Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - outstanding analysis
I made a payment but the other party says it hasnt been received How do I confirm the payment went through in BUSY
To confirm that a payment you made has gone through in BUSY, you can follow these steps:
Step 1 ;Verify that you used the correct payment method and account details when making the payment.
Steo 2; Look for a confirmation or transaction receipt from your bank or payment service provider.
Step 3; Review your bank statement or online banking transactions to see if the payment has been deducted from your account.
Step :4 Contact BUSY or the recipient of the payment and inquire about the status of the payment.
Step 5 :Some payment methods and online banking services offer tracking features.
STep 6 :If you cannot find any confirmation or if there is any doubt about the payment, contact BUSY's customer support or the recipient's customer support for assistance.
Step 7 :If it turns out that the payment did not go through, and you have a confirmation that you made the payment, you may need to initiate a payment investigation or reversal through your bank or payment service provider to resolve the issue.
Manage accounts receivable aging in BUSY.
To track the accounts receivable aging in BUSY, you can use the Outstanding Analysis feature to generate a report that shows how much money customers owe you and how long they have been overdue. To do this, follow these steps:
Step 1: Go to Display menu and click on Outstanding Analysis.
Step 2: If you are using the Bill by Bill feature, select Ageing Receivables / Payables. This option will show you the outstanding amounts based on the bill reference number. You can filter the report by One Account, Group of Accounts, All Accounts, Selected Accounts, or Selected Groups.
Step 3: If you are not using the Bill by Bill feature, select Ageing Receivables (FIFO Basic) / Payables (FIFO Basic). This option will show you the outstanding amounts based on the bill date.
Step 4: Enter the date range for the report and click on Open. The report will display the outstanding amounts in different age brackets, such as 0-30 days, 31-60 days, 61-90 days, and so on.
How do I record cash sales in BUSY
BUSY lets you create and manage multiple bank accounts and generate a consolidated report for them. To view them can follow these steps:
Step 1: Go to Administration and click on configuration.
Step 2: Select Columnar Reports and click on CashorBank Book. Here, you can select up to five bank accounts that you want to check and save the settings.
Step 3: Now, go to the Display menu and select Account Books.
Step 4: Choose CashorBank Book and select Multiple column. Enter the date range and view the report. The report will show the transactions of each bank account in separate columns.
Alternatively BUSY has also a consolidated report option. To view that can follow these steps:
Step 1: Go to Display menu and select Account Summary and click on Consolidated Summary.
Step 2: Choose Account-wise and select Group of Accounts and in group name mention Bank Accounts as a group.
Step 3: Open the report after enter the desired date range. This report will show all banks Opening, Debit, Credit & Closing Balance.
How should I handle loan amounts and payments in BUSY without messing up my books
Handling loan amounts and payments in accounting software like BUSY without causing discrepancies in your financial records is essential for maintaining accurate books. Here's a step-by-step guide on how to handle loans and loan payments effectively in BUSY:
Step 1 :Create a separate loan account on your chart of accounts. This account will be used to track the outstanding loan balance.
Step 2 :When you initially receive a loan, record it as a journal entry:
Step 3 :Determine the repayment schedule for the loan, including the interest rate and installment amounts.
Step 4 :When you make loan payments, record them as journal entries:
Step 5 :If your loan includes interest that is not paid with each installment, you'll need to accrue interest periodically.
Step 6 :Regularly reconcile your bank statements with your accounting records to ensure that loan payments and interest charges match what has been recorded.
Step 7 :At the end of each financial year, you may need to make adjustments for accrued interest and update the loan balance if necessary.
My bill details are not showing properly in BUSY How can I check and correct them
If the opening balance for your receivables is showing as zero in BUSY when it should have a positive balance, you may need to review your data entry and make corrections. Here are steps to correct this issue:
Step 1 :Double-check your data entry to ensure that you've correctly recorded the opening balances for your receivables.
Step 2 :In BUSY, opening balances are typically entered during the initial setup or when you create customer accounts.
Step 3 :Check if account codes or grouping settings are affecting the visibility of opening balances.
Step 4 :If your receivables involve payments that are deposited into specific bank or cash accounts, make sure these accounts are properly linked to your customer accounts.
Step 5 :Verify the date range you are using to view the opening balances. Ensure that the date range covers the period for which you expect to see the opening balances.
Step 6 :Check that you are using the appropriate accounting method (e.g., accrual or cash) when viewing opening balances.
The opening balance is showing zero in BUSY but I have receivables How to correct this
If the opening balance for your receivables is showing as zero in BUSY when it should have a positive balance, you may need to review your data entry and make corrections. Here are steps to correct this issue:
Step 1 :Double-check your data entry to ensure that you've correctly recorded the opening balances for your receivables.
Step 2 :In BUSY, opening balances are typically entered during the initial setup or when you create customer accounts.
Step 3 :Check if account codes or grouping settings are affecting the visibility of opening balances.
Step 4 :If your receivables involve payments that are deposited into specific bank or cash accounts, make sure these accounts are properly linked to your customer accounts.
Step 5 :Verify the date range you are using to view the opening balances. Ensure that the date range covers the period for which you expect to see the opening balances.
Step 6 :Check that you are using the appropriate accounting method (e.g., accrual or cash) when viewing opening balances.
How to track payments against invoices in BUSY?How do I generate the EOB bill? Why isn't the EOB bill getting generated?
To track the voucher whose payment in pending from parties, follow these steps:
Step 1: Go to Display section then click on Outstanding analysis report.
Step 2: Choose the Bills receivable option then you can select the party as per requirement.
Step 3: A window will appear, Select Pending for type of entries to be considered and Press on OK tab and view the report.
If you are unable to generate E way Bill in BUSY, check the possible aspets mentioned below:
1.Make sure the Pin code and station specified in Party master and in the transport window are entered correctly during voucher entry.
2.HSN or SAC code and tax category must be configured in the Item master.
3.UQC or unit quantity code must be specified in the Unit master.
4.Transporter name with transporter ID or vehicle number should be entered in the transport window during voucher entry.
5.Ensure that the Party GSTIN is active.
6.Verify that proper internet connectivity is available.
7.E way site must be running properly without any technical issues.
How can I track due days of bill and expenses ledger ?
To track due days of bills you can follow some steps:
Step 1: Go to Display and click on Outstanding Analysis.
Step 2: Now click on Bills Receivable report or can click on Bills Receivable FIFO Basis.
Step 3: Now select the party for which you want to generate report and then select one option from the two option which are summmary only or bill wise.
Step 4: Now enter the period and enable options there as per your reqirement and click on OK Option. there you can check the due days of your bills.
To see the expense ledger you can follow some steps:
Step 1: Go to Display and then click on Accounts Books.
Step 2: Now click on Accouns Ledger and select account wise
Step 3: Now click on Standard and select the Account name or group of expense for which you want to se ledger
Step 4: Mention the time period and enable the options there as per your reqirement and click on OK Option.
I want to track my accounts receivable aging in BUSY but I don't see aging reports. Are aging reports available and if so, where can I find them?
To track your accounts receivable ageing in BUSY, 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.
Im trying to apply a partial payment to an invoice in BUSY but its not working right What are the steps
Applying a partial payment to an invoice in BUSY should be straightforward, but if you're encountering issues, here are the steps to correctly apply a partial payment:
Step 1 :Open the BUSY software and log in with your credentials.
Step 2 :Navigate to the area of the software where you can access invoices.
Step 3 :Find the invoice for which you want to record a partial payment.
Step 4 :Open the invoice by clicking on it or selecting it from the list.
Step 5 :Look for a Paymentor Receive Paymentbutton or option.
Step 6:In the payment section, you should be able to specify the amount of the partial payment you are receiving.
Step 7 :Often, you will see a field where you can allocate or apply the payment to specific invoice items.
Step 8 :Ensure that the payment date is accurate and matches the date when you received the partial payment.
Step 9:Once you've entered the partial payment amount and allocated it to the invoice, save the changes.
