 3 :Review your bank statement to identify the entry that needs to be canceled. Take note of the transaction details, including the date, amount, and transaction reference.
Step 4 :Select the identified entry in the BUSY bank data
Step 5 :Look for an option or button that allows you to cancel or delete the transaction.
Step 6 :Confirm the cancellation of the entry when prompted by the software.
Step 7 :After canceling the entry, return to the bank reconciliation screen.
Refresh or update the bank reconciliation to reflect the canceled transaction. This step is essential to ensure that the reconciliation accurately reflects the changes you made.
I am unable to reconcile my accounts in BUSY. It shows my accounts are out of balance. What should I do to fix this?
To reconcile your accounts in BUSY, if it shows your accounts are out of balance, then you need to reconcile your bank Reconcilation statement for this, you need to follow below steps:
Step 1: Go to the Display menu.
Step 2: Select Bank Reconciliation.
Step 3: In the Reconciliation Statement section, choose your bank account name.
Step 4: Select the date range for the period you want to reconcile.
Step 5: Press OK or use the F2 key to load the report.
On the report window, you will find all the important details of the account, such as:
1. Details of the account
2. The bank balance as per the ledger
3. Checks deposited but not cleared
4. Checks issued but not cleared
5. The actual bank balance
Following these steps will help you fix your account balance and ensure your accounts are properly reconciled.
The check numbers are not showing up properly in the reports What should I do
If the check numbers are not displaying correctly in the reports, you can try the following steps:
1. Double-check the data entry: Ensure that the check numbers are entered accurately when recording transactions.
2. Update your software: Make sure you are using the latest version of the software you are using for generating reports. Sometimes, software updates can fix display issues.
3. Check report settings: Review the report settings to ensure that the check numbers are included in the report columns or fields. Adjust the settings if necessary.
4. Contact support: If the issue persists, reach out to the technical support team of the software or system you are using. They can provide specific troubleshooting steps or address any software-related issues.
Remember to provide specific details about the software or system you are using when seeking support.
