Frequently Asked
Questions

Q: I think BUSY has the wrong depreciation rate how can I change this

For change in depreciation rate in BUSY please follow below mention steps:- Step 1:- Administration Tab Steo 2:- Masters Step 3:- Account Step 4:- Modify, Select fixed asset and then select group as a fixed asset a window appear change in depreciation rate. After modification in depreciation rate go to Display Tab then Depreciaton Chart select deprecition ledger and then check all fixed assets will show ith their respective depreciation rate check rate is modified of that item

Q: The depreciation seems to be calculated incorrectly in BUSY how can this be fixed

For incorrect calulation of depreciation check depreciation rate mention proper please follow below mention steps for correction in depreciation rate:- Step 1:- Administration Tab Step 2:- Masters Step 3:- Account Step 4:- Modify, Select which asset calculation show wrong, on depreciation rate window which is appear after master group option. After enter correct depreciation rate then go to Display Tab then Depreciation Rate, check calculation on calculator and in BUSY depreciation to be charged filed amount both will match

Q: How is depreciation handled for partial periods? Is the calculation pro-rated?

In BUSY, you can enter the Fixed Asset Purchased entry and define the Depreciation rate within the account master by going to Administration, then Master, and then Account Modify option. Once you open the depreciation rate, it will automatically calculate the depreciation (Principal amount*Depreciation percentage/100*number of months with respect to12 months). You can also understand this as when you do an entry after 180 days, it will charge depreciation accordingly.

Q: I am getting errors in fixed asset or depreciation entries in BUSY what should I do

If get errors in fixed asset of depreciation entries in BUSY once modify fixed asset and enter correct depreciation rate. Please follow below mention steps of modify fixed asset:- Step 1:- Administration Tab Step 2:- Masters Step 3:- Account Step 4:- Modify, Select ledger of fixed asset and enter depreciation rate then check in depreciation chart from Display Tab If still issue then please contact our Helpline no. i.e., 8282828282 Or 011-40964096

Q: How to record depreciation catch up entries in BUSY if I forgot to post depreciation for some months

As depreciation passed on at the end of every year or at the time of disposal or sale of asset. Please follow below mention steps for charge depreciation:- Step 1:- Enter depreceiation rates in fixed asset master Step 2:- Display Tab Step 3:- Depreciation Chart Step 4:- Select depreciation ledger and then pass entry by checking depreciation to be charged filed. In BUSY you can pass depreciaion entry by pressing "F4key

Q: Where can I find the depreciation chart that shows depreciation rates as per income tax?

Here are the steps for checking depreciation chart that shows depreciation rate as per income tax: Step 1: Go to display menu Step 2: Then click on Depreciation chart Step 3: Then click on Income tax act option Step 4: Then specify depreciation account name and click on OK button Step 5: here you can check the list of depreciation rate as per income tax

Q: What date does the accounting system use to determine which depreciation period an asset purchase falls into?

Depreciation is a non-cash expense to the company since no money is actually lost by the company but only a reduction in value of fixed asset takes place depreciated. Thus, it wants to determine the amount of depreciation that should be charged on the machinery to reflect the true status in the books of account. For this purpose, it views the Depreciation Chart report.

Q: How is depreciation calculated in BUSY is it on a prorata basis or written down value basis

For depreciation calculation on written down value basis enable option of depreciation calculation as per Company's Act. Please follow below mention steps for enable option:- Step 1:- Administration Tab Step 2:- Configration Step 3:- Feature / option Step 4:- Accounts Step 5:- Click on checkbox on Company's Act Depreciation After enable option then go to Display Tab and then Depreciation Chart Select Company's Act (W.D.V. Method)

Q: Why is depreciation being recorded when I have not sold the asset yet? How does it work?

Depreciation is being recorded because it represents the decrease in value of the asset over time due to wear and tear, obsolescence, or other factors. It is not dependent on whether or not the asset has been sold. Depreciation is calculated based on the expected useful life of the asset and is recorded as an expense in the company's financial statements.

Q: How do I record depreciation for fixed assets in BUSY?

To record depreciation for fixed assets in BUSY, follow these steps: Step 1: Go to Display tab. Step 2: Click on Depreciation Chart and select Income tax Act or company Act as per required. Step 3: Select Depreciation Account and open the report and then select the asset for which you want to record depreciation. Step 4: Press F4 shortcut key for pass depreciation voucher.

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I think BUSY has the wrong depreciation rate how can I change this

For change in depreciation rate in BUSY please follow below mention steps:-
Step 1:- Administration Tab
Steo 2:- Masters
Step 3:- Account
Step 4:- Modify, Select fixed asset and then select group as a fixed asset a window appear change in depreciation rate. 
After modification in depreciation rate go to Display Tab then Depreciaton Chart select deprecition ledger and then check all fixed assets will show ith their respective depreciation rate check rate is modified of that item

The depreciation seems to be calculated incorrectly in BUSY how can this be fixed

For incorrect calulation of depreciation check depreciation rate mention proper please follow below mention steps for correction in depreciation rate:-
Step 1:- Administration Tab
Step 2:- Masters
Step 3:- Account
Step 4:- Modify, Select which asset calculation show wrong, on depreciation rate window which is appear after master group option.
After enter correct depreciation rate then go to Display Tab then Depreciation Rate, check calculation on calculator and in BUSY depreciation to be charged filed amount both will match

How is depreciation handled for partial periods? Is the calculation pro-rated?

In BUSY, you can enter the Fixed Asset Purchased entry and define the Depreciation rate 
within the account master by going to Administration, then Master, and then Account 
Modify option. Once you open the depreciation rate, it will automatically calculate the 
depreciation (Principal amount*Depreciation percentage/100*number of months with respect 
to12 months). You can also understand this as when you do an entry after 180 days, it will 
charge depreciation accordingly.

I am getting errors in fixed asset or depreciation entries in BUSY what should I do

If get errors in fixed asset of depreciation entries in BUSY once modify fixed asset and enter correct depreciation rate. Please follow below mention steps of modify fixed asset:-
Step 1:- Administration Tab
Step 2:- Masters
Step 3:- Account
Step 4:- Modify, Select ledger of fixed asset and enter depreciation rate then check in depreciation chart from Display Tab
If still issue then please contact our Helpline no. i.e., 8282828282 Or 011-40964096

How to record depreciation catch up entries in BUSY if I forgot to post depreciation for some months

As depreciation passed on at the end of every year or at the time of disposal or sale of asset. Please follow below mention steps for charge depreciation:-
Step 1:- Enter depreceiation rates in fixed asset master
Step 2:- Display Tab
Step 3:- Depreciation Chart
Step 4:- Select depreciation ledger and then pass entry by checking depreciation to be charged filed. In BUSY you can pass depreciaion entry by pressing "F4key

Where can I find the depreciation chart that shows depreciation rates as per income tax?

Here are the steps for checking depreciation chart that shows depreciation rate as per income tax:
Step 1: Go to display menu 
Step 2: Then click on Depreciation chart 
Step 3: Then click on Income tax act option 
Step 4: Then specify depreciation account name and click on OK button 
Step 5: here you can check the list of depreciation rate as per income tax

What date does the accounting system use to determine which depreciation period an asset purchase falls into?

Depreciation is a non-cash expense to the company since no money is actually lost by the company but only a reduction in value of fixed asset takes place depreciated. Thus, it wants to determine the amount of depreciation that should be charged on the machinery to reflect the true status in the books of account. For this purpose, it views the Depreciation Chart report.

How is depreciation calculated in BUSY is it on a prorata basis or written down value basis

For depreciation calculation on written down value basis enable option of depreciation calculation as per Company's Act. Please follow below mention steps for enable option:-
Step 1:- Administration Tab
Step 2:- Configration 
Step 3:- Feature / option 
Step 4:- Accounts
Step 5:- Click on checkbox on Company's Act Depreciation 
After enable option then go to Display Tab and then Depreciation Chart Select Company's Act (W.D.V. Method)

Why is depreciation being recorded when I have not sold the asset yet? How does it work?

Depreciation is being recorded because it represents the decrease in value of the asset over time due to wear and tear, obsolescence, or other factors. It is not dependent on whether or not the asset has been sold. Depreciation is calculated based on the expected useful life of the asset and is recorded as an expense in the company's financial statements.

How do I record depreciation for fixed assets in BUSY?

To record depreciation for fixed assets in BUSY, follow these steps:
Step 1: Go to Display tab.
Step 2: Click on Depreciation Chart and select Income tax Act or company Act as per required.
Step 3: Select Depreciation Account and open the report and then select the asset for which you want to record depreciation.
Step 4: Press F4 shortcut key for pass depreciation voucher.

Frequently AskedQuestions