Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - outstanding analysis
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.
Im having trouble getting my balances and payments to show correctly in BUSY What should I do
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.
The outstanding amount shown in BUSY doesnt match my records What could cause this discrepancy
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.
Why is a payment showing as a negative amount in BUSY
In the context of accounting or financial software like BUSY, a payment showing as a negative amount typically indicates one of the following scenarios:
Step 1: A negative payment amount might represent a refund or return of funds to a customer or client.
Step 2 : These credit notes can be used by the customer to reduce the amount they owe for future purchases. In accounting software, these credit notes are often recorded as negative payments.
Step 3 :Negative payments can also be used to correct errors or adjust account balances.
Step 4 :In cases where a customer disputes a credit card charge and their bank initiates a chargeback, the disputed amount may show up as a negative payment in your records until the matter is resolved.
Step 5 :In some accounting systems, it is a convention to use negative numbers for certain types of transactions, like expenses or deductions, to differentiate them from positive numbers, which represent income or credits.
Step 6 :In such cases, it's essential to review your software settings and data entry to identify and rectify the problem.
How can I set up automatic salary payment to employees using the payroll software? I want to streamline the process.
To set up automatic salary payment to employees using payroll software, you will need to follow these steps:
Step 1. Configure the payment mode: Set up the payment mode as Bank Transfer or Direct Deposit in the payroll software.
Step 2. Link employee bank accounts: Enter the bank account details of each employee in the software. This will allow the software to automatically transfer the salary to their respective bank accounts.
Step 3. Set up salary processing: Configure the salary structure and components for each employee, including basic salary, allowances, deductions, and taxes.
Step 4. Schedule salary processing: Set a specific date for salary processing, such as the last working day of the month. This will ensure that salaries are processed automatically on the scheduled date.
Step 5. Generate salary vouchers: The payroll software will automatically generate salary vouchers based on the configured salary structure and employee details.
Step 6. Initiate automatic payment: Once the salary vouchers are generated, the payroll software can be set to automatically initiate the payment to the employees' bank accounts.
