Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - outstanding analysis
How do I generate financial statements like PL and balance sheet in BUSY
To generate crucial financial reports such as profit and loss statements within BUSY, you can navigate to the Report module, specifically designed for this purpose. This module offers a user-friendly interface that simplifies the report generation process. Inside the Report module, you'll discover an array of predefined reports, including the Profit and Loss statement, trial balance, balance sheet, and income & expenditure account. Select the specific report you require, set the date range to encompass the period of interest, and with a simple click on the generate button, you'll obtain a comprehensive and detailed overview of your business's financial health. These reports offer valuable insights into your income, expenses, and net profit or loss, empowering you to make informed financial decisions and efficiently manage your company's finances
How do I record a partial payment or adjustment to an existing transaction
To record a partial payment or adjustment to an existing transaction, you can follow these steps:
Step 1. Open your accounting software or financial management system.
Step 2. Locate the transaction you want to record the partial payment or adjustment for.
Step 3. Edit the transaction details to reflect the partial payment or adjustment amount.
Step 4:In the payment section, you should be able to specify the amount of the partial payment you are receiving.
Step 5 :Often, you will see a field where you can allocate or apply the payment to specific invoice items.
Step 6 :Ensure that the payment date is accurate and matches the date when you received the partial payment.
Step 7:Once you've entered the partial payment amount and allocated it to the invoice, save the changes.
How do I reflect a partial payment from a customer in the software
To record a partial payment or adjustment to an existing transaction, you can follow these steps:
Step 1. Open your accounting software or financial management system.
Step 2. Locate the transaction you want to record the partial payment or adjustment for.
Step 3. Edit the transaction details to reflect the partial payment or adjustment amount.
Step 4:In the payment section, you should be able to specify the amount of the partial payment you are receiving.
Step 5 :Often, you will see a field where you can allocate or apply the payment to specific invoice items.
Step 6 :Ensure that the payment date is accurate and matches the date when you received the partial payment.
Step 7:Once you've entered the partial payment amount and allocated it to the invoice, save the changes.
How can I add a reference to an existing bill in BUSY
steps for adding references to an existing bill in BUSY. This process allows you to link a reference or additional information to a specific bill for tracking and record-keeping purposes. Here's a more detailed breakdown of the steps you provided:
Step 1:Log in to your BUSY.
Step 2 :Open the bill for modification or editing. This typically involves selecting the bill from the list and clicking an Editor Modifyoption.
Step 3 :Within the bill modification window, look for an option related to Bill Referencesor References.
Step 4 :In the Bill Referencessection, you should find fields or spaces to enter the references or information you want to associate with the bill.
Step 5 :After inputting the references, ensure that all other bill details are accurate and up to date.
Save the modified bill.
How do I record a partial payment or payment in multiple installments for an invoice in BUSY
To adjust one bill payment against another bill in BUSY, you can follow these steps:
Step 1. Open your accounting software or financial management system.
Step 2. Locate the transaction you want to record the partial payment or adjustment for.
Step 3. Edit the transaction details to reflect the partial payment or adjustment amount.
Step 4:In the payment section, you should be able to specify the amount of the partial payment you are receiving.
Step 5 :Often, you will see a field where you can allocate or apply the payment to specific invoice items.
Step 6 :Ensure that the payment date is accurate and matches the date when you received the partial payment.
Step 7:Once you've entered the partial payment amount and allocated it to the invoice, save the changes.
How do I properly record a partial payment towards an invoice in BUSY
To adjust one bill payment against another bill in BUSY, you can follow these steps:
Step 1. Open your accounting software or financial management system.
Step 2. Locate the transaction you want to record the partial payment or adjustment for.
Step 3. Edit the transaction details to reflect the partial payment or adjustment amount.
Step 4:In the payment section, you should be able to specify the amount of the partial payment you are receiving.
Step 5 :Often, you will see a field where you can allocate or apply the payment to specific invoice items.
Step 6 :Ensure that the payment date is accurate and matches the date when you received the partial payment.
Step 7:Once you've entered the partial payment amount and allocated it to the invoice, save the changes.
How do I adjust one bill payment against another bill in BUSY
To adjust one bill payment against another bill in BUSY, you can follow these steps:
Step 1. Open your accounting software or financial management system.
Step 2. Locate the transaction you want to record the partial payment or adjustment for.
Step 3. Edit the transaction details to reflect the partial payment or adjustment amount.
Step 4:In the payment section, you should be able to specify the amount of the partial payment you are receiving.
Step 5 :Often, you will see a field where you can allocate or apply the payment to specific invoice items.
Step 6 :Ensure that the payment date is accurate and matches the date when you received the partial payment.
Step 7:Once you've entered the partial payment amount and allocated it to the invoice, save the changes.
The outstanding payments report is not showing me details of when each bill was cleared. How can I see bill clearance dates in the outstanding payments report?
To see bill clearance dates in the outstanding payments report. follow the following Steps;
Step 1: Go to Display Menu.
Step 2: Click on Outstanding Analysis option
Step 3: Click on Bills Payable report.
Step 4: Choose bills payable for one account, group account, all account.
Step 5: For example, Select All Account and Level of details to be shown selected Bill-wise combined option.
Step 6: Bill Payable window will open and select Type of entries to be considered: All including cleared option.
Step 7: Set the date range, including the starting date, ending date, and the bill status as on.
Step 8: To see bill clearance dates in the outstanding Report select Yes option to Show Bills Adjustments Details.
Step 9: Click OK to generate the report with the added details.
How do I consult my accountant or CA regarding incomplete entries in BUSY
To consult your accountant or Chartered Accountant (CA) regarding incomplete entries in BUSY, you can follow these steps:
1. Contact your accountant or CA and schedule a meeting or appointment.
2. Prepare a list of the incomplete entries or specific issues you need assistance with.
3. During the meeting, provide your accountant or CA with the necessary information and access to your BUSY software.
4. Clearly explain the incomplete entries or issues you are facing and ask for their guidance or solutions.
5. Take notes during the discussion to ensure you understand their recommendations or instructions.
6. Follow up with any additional questions or clarifications after the meeting, if needed.
Remember, it is important to maintain open communication with your accountant or CA to ensure accurate and complete financial records in BUSY.
Can I generate aging reports in BUSY?
You can check ageing report in BUSY on the basis of accounts and invetory.
To check ageing report on the basis of accounts or party
Step 1 Open your company and go to Display
Step 2 Go to outstanding analysis
Step 3 Select ageing receivables and then select account and date range and check ageing report for parties
Step 4 For ageing payables,under outstanding analysis,select ageing payables and then select account and date range and check ageing report for parties
To check ageing report on the basis of inventory or item's stock
Step 1 Open your company and go to Display
Step 2 Go to inventory summary and then stock ageing fifo basis
Step 3 Select item wise or group wise and then select Material centre and date status and then open the report