Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
How can I transfer the closing of 2023-2024 to the opening of 2024-2025?
To transfer the closing of 2023-2024 to the opening of 2024-2025, 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 01-04-2024 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.
How do I properly close the books and prepare adjusting entries at year-end?
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.
I am unable to record the opening stock, how can I resolve this?
If you are unable to record or update opening balance of stock account in BUSY, check the possible reason:
1. If the previous financial year exist within the company, then you will not able to modify or update opening stock in the stock master.
2. Opening balance of master will not modify or update in beginning financial year if the data is freeze.
3. Check if you have logged in the company with sub user and have permission restriction then also will not able to modify or update master opening.
I want the software to automatically populate the closing balances from previous year. How can I enable this auto-population option?
Their is no such option of auto population of closing balance to new year in BUSY, if you want carry forward the previous year balances to new year follow below steps:
Step 1: Take a latest backup of the compnay.
Step 2: Then open the previous Fy in BUSY and go to houskeeping menu.
Step 3: Select update master balances option and run the process then go to administration option.
Step 4: Then select change F.Y option and carry forward with new and change option.
How can I transfer closing balances from previous financial year to a new one?
To transfer closing balances from previous financial year to a new one, 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 is the process to create new financial year in BUSY?
To create new financial year in BUSY, please follow these steps:
Step 1: Go to administration menu then select change financial year option.
Step 2: Then click on new year from and press ok button to create new year.
Step 3: Click on start button to start the process.
Step 4: It will take some time vary upon the data size.
Step 5: After completing it successfully, you will get an pop up of financial year changed successfully then click on ok button to auto switch in the new year.
How can i transfer my previous year data to the next financial year?
You can transfer your previous year data to the next financial year by following the below steps:
Note: Take latest backup of the company data
Step 1: In the last financial year, go to Administration menu and then click on Change Financial year section
Step 2: Then click on New Year start from option and press Yes and select New and change masters option
Step 3: Now click on start button and it will take few minutes to transfer the data from previous year to the next financial year
Why My ITC opening balance not match with my opening ledger balance?
To match ITC Balance with your Ledger balance, you need to follow below steps:
Step 1 : Make sure Your Closing Pending ITC and Ledger balance is match in last year.
Step 2 : Go back to the last financial year.
Step 3 : In the Administration Menu, choose Change Financial Year.
Step 4 : Pick Carry Pending ITC Entries for the financial year starting from April 1, 20XX.
Step 5 : After carrying forward your pending ITC, switch back to the current financial year.
How can I change financial year to carry forward the balance?
To change financial year 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 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 process to change new financial year?
To change financial year 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 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.