Frequently Asked
Questions

Q: I am not able to see the option for Carry Bank Reconciliation Entries to Financial Year under Change Financial Year tab. What should I do?

If you are not able to see the option for Carry Bank Reconciliation Entries to Financial Year under Change Financial Year tab in BUSY, you need to check these steps: Step 1: First ensure that the Bank Reconciliation feature is not disabled from the Administration menu then click on Configuration. Step 2: Select Features and Options and click on Account tab and check if the option of Bank Reconciliation is enabled or not. Step 3: Make sure you are checking this option in the last year because it will not reflect in the current year. Step 4: If last financial year is splitted then this option will not be highlighted.

Q: What is the process for splitting a company file in BUSY?

In BUSY, you can split financial year of a company if have multiple financial years. To do this follow these steps: Step 1: First close your company and go to Company menu. Step 2: Select Split Financial Year and then choose the company of which financial year you want to split. Step 3: Enter usernam and password (If required) then you can choose only first and last financial year of the company. Step 4: After selecting the financial year, tick the below option if you want to delete that financial year from the source company. Step 5: Click on Split button to proceed. Note: Take backup of your company data before spliting.

Q: My opening balance is not reflecting correctly in the trial balance. What should I do to fix this?

If your opening balance is not reflecting correctly in the trial balance, then you need to check the below steps: Step 1: Go back to the last financial year. Step 2: In the Administration Menu, choose Change Financial Year. Step 3: Click on the financial year from April 1, 20XX (i.e., last year), then click on the YES option to carry forward the balances. Step 4: Carry forward in all masters and click on start to carry forward the balances. Step 5: After carrying forward, your opening balance is not reflecting correctly in the trial balance, and you will be in the current financial year.

Q: I am having issues carrying over my account balances from the previous year. How do I fix this?

If you are facing a problem while carrying balances from the previous year then follow the below steps : Note : Take latest backup of the data Step 1: Press F11 to change financial year and come to the last Financial year Step 2: Then Go to Administration menu Step 3: Then Click on change Financial year option Step 4: Then click on respective financial year Step 5: Then click on Yes button Step 6: Then select ALL masters option Step 7: Then click on start button and after completing the process, a confirmation message will appear Step 8: Then you can check the balances in current year

Q: What steps should I take to carry forward bank account balance to next year in BUSY?

To carry forward bank account balance to next year, follow these steps: Step 1: Take the latest backup of your data. Step 2: Login the company and switch the financial year to previous year. Step 3: Go to administration section then click on master menu Step 4: Choose the account then click on modify. Step 5: Select your bank account and resave the master. Step 6: After that go to administration section then click on change financial year option. Step 7: Select the current financial year then select yes for carry forward the balances. Step 8: Choose the new and change master option then click on start tab and complete the process.

Q: How can i carrying forward the opening balance of an item master to the next year?

To carry forward item master balance to next year, follow these steps: Step 1: Take the latest backup of your data. Step 2: Login the company and switch the financial year to previous year. Step 3: Go to administration section then click on master menu Step 4: Choose the item then click on modify. Step 5: Select your item master and resave the master. Step 6: After that go to administration section then click on change financial year option. Step 7: Select the current financial year then select yes for carry forward the balances. Step 8: Choose the new and change master option then click on start tab and complete the process.

Q: How can I split financial year from my company?

To split financial year from your company, you need to follow these steps: Step 1: Take backup of your company then select split financial year option under the company menu. Step 2: Select the company and enter the super or admin username and password. Step 3: Here, you will see first and last financial year of company so tick on any one as required. Step 4: If you want to delete the splited financial year from the source company then set Y on the given option then click on the split button. Step 5: A seperate company will be created of splited financial year in the list of companies.

Q: Why is my data from the past two years combined in BUSY?

If you create the new year in an existing company in BUSY, then that new year will not separate automatically. You need to split the financial year data by follow these steps: Step 1: Take the latest backup of your data. Step 2: Open BUSY then click on split financial year option. Step 3: Select the required company and specify the admin login credentials. Step 4: Select Financial year for splitting and click on split option. Step 5: To split the middle financial year of company in BUSY, you need to take the backup of company for particular financial year and restore the same with overwrite no option.

Q: How can I update the closing stock in next year?

When you create a new financial year in company, the closing stock will also forward to the next financial year as the opening stock. To create a new financial year, you need to follow these steps: Step 1: Go to administration menu then click on change financial year Step 2: Then click on New year from and select ok to create new year. Step 3: Click on start button to start the process and check after complete it. Step 4: After completing it you will get an pop up of Financial year changed successfully then click on Ok button to auto switch in the new year.

Q: What are the steps for year-end closing in BUSY?

Before you close an accounting period in BUSY, we suggest you follow these steps: Step 1: Post a depreciation voucher to calculate the actual value of your fixed assets. Step 2: Pay off all your liabilities that are due in the current financial year. Step 3: Review your balance sheet and profit & loss statements and correct any errors if found. Step 4: Transfer your net profit or loss amount to the capital account. Step 5: Review your inventory also and pass stock journal or physicall stock voucher if found any discrepencies. After follow these steps you can create a new financial year.

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I am not able to see the option for Carry Bank Reconciliation Entries to Financial Year under Change Financial Year tab. What should I do?

If you are not able to see the option for Carry Bank Reconciliation Entries to Financial Year under Change Financial Year tab in BUSY, you need to check these steps:
Step 1: First ensure that the Bank Reconciliation feature is not disabled from the Administration menu then click on Configuration.
Step 2: Select Features and Options and click on Account tab and check if the option of Bank Reconciliation is enabled or not.
Step 3: Make sure you are checking this option in the last year because it will not reflect in the current year.
Step 4: If last financial year is splitted then this option will not be highlighted.

What is the process for splitting a company file in BUSY?

In BUSY, you can split financial year of a company if have multiple financial years. To do this follow these steps:
Step 1: First close your company and go to Company menu.
Step 2: Select Split Financial Year and then choose the company of which financial year you want to split.
Step 3: Enter usernam and password (If required) then you can choose only first and last financial year of the company.
Step 4: After selecting the financial year, tick the below option if you want to delete that financial year from the source company.
Step 5: Click on Split button to proceed.
Note: Take backup of your company data before spliting.

My opening balance is not reflecting correctly in the trial balance. What should I do to fix this?

If your opening balance is not reflecting correctly in the trial balance, then you need to check the below steps:
 Step 1: Go back to the last financial year.
 Step 2: In the Administration Menu, choose Change Financial Year.
 Step 3: Click on the financial year from April 1, 20XX (i.e., last year), then click on the YES option to carry forward the balances.
 Step 4: Carry forward in all masters and click on start to carry forward the balances.
 Step 5: After carrying forward, your opening balance is not reflecting correctly in the trial balance, and you will be in the current financial year.

I am having issues carrying over my account balances from the previous year. How do I fix this?

If you are facing a problem while carrying balances from the previous year then follow the below steps :
Note : Take latest backup of the data 
Step 1: Press F11 to change financial year and come to the last Financial year
Step 2: Then Go to Administration menu 
Step 3: Then Click on change Financial year option 
Step 4: Then click on respective financial year 
Step 5: Then click on Yes button 
Step 6: Then select ALL masters option 
Step 7: Then click on start button and after completing the process, a confirmation message will appear
Step 8: Then you can check the balances in current year

What steps should I take to carry forward bank account balance to next year in BUSY?

To carry forward bank account balance to next year, follow these steps:
Step 1: Take the latest backup of your data.
Step 2: Login the company and switch the financial year to previous year.
Step 3: Go to administration section then click on master menu
Step 4: Choose the account then click on modify.
Step 5: Select your bank account and resave the master.
Step 6: After that go to administration section then click on change financial year option.
Step 7: Select the current financial year then select yes for carry forward the balances.
Step 8: Choose the new and change master option then click on start tab and complete the process.

How can i carrying forward the opening balance of an item master to the next year?

To carry forward item master balance to next year, follow these steps:
Step 1: Take the latest backup of your data.
Step 2: Login the company and switch the financial year to previous year.
Step 3: Go to administration section then click on master menu
Step 4: Choose the item then click on modify.
Step 5: Select your item master and resave the master.
Step 6: After that go to administration section then click on change financial year option.
Step 7: Select the current financial year then select yes for carry forward the balances.
Step 8: Choose the new and change master option then click on start tab and complete the process.

How can I split financial year from my company?

To split financial year from your company, you need to follow these steps:
Step 1: Take backup of your company then select split financial year option under the company menu.
Step 2: Select the company and enter the super or admin username and password.
Step 3: Here, you will see first and last financial year of company so tick on any one as required.
Step 4: If you want to delete the splited financial year from the source company then set Y on the given option then click on the split button.
Step 5: A seperate company will be created of splited financial year in the list of companies.

Why is my data from the past two years combined in BUSY?

If you create the new year in an existing company in BUSY, then that new year will not separate automatically. You need to split the financial year data by follow these steps:
Step 1: Take the latest backup of your data.
Step 2: Open BUSY then click on split financial year option.
Step 3: Select the required company and specify the admin login credentials.
Step 4: Select Financial year for splitting and click on split option.
Step 5: To split the middle financial year of company in BUSY, you need to take the backup of company for particular financial year and restore the same with overwrite no option.

How can I update the closing stock in next year?

When you create a new financial year in company, the closing stock will also forward to the next financial year as the opening stock. To create a new financial year, you need to follow these steps:
Step 1: Go to administration menu then click on change financial year 
Step 2: Then click on New year from and select ok to create new year.
Step 3: Click on start button to start the process and check after complete it.
Step 4: After completing it you will get an pop up of Financial year changed successfully then click on Ok button to auto switch in the new year.

What are the steps for year-end closing in BUSY?

Before you close an accounting period in BUSY, we suggest you follow these steps:
 Step 1: Post a depreciation voucher to calculate the actual value of your fixed assets.
 Step 2: Pay off all your liabilities that are due in the current financial year.
 Step 3: Review your balance sheet and profit & loss statements and correct any errors if found.
 Step 4: Transfer your net profit or loss amount to the capital account.
 Step 5: Review your inventory also and pass stock journal or physicall stock voucher if found any discrepencies.
 After follow these steps you can create a new financial year.

Frequently AskedQuestions