Frequently Asked
Questions

Q: How is depreciation handled for the last year of an assets useful life in BUSY

We can post the depreciation entry in next year then it will consider the full value in opening of the asset and charge the depreciation accordingly from Depreciation Chart Option Under Display Menu.

Q: How often does BUSY calculate depreciation automatically Can I adjust this

BUSY calculate depreciation automatically as per depreciation rates define in the fixed assets master. You can pass entry directly from Depreciation Chart report Press"F4key it will auto pass entry of depreciation.

Q: I purchased a new computer on // Why is the depreciation showing in the wrong period?

As per the depreciation chart, half of the yearly depreciation is charged in the second half installment. Therefore, the depreciation for the new computer purchased on 1/10/2022 will be charged accordingly.

Q: How often can I claim depreciation in BUSY is it quarterly half yearly or yearly

In BUSY when you create fixed assets master after selection of group of fixed assets a window appear which ask for the depreciation rate which is yearly and half yearly basis

Q: The opening balance amount is changing in BUSY when I try to create the depreciation list Why is that happening

This is not possible becuase opening balance never change when generate any report. If such kind of issue is available then please contact with our Helpline No. i.e.8282828282, Or 011-40964096

Q: How to handle fixed asset repairs additions or improvements in BUSY

For handle fixed asset repairs additions or improvements in BUSY please follow below mention steps:- Step 1:- Transaction Tab Step 2:- Journal voucher Step 3:- Add, enter expenses against respective fixed asset

Q: I want to revalue some fixed assets in BUSY what is the process

For revaluation of fixed assets do entry through Journal voucher. Please follow below mention steps for add journal voucher:- Step 1:- Transaction Tab Step 2:- Journal Vocuher Step 3:- Add

Q: What depreciation rate should I use for different assets like software machinery furniture etc in BUSY

Mention different asset rates in BUSY as per the Act such as Income Tax Act or Company Act. You can mention different depreciation rate for different asset.

Q: How are depreciation accounts handled for assets purchased in previous years?

If you purchased a fixed asset in previous year then you need to charge the depreciation also in the previous year.

Q: Can I customize the depreciation schedule in BUSY or is it fixed

No, Cannot do customization in depreciation schedule it is fixed as per the Act, i.e., Income Tax Act and Company's Act.

Find Solutions to Common Issues Related to accounting-reports - depreciation charge

Taxation (GST/VAT/TDS/TCS/RCM)

Export/Import/Data Conversion

Errors (RTE/Ransome), Feedbacks and Bugs

Barcode, QR Code and Lable Printing

License Management/Softlock/Hardlock

Enquiry/Upgrade/Visit/Renewal

UMS Related Issue (Dealer Query)

Software Features

Implementation

Dealer Complaint/Issues

Enquiry/Upgrade/Visit/Renewal

Dealer Complaint/Issues

How is depreciation handled for the last year of an assets useful life in BUSY

We can post the depreciation entry in next year then it will consider the full value in opening of the asset and charge the depreciation accordingly from Depreciation Chart Option Under Display Menu.

How often does BUSY calculate depreciation automatically Can I adjust this

BUSY calculate depreciation automatically as per depreciation rates define in the fixed assets master. You can pass entry directly from Depreciation Chart report Press"F4key it will auto pass entry of depreciation.

I purchased a new computer on // Why is the depreciation showing in the wrong period?

As per the depreciation chart, half of the yearly depreciation is charged in the second half installment. Therefore, the depreciation for the new computer purchased on 1/10/2022 will be charged accordingly.

How often can I claim depreciation in BUSY is it quarterly half yearly or yearly

In BUSY when you create fixed assets master after selection of group of fixed assets a window appear which ask for the depreciation rate which is yearly and half yearly basis

The opening balance amount is changing in BUSY when I try to create the depreciation list Why is that happening

This is not possible becuase opening balance never change when generate any report. If such kind of issue is available then please contact with our Helpline No. i.e.8282828282, Or 011-40964096

How to handle fixed asset repairs additions or improvements in BUSY

For handle fixed asset repairs additions or improvements in BUSY please follow below mention steps:-
Step 1:- Transaction Tab
Step 2:- Journal voucher
Step 3:- Add, enter expenses against respective fixed asset

I want to revalue some fixed assets in BUSY what is the process

For revaluation of fixed assets do entry through Journal voucher. Please follow below mention steps for add journal voucher:-
Step 1:- Transaction Tab
Step 2:- Journal Vocuher
Step 3:- Add

What depreciation rate should I use for different assets like software machinery furniture etc in BUSY

Mention different asset rates in BUSY as per the Act such as Income Tax Act or Company Act. You can mention different depreciation rate for different asset.

How are depreciation accounts handled for assets purchased in previous years?

If you purchased a fixed asset in previous year then you need to charge the depreciation also in the previous year.

Can I customize the depreciation schedule in BUSY or is it fixed

No, Cannot do customization in depreciation schedule it is fixed as per the Act, i.e., Income Tax Act and Company's Act.

Frequently AskedQuestions