Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - outstanding analysis
How do I enter a new sale into BUSY
Recording Purchaseor sales in BUSY involves creating a Purchase or sales voucher or entry that captures the transaction details. Here's a step-by-step guide on how to record credit sales:
Step 1 :In the software's Transaction menu navigate to the Salesor Purchase Section. Look for an option that allows you to create a new sales voucher.
Step 2 :Begin by selecting the customer to whom you are making the Purchaseor sale. If the customer is not already in your database, you may need to create a new customer account with their details.
Step 3 :Specify the appropriate Purchase orsales ledger for the type of product or service being sold. The {Purchase or sales ledger helps categorize the sale for accounting and reporting purposes.
Step 4 :Enter the details of the Purchaseor sale, including:
Date of the sale,Invoice or reference number (if applicable).Description of the items or services sold.,Quantity sold,Unit price or rate,Any applicable taxes or discounts.
Date of the Invoice or reference number (if applicable).Description of the items or services Purchase.,Quantity ,Unit price or rate,Any applicable taxes or discounts.
Step 6 :Review the Purchaseor sales voucher entry for accuracy. Ensure that all details are correct. If everything looks good, save the entry.
How do I update the brought forward balance in BUSY
Certainly, here are the steps to update master balances in the current financial year (FY) using the Update Master Balancesutility and then carry forward the balances to the next FY using the Change FYprocess in accounting software:
Step 1:Access your accounting software and log in with administrative or appropriate user credentials.
Step 1 :Look for the Update Master Balancesor a similar option. This utility is typically used to adjust or correct balances in the current FY.
Step 3 :In the Update Master Balancesutility, you may need to specify the parameters for the balances you want to update.
Step 4 :Find the Change FY process. This process is used to transition from the current FY to the next FY.
Step 5 :In the Change FYprocess, specify the start and end dates for the next FY.
Step 6 :Within the Change FYprocess, you should see an option to carry forward balances from the current FY to the next FY.
STep 7 :The software will carry forward the balances from the current FY's closing balances to the next FY's opening balances.
Step 8 :After completing the FY change process, review the results to ensure that the balances have been correctly carried forward.
I want to take aging for multiple states (e.g. Maharashtra and Gujarat) but the system only allows me to take aging for one state. How can I generate aging reports for multiple states?
To generate ageing reports for multiple states, you use custom column of state column & then apply multi filter. To configure it please follow the stepsbelow:
Step 1: Open ageing Bills payable /receivable report without filter on state option
Step 2: Click on the Custom Column option which is available at the top right on the report
Step 3: Then enter the name of the format and then press enter
Step 4: After this click on Add new column/row
Step 5: Enter the column title(State), then specify the position after which column you want to add the new column
Step 6: Select the data type(text) and then choose alignment and enter charcter
Step 7: Click on the data field and then select the category from which you want the data to appear in a new column(Account Master) and then select the account name col. (F1) select column field in which account name is showing
Step 8:Click on filed & select the field accordingly(ACC_STATE) and then save field & then save then column
Step 9: Re-open the Ageing Bills receivable/payable report with new created format
Step 10: Press F7 on report & then apply multiple filter on state and check
How can I alter the opening balances in prior financial periods in BUSY
Certainly, here are the steps to update master balances in the current financial year (FY) using the Update Master Balancesutility and then carry forward the balances to the next FY using the Change FYprocess in accounting software:
Step 1:Access your accounting software and log in with administrative or appropriate user credentials.
Step 1 :Look for the Update Master Balancesor a similar option. This utility is typically used to adjust or correct balances in the current FY.
Step 3 :In the Update Master Balancesutility, you may need to specify the parameters for the balances you want to update.
Step 4 :Find the Change FY process. This process is used to transition from the current FY to the next FY.
Step 5 :In the Change FYprocess, specify the start and end dates for the next FY.
Step 6 :Within the Change FYprocess, you should see an option to carry forward balances from the current FY to the next FY.
STep 7 :The software will carry forward the balances from the current FY's closing balances to the next FY's opening balances.
Step 8 :After completing the FY change process, review the results to ensure that the balances have been correctly carried forward.
I need to track my accounts receivable in BUSY but I don't see an aging report option. Is there a way to see a receivables aging report?
To track your accounts receivable in BUSY but you don't see an aging report option, you can access ageing reports through the following steps:
Steps 1: Go to Display, then select Outstanding Analysis, and choose Ageing Receivables.
Steps 2: Select the option for ageing analysis, which can be done for one account, a group of accounts, all accounts, selected accounts, or selected groups.
Steps 3: Specify the date range and relevant information, then press OK or F2 to generate the ageing analysis report.
Another report option is:
Steps 1: Navigate to Display, then select Outstanding Analysis.
Steps 2: Choose Ageing Receivables (FIFO Basis).
Steps 3: Select whether you want to view the report party-wise or party-group-wise.
Steps 4: Choose the option to generate an ageing receivables report (FIFO basis) for one party, a group of parties, all parties, or selected parties.
Steps 5: Specify the date and other relevant information and press OK or F2 to load the ageing analysis (FIFO basis) report.
These reports will help you manage and analyze your accounts receivable ageing in BUSY.
I want to run payroll for my employees. What are the steps I need to take in BUSY?
To run payroll for your employees in BUSY , follow these steps:
Step 1. Set up employee details: Add employee information such as name, designation, bank account details, and salary components.
Step 2. Configure salary structure: Define the salary components like basic salary, allowances, deductions, etc., and assign them to the employees.
Step 3. Process attendance and leave: Record employee attendance and leave details accurately to calculate salaries correctly.
Step 4. Generate salary vouchers: Create salary vouchers for each employee, specifying the salary components and amounts.
Step 5. Verify and approve vouchers: Review the salary vouchers for accuracy and approve them for payment.
Step 6. Process payroll: Calculate the net salary for each employee based on the approved vouchers and generate the payroll report.
Step 7. Make salary payments: Transfer the salary amount to the employees' bank accounts using the payment mode configured in BUSY.
Step 8. Generate salary slips: Generate customized salary slips for each employee, reflecting the salary details and deductions.
Step 9. Maintain payroll reports: Keep track of payroll reports such as salary register, bank advice, and TDS reports for future reference and compliance.
Im trying to adjust a bill in the software It wont let me adjust it What should I do
If you're trying to adjust a bill in your accounting software, and it's not allowing you to make the necessary changes, there could be several reasons for this issue. Here are some steps to troubleshoot and resolve the problem:
Step 1 :Ensure that you have the necessary user permissions or access rights to modify bills or invoices in the software.
Step 2 :Verify the status of the bill. Some accounting software restricts editing bills that have been marked as paid or finalized.
Step 3 :Check if there are date restrictions in place. Some software might prevent you from modifying bills that are outside a certain date range.
Step 4 : Make sure that modifying the bill won't result in a negative vendor or customer balance. If the bill is linked to other transactions (e.g., payments, credits), altering it may affect the overall balance.
Step 5 :Some accounting software has lock periods, which prevent changes to transactions in closed accounting periods.
Step 6 :If you've tried the above steps and are still unable to adjust the bill, it's a good idea to contact customer support for your accounting software.
I received multiple invoicesbills from a vendor How can I see which specific invoices have been paid in BUSY
In an account ledger, you can indeed track and view all transactions related to a particular party or account. This ledger serves as a comprehensive record of financial transactions between your business and that specific party. Here's what you can typically see in an account ledger:
Step 1 :The date on which each transaction occurred.
Step 2 :Details of all invoices issued to the party, including invoice numbers, invoice dates, and the amounts billed for goods or services.
Step 3 :Information about payments received from the party, including payment dates, payment amounts, and payment methods.
Step 4 :If there are any adjustments or credits made to the account, these will be recorded with relevant details.
Step 5 :The ledger will display the outstanding balance, which is the net amount the party owes you after considering both invoices and payments.
Step 6 :Each transaction, whether it's an invoice or payment, is typically associated with a reference number or identifier. This reference number helps you track which payment corresponds to which invoice.
Step 7 :Some ledgers may include space for notes or comments that provide additional information about specific transactions.
How to process a customer refund for returned goods or order cancellation
Processing a customer refund for returned goods or order cancellation is a standard procedure in many businesses. Here's a step-by-step guide on how to process a customer refund:
Step 1 :Before processing a refund, ensure that the return of goods or order cancellation meets your company's return policy criteria.
Step 2 :Determine the correct refund amount. This may include the original purchase price, taxes, shipping fees, or any applicable restocking fees.
Step 3 :Contact the customer to confirm the return or cancellation request and inform them of the refund process
Step 4 :Identify the customer and the original transaction (invoice or order).Enter the refund amount, including any taxes or fees.Choose the payment method for the refund (e.g., original payment method, check, store credit).
Step 5 : If you are issuing a refund through the original payment method (e.g., credit card, PayPal), process the refund using the same method.
Step 6 :If you received returned goods, update your inventory system to reflect the returned items.
Step 7 :After issuing the refund, reconcile your accounting records to ensure that your financial statements accurately reflect the refund transaction.
I have an outstanding payment that is not showing up properly in the software How can I get this fixed
If you're having trouble getting your balances and payments to show correctly in BUSY, it can be frustrating, but there are several steps you can take to troubleshoot and resolve the issue. Here's a guide to help you address this problem:
Step 1 :Double-check the accuracy of your data entry. Ensure that invoices, bills, and payments are recorded correctly with the appropriate dates, amounts, and account selections.
Step 2 :Reconcile your bank and cash accounts to ensure that all transactions are accounted for and match your bank statements.
Step 3 :Ensure that payments are correctly applied to the corresponding invoices.
Step 4 :Verify that you are working within the correct accounting period or financial year. Ensure that the dates for your transactions fall within the selected period.
Step 5 :Generate and review various reports, such as trial balances, accounts receivable, and accounts payable reports, to identify discrepancies or missing entries.
Step 6 :Review outstanding receivables and payables to ensure they match your records and expectations.
Step 7 : Search for duplicate entries, such as duplicate invoices or payments, that may be causing balance inaccuracies.
