Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
What could be solution if the balances are not carried forward accurately after change the financial year with carry balance option?
If the Closing balances are not forwarded correctly, follow these steps:
Step 1: Take the latest backup of your data.
Step 2: Press F11 and switch the financial year to previous year.
Step 3: Go to housekeeping then select update master balance.
Step 4: Click on ok tab and let the process complete.
Step 5: Now, Go to administration section then click on change financial year option.
Step 6: Select the current financial year option then select yes for carry forward the balances.
Step 7: Next, select new and change master then Click on start tab and complete the process.
How to carry foward the previous year closing balance as opening in current financial year?
To carry forward the balance from previous financial year to current financial year, follow these steps:
Step 1: Take the latest backup of your data.
Step 2: Go to administration section then click on change financial year option.
Step 3: Select the current financial year option then select yes for carry forward the balances.
Step 4: Next, select all masters option if required to carry forward the overall master balance or can select new and change master to carry only those accounts balances whose entries is newly posted.
Step 5: Click on start tab and complete the process.
How can I split the financial year from my existing company?
To split the financial year from your existing company then check the below steps.
Step 1: Take the backup of your data
Step 2: Click on Company menu and submenu Split Financial Year
Step 3: Select the company from which you want to split the financial year and mention the company admin username and password if required
Step 4: Choose the financial year which you want to split and Untick the option after splitting delete the FY from the source company as If you Don't want to delete it from the source company.
Step 5: Click on Split
How can I create a new financial file for making entries?
To change financial year for making new entries in BUSY, please follow these steps :
Step 1 : Go to administration menu then click on Change financial year
Step 2 : Then click on New year from new year and click on Ok button to create new year.
Step 3 : Click on start button.
Step 4 : It will take some time vary upon the data size.
Step 5 : Now you will get an pop-up of Financial year changes successfully and click on Ok button to auto switch in the new year.
What is the recommended process for closing accounting periods 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.
How can the opening balance of masters to be fixed if it is showing incorrect balances?
If the opening balances of masters are showing incorrect in current financial year, you need to follow these steps:
Step 1: Take backup of your company and open that company then go to previous financial year.
Step 2: Run update master balances process from the housekeping menu.
Step 3: After that go to administration menu then click on change financial year.
Step 4: Then choose the next financial year to change.
Step 5: Select Yes on carry balances window and can choose the all masters option.
Step 6: Click on start button and check after complete the process.
How do I carry forward all accounts with full details if next year already created in BUSY?
If you are already created a next year in the company and want to carry forward all accounts with full details in BUSY follow below steps:
Step1: Go to Administration menu and then click on change financial year option
Step2: Now click on next financial year option and then press yes and select All masters option
Step3: Then click on the check box of carry account full details to next year and then click on start option, after completing the process a confirmation message will appear and you can review the updated accounts
How can I help you set the opening balance correctly as per the income tax return filed?
To set Opening Balance manual as per your requirement, please Follow Below Steps :
Step 1: login to the BUSY, and go to the Administration menu.
Step 2: Then you have to select the Masters option.
Step 3: In the Masters, you can choose the Account option
Step 4: After select the Account option click on the Modify option
Step 5: Select the Account name from the Item list shown and click on the select button .
Step 6: After this Masters modification window populated and then change the particular Account Details and Save it
What is the process for creating a new folder for financial year data?
To create a new folder and copy data into it in BUSY follow the below steps:
Step 1: Right-click and select New Folder.
Step 2: Name the folder as per your preference.
Step 3: Open the location where the data is stored.
Step 4: Select the data you want to copy.
Step 5: Right-click and select Copy.
Step 6: Go back to the new folder location.
Step 7: Right-click and select Paste. The data will be copied into the new folder.
Step 8: You can set the data path of New Folder now.
What is the procedure to switch to the new financial year in BUSY
To switch to the new financial year in BUSY you can follow these steps:
Step 1: Open the company in BUSY.
Step 2: Go to the "Administrationmenu and select "Change Financial Year"
Step 3: Select the New financial year, then press 'Ok' in Create new F.Y. option
Step 4: Select master carry forward option as per your requirement & click on 'Start' button to proceed.
Step 5: Financial year changed successfully message will appear, then press 'Ok' button to proceed.
Step 6: The balances from the previous year will be carried forward to the new financial year.